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EC 142 Principles of Microeconomics
Sumrall, William H.


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 142 Principles of Microeconomics

Semester

S1Y 2009 MN

Faculty

Sumrall, William H.

Title

Adjunct Senior Professor of Economics and Business

Degrees/Certificates

B.A. M.S. M.B.A. Ed.S Ed.D.
Post Graduate Fellow in Economics and Business
Omicron Delta Epsilon, Phi Kappa Phi

Office Location

Millington Campus Office

Office Hours

NSA-Before and After Class

Daytime Phone

662-292-2912 (CELL)

E-Mail

william.sumrall@pirate.park.edu

Semester Dates

Monday, January 12, 2009 to Sunday, March 08, 2009

Class Days

-----F- January 16, 23, 30; February 6, 13, 20, 27; March 6

Class Time

5:00 - 9:30 PM

Prerequisites

None

Credit Hours

3


Textbook:

Case, Principles of Miroeconomics, 8th edition, Prentice Hall, 2006. ISBN: 9780131994850

Case, Principles of Economics, 8th edition, 2006, PH. ISBN: 9780132289146 (Combined Macro and Micro text)
If you will be taking both courses consider ordering the combined text to save money.

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

Students should read current events literature (The Wall Street Journal, Fortune, The Economist, Business Week, Newspapers,) as well as instructor handouts, internet and cable news shows etc.
 
Wall Street Journal:
 
The WSJ is an excellent reference for this course. It is available at most libraries, in many offices, and other places. While not required for this course, it will enhance your understanding immeasurably.
 
The WSJ provides exceptionally low priced, special discounted rates for students (currently 15 weeks for $29.95) that include hard copy subscriptions with the online WSJ are available to you.
Click Here to subscribe online! http://wsjstudent.com/  Following this link, use 641as the first three digits of the zip code for Park University, Parkville, MO and selecting William Sumrall as your instructor will let the WSJ folks know you are enrolled as a student in this course. Delivery will start in a few days and they will bill you directly, usually within 3 or 4 weeks.
   
Syllabus, Mind Map Quetions, e-Companion and Email:

(A) This syllabus is available in e-Companion under syllabus heading.
(B) Mind Map (study) questions are available under the “documents sharing” section of e-Companion. Students should download and copy these study questions before the first class meeting.
(C) The instructor will be using e-Companion and Pirate email. Students should check their pirate email account and e-Companion several times a week, especially late Friday afternoon before class for announcements and document sharing. 

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:
EC142 Principles of Microeconomics: A study of the market mechanism and the organization of production and distribution activities in society. A majorfocus is on the determination of prices of goods and factors of production. Analysis of the firm as the main institution in the market. 3:0:3

Educational Philosophy:
The facilitator’s educational philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, videos, web sites and writings. The facilitator will engage each learner in what is referred to as disputatious learning to encourage the lively exploration of ideas, issues and contradictions.

Learning Outcomes:
  Core Learning Outcomes

  1. Graph supply and demand in a single graph, define basic items or concepts related to the graph, and use the graph to explain the process by which a good's equilibrium price and quantity are attained.
  2. Determine the value of the costs of the firm and graph them. Graph the short-run profit or loss situation of the competitive firm and show how it affects the industry supply and demand.
  3. Use basic indifference curve and budget line analysis to determine a demand curve.
  4. Determine own-price elasticity of demand given price and quantity-demanded data.


Core Assessment:

All Park University courses must include a core assessment that measures the course 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 final exam to be administered in all sections of EC 142. This exam is worth 30 percent of the student’s final grade and will test students’ mastery of core learning outcomes through Multiple Choice, Tools and Methods of Economics questions, Quantitative Critical Thinking Problems, and Graphical Problems in the Communications section. For each core learning outcome, the student should be prepared to draw the relevant graph; define basic concepts or policies; determine costs, revenue and profit levels; and state final impacts on the individual, firm, and/or industry.

Link to Class Rubric

Class Assessment:


(a) Comprehensive essay/problem/graphical core assessment final exam, (b) an end of course packet to include computer printed response to each mind map question, a neatly written copy of chapter homework problems for assigned chapters during the course and your computer printed completion statement (with your name applied) of the student online course survey, (c) in class presentation and explanation of mind map (study) questions, chapter homework problems for assigned chatpers during the course, and core learning outcomes, (d) attendance, and
(e) participation. Performance will be graded on the quality, accuracy, neatness, of oral and written presentations with regard to style and grammar

Grading:
 (a) mid-term multiple choice exam (100 points, 20%), (b) comprehensive essay /problem/graphical core assessment final exam (150 points, 30%), (c) end of course packet to include computer printed response to each mind map question, a neatly written copy of chapter homework problems for assigned chapters during the course and your computer printed completion statement (with your name applied) of the student online course survey (100 points, 20%), (d) presentation and explanation of weekly mind map (study) questions, homework problems, and core learning outcomes (100 points, 20%), (e) attendance (25 points, 5%), and (f) participation (25 points, 5%). 500 total points. Students are required to complete the online course survey, as made available through Pirate Mail, and submit a copy of the survey completion statement as one element of the end of course packet submitted on final exam day. The course grade for students will be based as an overall weighted- average of the assessment elements as stated in the syllabus.

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:
 Late submission of assigned work will result in a significant point reduction.  

Classroom Rules of Conduct:

 Classroom conduct that disrupts the learning environment, in the opinion of the instructor, will not be tolerated. Conduct should follow the policies of Park University.  

Course Topic/Dates/Assignments:

(WEEK ONE- January 16) Before the first meeting students should (A) Download from the e-Companion course management system the course syllabus, mind map questions, mid-term study guide, and final study quide. The syllabus is available under "syllabus" and doc share in e-Companion while all materials are available under "Doc Sharing" in ecompanion. (B) Students should read chapters 1 and 2, answer the mind map questiions for each chapter, complete problems 3 and 4 in chapter 1, chapter 1 appendix problem 1, and chapter 2 problems 1 and 9. Class members should be prepared to respond in class to the mind map questions and chapter homkework problems. We will briefly discuss the course syllabus, handouts, and details of course requirements. (C) The student assignment for week two: read chapters 3 and 4, prepare printed responses to the mind map questiions for chapters 3 and 4, complete a written response to problems 4,7, and 9 in chapter 3, complete a written response to problems 5, 6, and 10 in chapter 4, and be prepared to respond in class to the mind map questions and chapter homkework problems. 

(WEEK TWO-January 23) (A) students group into teams of two and present answers and discuss class meeting two MMQs for chapters 3 and 4, (B) student teams present responses and discuss class meeting two assigned homework problems 4,7, and 9 for chapter 3 and homework problems 5, 6, and 10 for chapter 4. (C) The student assignment for week three: read chapters 5 and 6 (including appendix), prepare printed responses to the mind map questions for chapters 5 and 6, complete a written response to problems 1, 3, and 7 in chapter 5, complete a written response to problems 2, 4, and 7 in chapter 6, complete a written response to problems 1 and 2 in the chapter 6 appendix, and be prepared to respond in class to the mind map questions and chapter homkework problems. 
 
(WEEK THREE - January 30) (A) students group into teams of two and present answers and discuss class meeting three MMQs for chapters 5 and 6, (B) student teams present responses and discuss class meeting three assigned homework problems 1, 3, and 7 for chapter 5, homework problems 2, 4, and 7 for chapter 6, and homework problems 1, and 2 for appendix chapter 6. (C) The student assignment for week four: read chapters 7 and 8, prepare printed responses to the mind map questions for chapters 7 and 8, complete a written response to problems 1, 4, and 9 in chapter 7, complete a written response to problems 2, 4, and 7 in chapter 8, be prepared to respond in class to the mind map questions and chapter homkework problems, and complete the mid-term exam study guide.  

(WEEK FOUR - February 6) (A) students group into teams of two and present answers and discuss class meeting four MMQs for chapters 7 and 8, (B) student teams present responses and discuss class meeting four assigned homework problems 1, 4, and 9 for chapter 7, homework problems 2, 4, and 7 for chapter 8 and review for the midterm exam chapters 1-8, (C) The student assignment for week five: read chapters 9 and 10, prepare printed responses to the mind map questions for chapters 9 and 10, complete a written response to problems 2, 8, and 11 in chapter 9, complete a written response to problems 2, 4, and 11 in chapter 10, be prepared to respond in class to the mind map questions and chapter homework problems and prepare for the Midterm exam chapters 1-8.    

(WEEK FIVE - February 13) (A) mid-term exam, B)students group into teams of two and present answers and discuss class meeting five MMQs for chapters 9 and 10, student teams present responses and discuss class meeting five assigned homework problems 2, 8, and 11 for chapter 9, homework problems 2, 4, and 11 for chapter 10, (C) The student assignment for week six: read chapters 12 and 13, prepare printed responses to the mind map questions for chapters 12 and 13, complete a written response to problems 4, 9, and 11 in chapter 12, complete a written response to problems 3, 4, 6, and 7 in chapter 13, be prepared to respond in class to the mind map questions and chapter homework problems and begin working the final exam study guide.     

(WEEK SIX - February 20) (A) students group into teams of two and present answers and discuss class meeting six MMQs for chapters 12 and 13, student teams present responses and discuss class meeting six assigned homework problems 4, 9, and 11 for chapter 12, homework problems 3, 4, 6, and 7 for chapter 13, (B) The student assignment for week seven: read chapters 14 and 15, prepare printed responses to the mind map questions for chapters 14 and 15, complete a written response to problems 1, 4, 8, and 9 in chapter 14, complete a written response to problems 2, 4, and 6 in chapter 15, be prepared to respond in class to the mind map questions and chapter homework problems and begin working the final exam study guide

WEEK SEVEN - February 27) (A) students group into teams of two and present answers and discuss class meeting seven MMQs for chapters 14 and 15, student teams present responses and discuss class meeting seven assigned homework problems 1, 4, 8, and 9, for chapter 14, homework problems 2, 4, and 6 for chapter 15, and review the final exam study guide, (B) The student assignment for week eight: review course core learning outcomes and final study guide in preparation for final exam, prepare a computer printed copy of answers to the individual mind map (study) questions assigned during the course, and a neat written copy of chapter homework problems (with title page to include heading as Mind Map/Homework Problem Responses, Your Last Name, First Name, Course Number (ec142), Date, and stapled or clasped (not paper clipped) in the upper left corner. Please, do not use a folder or binder), complete the student online course survey, and print a copy of the student online course survey completion page to be submitted to instructor (your name must be on the page and remember this is a graded activity). 

(WEEK EIGHT - March 6) (A) Individual, in class, written (#2 pencil) completion of the comprehensive core assessment final exam, (B) submission of your end of course packet to include computer printed response to each mind map question, a neatly written copy of chapter homework problems for assigned chapters during the course and your computer printed completion statement (with your name applied) of the student online course survey. END OF COURSE.
 
 
 

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 .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Critical Thinking                                                                                                                                                                                                                                          
Outcomes
Problems requiring calculations with a Maximum value of 80 Points                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Nearly all causes or processes of economic phenomena are perfectly identified and stated. (72 points or more of 80 points) Most causes or processes of economic phenomena are correctly identified and stated. (56 to 71 points of  80 points) Most causes or processes of economic phenomena are not correctly identified and stated. (40 to 55 points  of 80 points) No causes or processes of economic phenomena are stated clearly. (0 to 39 points of  80 points) 
Effective Communication                                                                                                                                                                                                                                    
Outcomes
Graphical Problems and completion of Graphs with a maximum value of 80 points.                                                                                                                                                                                                                                                                                                                                                                                                                                       
All definitions of curves or items identified on graphs are stated nearly perfectly.  (72  points or more of 80 points) Most definitions of curves or items identified on graphs are stated correctly. (56 to 71 points of 80 points) Most definitions of curves or items identified on graphs are not stated correctly. (40 to 55 points of 80 points) No definitions of curves or items on graphs are stated clearly.
(0 to 39 points of 80 points)
 
Tools and Methods of Economics                                                                                                                                                                                                                             
Outcomes
This examines tools and methods of economic analysis using multiple-choice questions with a maximum value of 140 points.                                                                                                                                                                                                                                                                                                                                                                                             
All definitions of are stated nearly perfectly.  (126 points or more of 140 points) Most definitions are stated correctly. (98 to 125 points of 140 points) Most definitions are not stated correctly. (70 to 97 points of 140 points) No definitions are stated clearly.
(0 to 69 points of 140 points)
 

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Last Updated:12/28/2008 6:29:25 PM