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EC 300 Intermediate Microeconomics
Soule, Peter E.


Mission Statement: The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

Course

EC 300 Intermediate Microeconomics

Semester

FA 2008 HO

Faculty

Soule, Peter E.

Title

Professor of Economics and Chair, Department of Economics

Degrees/Certificates

Ph.D. Economics

Office Location

Mackay Room 27A

Office Hours

TR 10:00 am - 1:00 pm

Daytime Phone

816-584-6301

Other Phone

913-486-5649

E-Mail

pete.soule@park.edu

Class Days

--T-R--

Class Time

8:45 - 10:00 AM

Prerequisites

EC142

Credit Hours

3


Textbook:
 

A. TEXT: Browning and Zupan, Microeconomic Theory and Applications, 9th ed. Wiley, 2006. ISBN 10-0-471-67943-7

B.  STYLE MANUAL: Hacker, Diana. Rules for Writers or any style manual that discusses the APA style. 

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
EC300: Intermediate Economics: An analysis of the considerations underlying economic value. Emphasis is on the pricing process under different market conditions and the evaluation of the functioning of the enterprise system. Prerequisite: EC142. 3:0:3.

Educational Philosophy:
  The purpose of this course is to educate, which requires two things to happen. The teacher must teach or facilitate learning and the student must learn the required materials. This requires feed back to the instructor on how the student is learning. This feedback occurs in written work and classroom discussion.

 It is preferred that students ask questions during class as they arise. Often, a student will approach the instructor after class with a question that brings up a very important point that should have been addressed during class but the class is out the door. This is especially true with perceived calculation errors on the part of the instructor, which were placed on the black (or white) board and are therefore in everyone’s notes. If there was an error, it will be corrected. If not, there was confusion not only on the part of the student asking the question, but also others in the class, who saw the same apparent error but didn’t ask about it. Obviously, this calls for additional clarification on the part of the instructor.  No question is dumb and no student will be belittled for asking a question or making a comment.

The homework is intended to assess what students know and what they don’t. Perfection is not expected and the grading is somewhat inflated. Homework is graded based on effort while tests and papers are graded on achievement. If the student indicates a near total lack of understanding of assigned homework, the grading will become more realistic so that the student is not lulled into a false sense of mastery just before the test boom gets lowered. A second area where grading is benign is the Initial Topic Paper of the Term Project. It is expected that some student groups will have more difficulty absorbing the concepts of the Initial Topic Paper. However, it is still true that perfect or near-perfect homework and Initial Topic Papers will earn higher scores than less perfect ones. 

Learning Outcomes:
  Core Learning Outcomes

  1. Discuss the characteristics of the four industry types (perfect competition, monopolistic competition, oligopoly, and monopoly). The discussion should include the number of firms, nature of the product, pricing, and barriers to entry.
  2. Discuss the slope of the demand curve for the four industry types (perfect competition, monopolistic competition, oligopoly, and monopoly).
  3. Analyze profit maximization and the presence of economic profits in the long run for the four industry types (perfect competition, monopolistic competition, oligopoly, and monopoly).
  4. Compare monopolistic competition, oligopoly, and monopoly to the perfectly competitive situation in which economic efficiency is attained; apply this comparison to a real-world example.
  5. Using general equilibrium analysis, discuss how competitive equilibrium results in efficiency in production, and how producer or consumer market power affects such a result.


  Instructor Learning Outcomes
  1. Give an oral report with PowerPoint that is based on Term Paper.
Core Assessment:

DESCRIPTION OF CORE ASSESSMENT for EC 300:

All Park University courses must include a core assessment that measures the course’s Core Learning Outcomes.  The purpose of this assessment is to determine if expectations have been met concerning mastery of learning outcomes across all instructional modalities.  For this course, the core assessment is a research paper worth 20 percent of the student’s final grade.  This paper will assess students’ mastery of four Core Learning Outcomes (Outcomes 1, 2, 3, and 4 listed on this syllabus).

Each student will be randomly assigned one of the general topics outlined below.  The student must then choose an original, unique specific topic by finding a real-world example of the general topic.  For instance, a student could choose Microsoft as an example of an unregulated monopoly.  Students may not use specific topics mentioned in the textbook, and no two students may have the same specific topic.

NOTE:  Instructors may add requirements to those listed below and for grading purposes may add criteria not listed in the Core Assessment Rubric.



General Topics


MONOPOLY (UNREGULATED):  Analyze the structure of a private, unregulated firm that is a monopoly or has been a monopoly in the recent past.  Show graphically and explain how the firm fulfills the characteristics of monopoly.  Identify the causes of monopolization and discuss the firm’s pricing and profits.  Discuss the impacts of the firm’s pricing on consumer choice. 


MONOPOLISTIC COMPETITION:  Analyze the structure of a monopolistically competitive industry.  Show graphically and explain how the industry fulfills the characteristics of monopolistic competition.  Discuss the industry’s pricing, profitability, and future trends in industry structure. 


OLIGOPOLY:  Analyze the structure of an oligopolistic industry.  (Be sure to discuss the entire industry, not a single firm.)  Identify why it is oligopolistic and discuss pricing strategies, profitability, and the relationship between firms within the industry.  Show graphically and explain briefly the kinked demand curve model and discuss whether the industry’s pricing fits the model.


REGULATION OF NATURAL MONOPOLIES:  Analyze the structure of a regulated natural monopoly (e.g., a public utility).  Identify why it is a natural monopoly and show this graphically.  Discuss its profitability and how the regulatory agency controls the firm’s pricing. 



Paper Format


  • 1,500 –1,700 words, not including the reference (Works Cited) page.  Verify this with word-count in Microsoft Word and include the actual word count typed at the bottom of the last page of text, before the reference page. 
  • The paper should be typed, double-spaced, on white paper, with page numbers centered at the bottom of the page.
  • The title page should contain the following in this order: general topic: specific topic, student’s name, course name, date.
  • Paper and all supporting materials should be delivered to the instructor in a 10 x 13 inch brown envelope (inter-campus envelopes are NOT acceptable).  The student’s name should be written on the outside of the envelope in the upper right-hand corner, holding the envelope as if it were a notebook page.  A “soft” copy of the paper also should be e-mailed to the instructor. 
  • Papers will not be returned to the student, so the student should retain a back-up copy.

Research Sources

Students should use at least four different acceptable research sources excluding the course textbook.  The quality and quantity of these references will determine the amount of points earned for research.

 

Acceptable Sources: In general, citations from Internet websites will NOT count as an acceptable source unless the citation is from a U.S. government website.  The Internet can be used to find on-line versions of publications, but such citations should be made only for articles that are published in paper form (i.e., can be found in a library).  For instance, you could use a New York Times article that is downloaded from the Internet. Encyclopedias and abstracts are not valid sources.  Cutting and pasting information from the Internet is plagiarism.

 

Recommended Sources:

  • The Wall Street Journal
  • New York Times online (e-mail notices of this are available for free)
  • CNN Financial News online
  • The Economist (magazine)
  • The National Review
  • any academic journal
  • nonacademic journals
  • library books
  • government publications (e.g., those of the Commerce Department or U.S. Census) 

Format for Citations: 


  • Chicago Manual of Style
  • OR MLA Handbook
  • OR APA style (e.g., Diana Hacker’s reference book) 
Supporting Materials

Cited research sources must be Xeroxed and included in the brown envelope with the student’s research paper.  If a book or an article with more than 15 pages is cited, Xerox copies of the title page (not the book’s cover) should be included with copies of specific pages cited.

Topic Paper Grading Criteria

The purpose of the topic paper and presentation is to gain a deeper understanding of a theoretical economic concept through its application to real-world situations.  Papers will be assessed according to the appropriate application of economic theory to the specific topic chosen by the student.

Application of Economic Theory:


·        Are concepts based in economic theory and supported by the real-world data?

·        Are economic terms defined?

·        Are economic concepts explained accurately?

·        Are facts presented and cited accurately?

·        Is a thorough understanding of concepts demonstrated?

Link to Class Rubric

Grading:
 

                                   Evaluation Item                       Points                                   Date

                                       Homework                                 90                        Assigned in Class

                                 Term Paper Topic                           20                                 Sep 11

                                           Test 1                                 120                                Sep 23

                  Term Paper Proposal & References         100                                 Oct 9

                                           Test 2                                  120                                Oct 28

                                 Initial Term Paper                           75                                 Nov 4

                                  Final Term Paper                           75                                 Nov 20

                                     Oral Reports                            100                         Nov 25, Dec 2-4

                                       Final Exam                             300                       Thursday, Dec 11

                                          TOTAL                               1000                                     

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.

Late Submission of Course Materials:
 
   A student who misses an exam is allowed to make it up if his or her absence was excused before the test or is a genuine emergency. Makeup tests will substitute essay questions for the multiple choice and short answer portion of the original exam. The makeup test will have a different problem section and will include material presented since the exam.
 
Completed homework is collected at the beginning of the class on the day it is due. After that time, up to the point at which the solution is distributed, the maximum homework grade will be 50%. The homework solution is distributed when homework is returned. After this point LATE HOMEWORK CAN NOT EARN MORE THAN 20% CREDIT.

Course Topic/Dates/Assignments:
 

Tests and holidays are fixed per the schedule below. Class material will be presented in the order shown below but may deviate from the schedule if needed.

           DATE                              Subjects                                                                                 Text Chapter

        Aug 19-21                  Introduction including Production Possibilities Frontier                              1, 19.5

        Aug 26-28                  Demand and its Elasticities                                                                    2, 4.8

          Sep 2-4                    Indifference Curves/Budget Lines, and Demand                                          3, 4

         Sep 9-11                   Edgeworth box for distribution                                                                   6.1

                                         Term Paper Topic due

        Sep 16-18                  Isoquant/Isocost                                                                                   7.3, 8.4

                                         Edgeworth box for Production                                                                   19.4

          Sep 23                     TEST 1

          Sep 25                     General Equilibrium                                                                                 19(-)

     Sep 30, Oct 2                Cost Analysis and the Competitive market                                           7(-), 8, 9, 10

          Oct 7-9                    Monopoly                                                                                         11.1-11.5, 12

                                         (Oct 9: Term Paper Proposal & References due.)

              

        Oct 21-23                   Monopolistic Competition and Oligopoly                                                   13, 15          

                                         Regulated Monopoly and Cartel                                                                  

          Oct 28                     TEST 2                                                                                     All Previous References

      Oct 30-Nov 4                Government Regulation and antitrust                                                         11.6

                                         Asymmetric Information and Game Theory                                                  14

                                         (Nov 4: Initial Term Paper Due)

           Nov 6                      Labor Economics                                                                                   16,17                      

        Nov 11-13                  Minimum Wage and Social Security                                                           18

        Nov 18-20                   Public Goods and Externalities                                                                  20

                                         (Nov 20: Final Term Paper Due)

    Nov 25, Dec 2-4              Oral Reports

          Dec 11                     FINAL TEST (8:00 am - 10:00 am)                                                    All Previous Ref

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2008-2009 Undergraduate Catalog Page 87

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2008-2009 Undergraduate Catalog Page 87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "F".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2008-2009 Undergraduate Catalog Page 89-90

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .

Additional Information:
 

TERM PAPER. There are four term paper requirements: topic approval paper, Term Paper Proposal (with References), Initial Term Paper, and Final Term Paper. The Proposal, Initial, Final Papers must be typed on a word processor using Microsoft Word. The penalty for a late Term Paper Proposal, Initial Term Paper, or Final Term Paper is a minus 2% per day for every day past the due date, including weekend and holiday days. Students are expected to anticipate problems such as word processor not being available at last minute before report is due, etc. Very serious problems such as the student being hospitalized will be considered on a case-by-case basis but sudden problems after prolonged procrastination is not an acceptable excuse.



A. The TOPIC APPROVAL PAPER consists of a few handwritten sentences describing your proposed topic. Your topic must be appropriate for a Microeconomics Analysis paper. The topic must be approved before any of the remaining requirements will be accepted. The purpose of the topic approval is to determine that the topic is appropriate before the student has wasted time researching an unrelated area and working on an unacceptable paper. About one student per year has had to start over because they wrote a paper on an unapproved and inappropriate topic. Additionally, the approval process provides the student with feedback as to whether their topic is too broad and, if so, suggestions as to how to narrow the paper's focus. Finally, suggestions may be offered on research sources and methods.



B. TERM PAPER PROPOSAL AND REFERENCESThe topic must be exactly the topic agreed to in advance. The proposal is a plan for your paper. It is a sentence outline, which briefly expresses the thoughts you expect to cover, and indicates what sources you plan to use in each section of your paper. An inadequate proposal will be rejected and the 2% late penalty will begin. An acceptable proposal will reflect that the student has read their sources and thought about how to organize them into a paper. Note: the student must keep all note cards, pencil drafts, printouts, and other notes used to write paper. These items will be turned in with Initial paper and returned with it.


   The finished paper may deviate in minor respects from the proposal. This is a logical result of implementing feedback from the instructor or may result from further student research. However, major changes must be discussed with the instructor.


   Proposal and References will have a total length of 3-4 pages using normal 1" margins. Do not use acetate binders--Staple Paper in upper-left corner. This paper will consist of the following:


        1. Title page (Include the words "TERM PAPER PROPOSAL," the title of your paper, your name and EC300).


        2. A sentence outlining each major section of paper. At the end of each sentence, list the specific sources to be used for that section of the paper. This sentence outline must be at least one full page but not more than two pages. The Proposal represents a clearly defined plan for your paper. You cannot write an acceptable plan without substantial library research and a careful review of the sources you locate. 


        3. References page. Include at least 10 references with full citations in the correct APA format. Title this page "References." Single space alphabetized entries and separate entries with a blank line. Combine all entries (books and articles) in one alphabetized list.


C. Common Requirements and grading for INITIAL and FINAL papers. These papers will be typed using a word processor with 1" margins and the default font. The paper will be typed, double-spaced, with 1500 words of text not counting the title and References pages. All word processors have a word-counting utility. Number the pages starting with the first page of text. Staple the Paper in the upper-left corner.


        1.Title page (Include the words "INITIAL TERM PAPER" or "FINAL TERM PAPER," the title of your paper, your name and EC300)


        2.Text of paper (1500-1700 words).


        3.References page or pages.


D. GRADING of Initial and Final term Papers will consider the following:


   - A term paper is a formal research paper not an undocumented essay. Therefore, the student must document all facts, ideas, and quotes with in-text citations. For APA in-text citations the author's last name (if known) and the date of publication must be given. For direct quotes, a page number is also included. If the author's name is not given in the source document, use the first two or three words of the article title in quotes in place of the author's last name. Plagiarism as defined below will result in a grade of zero for the paper and possibly for the course. Papers, which lack appropriate in-text citations, are inadequately documented and will be rejected. The author may improve a rejected paper but it will be subject to a 10% penalty besides any late-paper penalty. The Initial Paper must be acceptable before I will grade it and before the student can go on to the final Paper requirement.


   - Since the term paper is a formal paper, you should write it in the third person. That is, generally avoid I, you, me, and my. When you are giving your opinion, you may occasionally have to use the first person (I, me, and my) but often such sentences can be rewritten in the third person. Avoid addressing your reader or people in general as "you."


   - The quality and clarity of thought exhibited in the paper are of paramount importance. A good paper is more than a paraphrased cut and paste of references. Think about the impact of your subject and make some original contribution to the analysis of your subject. A paper that consists almost entirely of a series of extended direct quotes (appropriately cited) will, by definition, have a low quality of thought. A well-written paper will discuss the pros and cons of the topic in the author's (your) words with direct quotes used sparingly. Cite the source of all factual statements. Identify your opinions and analysis by their context in the paper. The reader should never be in doubt about the source of a thought or fact. If a passage is your idea, make the reader aware of it. Otherwise, cite the source. References must make a substantial contribution to the paper. Do not use frivolous references to "make more footnotes."



   - Many popular references are frequently wrong in their economic conclusions. Thus, at least 50% of the sources for your paper must be current articles from the Wall Street Journal, the Economist, Journal of Economic Perspectives, Journal of Economic Literature, and/or National Review. These sources are herein after referred to as (WSJ et al.). ?Periodicals that frequently feature analysis that is inconsistent with economic principles include Newsweek, Time, The New York Times, and Business Week. In contrast, the economic analysis presented in the Wall Street Journal, Economist, Journal of Economic perspectives, Journal of Economic Literature, and National Review is typically argued from the basis of economic principles. Feel free to supplement your WSJ et al references with any others you feel are appropriate. For example, in the Kansas City Star, Jerry Heaster's articles usually feature correct economic analysis. Failure to include at least 50% WSJ et al. references will cost 20% of analysis paper grade. The WSJ et al. citations must make a substantial contribution to the paper.



   - Correct spelling and English are required. The spell checker on your word processor will help find spelling errors but will not locate correctly spelled words that are used in the wrong context, such as spelling lose, as in to misplace something, as loose, as in something that might rattle. You are encouraged to have your Initial paper proofread for spelling and English by anyone other than the course instructor.


E. INITIAL PAPER. This is not a rough draft; this paper must meet all requirements for the final paper including the title page. Typically, some Initial term papers are accepted as final. Student must keep all note cards, pencil drafts, printouts, and other notes used to write paper. These items will be turned in with Initial term paper.  You must also turn in an electronic copy of your paper on the floppy disk. Label the floppy disk with the course number, the term, your name and, the title of your paper.   These materials will be returned with the graded Initial paper. Papers that are turned in without the supporting materials will be rejected. Put your Initial paper and other materials in a large envelope, which is labeled with the same information as the cover sheet.


F. FINAL PAPER. The final paper will be graded based on the student's corrections of criticisms of the Initial paper. It must be freshly printed out after all corrections and additions have been completed. Paperclip to the final paper the graded (marked up) Initial Term Paper along with the Initial Term Paper Feedback Sheet. Also, turn in the floppy disc that is labeled as discussed above.  Do not turn in notes, etc. with your final paper that were previously turned in.


X. ORAL PRESENTATION grading will include the student’s compliance with the following:


      a. Appropriate Business Attire. This is worth 5% of the oral report grade.


      b. Oral presentations must be ready for the first scheduled presentation session. A random selection method will be used to determine when reports will be given. If Presentation is not ready for the initial session, it may be deferred to the next class at the cost 20% of the presentation grade. If the presentation is not ready for the last scheduled day, the presentation grade will be zero.


     c. Use a timepiece to ensure a presentation time of 5-6 minutes. Avoid excessive redundancy. The difference between repeating for emphasis and mindless redundancy is always obvious. 


      d. Use overhead projector slides or make a PowerPoint presentation. Although visual aids are required for the presentation, they are not the presentation. A razzle-dazzle overhead slide or PowerPoint presentation without an adequate oral presentation is inadequate.


     e. Use a large font and bold print on your overhead or PowerPoint slides. This limits how much detail can be on any given slide. Be sure to put any comparisons of numbers on a slide. Verbal explanations of comparative data and/or numerical calculations without the written word to support them are a complete waste of your and your audience’s time.


     f. Use appropriate notes such as 3 x 5 cards or sufficient slides to jog the memory of the presenter and keep the presentation in sequence. Do NOT use a highlighted version of the paper in place of proper notes. Tell the class about your research; do NOT read the paper.


     g. Assume that the audience (the class) can read! Presenters must not read slides to their audience. Each item on the slide should be amplified in the discussion. For this reason, plan slides to have fewer words than the presenter will use. 


     h. Presenters must look at their audience! A shy presenter can add notes to their cards to remind them to look up occasionally. If a presenter cannot bother to look at their audience, why should the audience pay attention to the presenter? Under these conditions, why should the audience even remain in the room?


     i. Presenters must check their screen as their presentation progresses. What looks correct on the overhead projector or on the computer screen may not be visible to the audience. Think about the person who sits behind the first row. Usually, they will be unable to see anything on the screen that is below the level of the presenter’s waist. Check the projection on the PowerPoint screen to be sure it is displaying all that is shown on the computer monitor.


     j. Each student is required to give their full attention to the presentations of other students. Absence, tardiness, or inattention on the oral presentation days will diminish the individual’s oral report grade. It will be tempting for presenters to go over their notes and slides while other students are giving their presentations. This is avoided by preparing the presentation before class, not during it.


XI. EXCEPTIONS TO APA STYLE. Papers will be written in APA style. There are three exceptions to strict adherence to APA format.


        -On the References page, single space each entry and put an extra space (blank line) between entries.


        - On the References page, put Internet entries in the same format as a journal article with the URL (http...). For in-text citations, use author’s name or article title (with date).




Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluation                                                                                                                                                                                                                                                 
Outcomes
1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
The student perfectly discusses the industry type and the specific topic for all of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. The student adequately discusses the industry type and the specific topic for two to three of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. The student discusses the industry type and the specific topic for one of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. The student discusses the industry type and the specific topic for none of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. 
Synthesis                                                                                                                                                                                                                                                  
Outcomes
2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
The industry demand curve is identified graphically; its slope is perfectly explained for the industry and is applied correctly to the specific topic. The industry demand curve is identified graphically; its slope is adequately explained for the industry only. The industry demand curve is identified graphically; its slope is inadequately explained. The industry demand curve is not identified graphically nor is it explained. 
Analysis                                                                                                                                                                                                                                                   
Outcomes
3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Profit maximization is perfectly defined in the context of the industry type; the presence of economic profits in the long run is identified in the context of the industry type; the theory of profit maximization is perfectly applied to the specific topic. Profit maximization is defined and the presence of economic profits in the long run is identified in the context of the industry type; the theory of profit maximization is adequately applied to the specific topic. Only one of the following has been presented: profit maximization is defined and the presence of economic profits in the long run is identified in the context of the industry type; the theory of profit maximization is adequately applied to the specific topic. The theory of profit maximization is not discussed. 
Application                                                                                                                                                                                                                                                
Outcomes
4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
An industry type (monopolistic competition, oligopoly, or monopoly) is perfectly compared to the perfectly competitive situation; economic efficiency is defined; the specific topic is used to illustrate this comparison. An industry type (monopolistic competition, oligopoly, or monopoly) is compared to the perfectly competitive situation and economic efficiency is defined. An industry type (monopolistic competition, oligopoly, or monopoly) is compared to the perfectly competitive situation. No comparison between perfect competition and an industry type is made. 
Content of Communication                                                                                                                                                                                                                                   
Outcomes
4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Reference (Works Cited) page is properly formatted and complete. Reference page has one to two errors but is complete. Reference page has three or more errors or is incomplete. Reference page is not present. 
Technical Skill in Communicating                                                                                                                                                                                                                           
Outcomes
1,2,3,4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
More than four acceptable research sources are cited within the text. Four to two acceptable research sources are cited within the text. One acceptable research source is cited within the text. No research has been conducted. 
First Disciplinary Competency                                                                                                                                                                                                                              
Outcomes
3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Profit maximization is perfectly defined and applied to the specific topic with no mistakes. Profit maximization is perfectly defined and applied to the specific topic with one to two mistakes. Profit maximization is perfectly defined and applied to the specific topic with more than two mistakes. Profit maximization is not     discussed. 
Second Disciplinary Competency                                                                                                                                                                                                                             
Outcomes
1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
The student perfectly discusses the industry type and the specific topic for all of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. The student discusses the industry type and the specific topic for three to two of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. The student discusses the industry type and the specific topic for one of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. The student discusses the industry type and the specific topic for none of the following characteristics: number of firms, nature of the product, pricing, and barriers to entry. 

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Last Updated:7/31/2008 4:50:10 PM