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EC 142 Principles of Economics II (Micro)
Thompson, John R.


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 (Microeconomics)

Semester

S2R 2006 SC

Faculty

Thompson, John R.

Title

Adjunct Faculty

Degrees/Certificates

M.S. in Policy Analysis with work in Money and Banking
B.A. in Economics with concentration in Finance
Requisite Real Estate Appraisal Courses for Commercial Real Estate

Office Location

Scott Air Force Base Extension Center

Office Hours

Available as needed by telephone or e-mail.

Daytime Phone

(618) 980-1398

E-Mail

john.thompson@park.edu

jrtexcel@sbcglobal.net

Web Page

Not Applicable

Semester Dates

March 14th, 2006 - May 4th, 2006

Class Days

Tuesday and Thursday evenings

Class Time

5:00 - 7:30 PM

Prerequisites

None

Credit Hours

3


Textbook:
Economics: Principles, Problems and Policies.  McConnell, Campbell R. and Brue, Stanley L., 16th Edition, 2005, McGraw-Hill Irwin Publishing. ISNB 0-07-281935-9.

Textbooks can be purchased though the MBS bookstore

Textbooks can be purchased though the Parkville Bookstore

Additional Resources:
Publications which may be utilized throughout the course include the following:  The Wall Street Journal, The Economist and the Belleville News-Democrat.  Relevant websites delineated below:

http://www.wjs.com
http://economist.com
http://stltoday.com

Course Description:
An examination of the contemporary American economy, with an indepth exploration of the operation of the market system. Particular emphasis will be placed on mastery of such microeconomic concepts and principles as: supply and demand analysis, elasticity concepts, market structures, production costs, consumer behavior and an examination of both product and resource markets.

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. 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.


  Instructor Learning Outcomes
  1. 6.  Delineate, calculate and explain price elasticities of demand and supply for finished goods.  Explain and measure both cross and income elasticities of demand.
  2. 7.  Analyze and defend the strengths and advantages of the market system ("laissez-faire") versus a command economic system.  Specify and explore how the issue of scarcity is addressed in each system.  Summarize how prices communicate the relative value of both inputs and outputs generated in the factor and product markets.
  3. 8.  Use the income and substitution effects and the law of diminishing marginal utility to explain why consumers buy more of a product when its price decreases and less of the product when its price rises.  Define and illustrate how a consumer's utility is maximized.
  4. 9.  Identify and define the major forces which determine prices in the resource markets for land, labor and capital.  How are rental payments, interest income and profits determined in the markets for the underlying resources?
Core Assessment:


Class Assessment:
Final grade will be determined and calculated based on the following tasks and evaluation methods:  
1. Two (2) closed-book examinations;
2. One (1) open-book knowledge assessment:
3. Attendance/Participation;
4. Homework Assignments.

GRADING SCALE:
90% to 100%       450 - 500 Points      A
80% to  89%       400 - 449 Points      B
70% to  79%       350 - 399 Points      C
60% to  69%       300 - 349 Points      D
Below 60%                               F
Fewer than 300 Points and/or three or more unexcused absences from class.

Grading:
This course will have a total of 500 possible points.  Total points will be allocated along the following basis:  exams and assessments (400 points), attendance and participation (50 points), and homework assignments (50 points).

Late Submission of Course Materials:
Any and all assignments with a definitive due date must be turned in on or before the due date(s).  There will be no exceptions to this policy.

Classroom Rules of Conduct:
Students are expected to attend all scheduled classes unless previously excused by the instructor.  Punctuality and promptness are necessary to assure an orderly start and finish to every session.  Students are expected to conduct themselves in a positive and constructive manner during class.  Given the accelerated nature of the course, it is imperative that students have completed all reading and homework assignments prior to class, and be prepared for the scheduled activities and content discussion.  Homework assignments are to be completed as of the due date.

Course Topic/Dates/Assignments:
March 14th and 16th:  Introduction, expectations and overview of course syllabus.  Delineate the foundational concepts and philosophical premises a/k/a "setting the table".  The nature and method of economic inquiry, the economic "problem".  Fundamental concepts including scarcity, constrained choice and opportunity cost.  Discuss the fundamental characteristics of the market system.

March 21st and 23rd: Supply and demand analysis, the operations of markets, and the role of price in resource allocation. The Production Possibility Curve ("Frontier") Model. Supply/Demand applications. Comparison of laisse-faire and command economic systems.

March 28th and 30th: Discussion of price, income and cross elasticity concepts.  Review of all materials through the first 5 assigned chapters prior to first exam/assessment.

April 4th and 6th:  Consumer behavior and utility maximization, diminishing marginal utility and other consumer behavior concepts.  The roles of income and substitution effects on consumer behavior.  

April 11th and 13th:  Business production costs. An exploration of the four (4) basis market structures, and the impact of such structure on firm behavior, and ultimately on total industry output, product prices and profitability.

April 18th and 20th:  Continued exploration of how business firms behavior in imperfectly competitive industries in connection with monopolies, oligopolies and monopolistically competitive markets.  

April 25th and 27th:  An exploration of the resource ("input") markets for land, labor, capital and entrepreneurshhip.  How are the returns on these resources determined?

May 2nd and 4th:  Complete analysis and discussion of resource markets, final review and completion of the final assessment.

March 14th and 16th,

Chapters 1 and 2,

 

March 21st and 23rd,

Chapters 3 and 4,

 

March 28th and 30th,

Chapter 20,

First Exam/Assessment: Ch. 1-4, and 20,

April 4th and 6th,

Chapters 21 and 22

 

April 11th and 13th,

Chapters 23 - 25

Skills Assessment Handout

April 18th and 20th,

Ch. 23-25 continued

 

April 25th and 27th,

Chapters 27 and 28

 

May 2nd and 4th,

Chapter 29

Final Exam:Ch. 27-29

 

 

 


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
In addition, academic dishonesty refers, but is not limited, to the following: the act of plagiarism (see definition below) in connection with any work required to be performed only by the individual student, and any behavior or act in connection with the taking of an examination deemed by the instructor and Park University as cheating.  If it is reported and conclusively determined that academic dishonesty has occured, the subject student will be given a grade of "F" for the course.  This policy will be followed in all cases and under all circumstances.

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
NOTE: An attendance report of "P" (present will be recorded for students who have logged into the Online Classroom at least once during each week of the term.  Recording of attendance is not equivalent to participation.  Participation grades will be assigned by each instructor according to the criteria in the Grading Policy section of the syllabus.

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.