EC 142 Principles of Economics II (Micro)
S2WW 2006 WN
Farmer, Elaine L.
PhD, Agricultural Economics, University of Missouri-Columbia, 2005BS, Agricultural Economics, University of Missouri-Columbia, 1996
By appointment, contact by phone 816-776-3397 or email Elaine.Farmer@pirate.park.edu
March 12, 2006 - May 7, 2006
4:45 - 7:25 PM
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.
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
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.
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
Assignment #1 Due
Monday, April 3
(Chapters 1 – 3, 7 – 9)
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
Wednesday, May 3
(Chapters 1 – 3, 7 – 16)
(Chapters 1 – 3, 7 – 16)
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.
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 .