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EC 142 Principles of Economics II (Micro)
Farmer, Elaine L.


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 Economics II (Micro)

Semester

S2WW 2006 WN

Faculty

Farmer, Elaine L.

Title

Adjunct Faculty

Degrees/Certificates

PhD, Agricultural Economics, University of Missouri-Columbia, 2005
BS, Agricultural Economics, University of Missouri-Columbia, 1996

Office Hours

By appointment, contact by phone 816-776-3397 or email Elaine.Farmer@pirate.park.edu

Daytime Phone

(816)776-3397

E-Mail

Elaine.Farmer@pirate.park.edu

Semester Dates

March 12, 2006 - May 7, 2006

Class Days

-M-W---

Class Time

4:45 - 7:25 PM

Credit Hours

3


Textbook:
McConnell, Campbell R. and Stanley L. Brue. "Microeconomics -- Principles, Problems and Policies," 16th edition. New York, NY: McGraw-Hill/Irwin, 2005.

Textbooks can be purchased though the MBS bookstore

Textbooks can be purchased though the Parkville Bookstore

Additional Resources:
Walstad, William B. and Robert C. Bingham. "Study Guide to accompany McConnell and Brue Microeconomics--Principles, Problems and Policies," 16th edition. New York, NY: McGraw-Hill/Irwin, 2005.

Current event news magazines, newspapers, etc.
http://www.mcconnell16.com


Course Description:
A study of the market mechanism and the organization of production and distribution activities in society. A major focus 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:
Student/instructor interaction, which is based on lectures, readings, quizzes, and examinations provides the basis for effective learning.  During the 8-week term, we will explore together the principles of microeconomics and relate them to current events.

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. Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model.
  3. Analyze graphically the marginal cost, average total cost, and average variable cost curves; explain the shape of each curve.
  4. Analyze graphically the long-run profit maximizing output of a perfectly competitive firm, a monopolistic firm, a monopolistically competitive firm, and an oligopolistic firm; discuss the economic efficiency of each industry type.
  5. Analyze graphically the long-run average total cost curve and explain economies of scale, diseconomies of scale, and constant returns to scale.


Core Assessment:


Class Assessment:
Student Assessment in this course will be based on two homework assignments, two major examinations, a series of quizzes, in-class exercises and participation in weekly discussions.  Students are required to read the applicable chapters before the class meeting.

Grading:
Total Points possible in the course: 600 Points.

The final course grade will be determined in the following manner:
a.  One mid-term exam: 30% of total points
b.  One final exam: 40% of total points
c.  Two Homework assignments: 15% of total points
d.  Five quizzes: 5% of total points
e.  Weekly in-class participation in discussions of current topic and in-class exercises: 10% of total points

At the end of the course, accumulated points will be converted to a letter grade based on the following scale:
A = 90% to 100%
B = 80% to 89%
C = 70% to 79%
D = 60% to 69%
F = below 60%

Late Submission of Course Materials:
Assignments not submitted on the due date will receive a grade of zero.  Students who are absent on the date an assignment is due, must make prior arrangements with the instructor to submit the assignment.

Classroom Rules of Conduct:
Students are required to read the applicable chapters and complete all required assignments before the class meeting.  Students are expected to participate in class discussions.

Please turn off all cell phones and pagers during class time or turn the phone to silent or vibration mode.  If you receive an emergency call, please go out into the hallway to receive the call.

Date

Reading

Lecture Topic

Assignment

Monday, March 13

Chapter 1: The Nature and Method of Economics and Chapter 2: The Economizing Problem

Introduction, What is Economics?
Opportunity Cost and Production Possibility Curve

 

Wednesday, March 15

Chapter 3: Individual Markets: Demand and Supply

Determinants of Demand and Supply, Market Equilibrium

 

Monday, March 20

Chapter 7: Elasticity of Demand and Supply

Price Elasticity, Cross Elasticity and Income Elasticity

Quiz: Ch 1-3

Wednesday, March 22

Chapter 8: Consumer Behavior and Utility Maximization

Theory of Consumer Behavior and Applications

 

Monday, March 27

Chapter 9: The Costs of Production

Marginal Cost, Average Total Cost, Average Variable Cost Curves, Economies of Scale

Quiz: Ch 7-8

Wednesday, March 29

Review for Mid-term Exam

Review for Mid-term Exam

Assignment #1 Due

Monday, April 3

MID-TERM EXAM
(Chapters 1 – 3, 7 – 9)

MID-TERM EXAM
(Chapters 1 – 3, 7 – 9)

MID-TERM EXAM

Wednesday, April 5

Chapter 10: Pure Competition

Profit Maximization, Economic Efficiency for a Perfectly Competitive Firm

 

Monday, April 10

Chapter 11: Pure Monopoly

Profit Maximization, Economic Efficiency for a Monopolistic Firm

Quiz: Ch 9

Wednesday, April 12

Chapter 12: Monopolistic Competition and Oligopoly

Profit Maximization, Economic Efficiency for a Monopolistically Competitive Firm

 

Monday, April 17

Chapter 12: Monopolistic Competition and Oligopoly (cont)

Oligopoly Models, Economic Efficiency for an Oligopoly

Quiz: Ch 10-11

Wednesday, April 19

Chapter 13: Technology, R&D and Efficiency

Innovation, R&D, Economic Efficiency

 

Monday, April 24

Chapter 14: The Demand for Resources

Determinants and Elasticity of Resource Demand

Quiz: Ch 12-13

Wednesday, April 26

Chapter 15: Wage Determination; Chapter 16: Rent, Interest and Profit

Characteristics of Resource Market for Labor, Capital, Land and Entrepreneurial Ability

Assignment #2 Due

Monday, May 1

Review for Final Exam

Review for Final Exam

 

Wednesday, May 3

FINAL EXAM
(Chapters 1 – 3, 7 – 16)

FINAL EXAM
(Chapters 1 – 3, 7 – 16)

FINAL EXAM


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 2005-2006 Undergraduate Catalog Page 85-87

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 2005-2006 Undergraduate Catalog Page 85-87

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 "WH".
  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 2005-2006 Undergraduate Catalog Page 89

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. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners 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 American with Disabilities Act of 1990, regarding learners with disabilities and, to the extent 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 .

Copyright:

This material is copyright and can not be reused without author permission.