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EC 142 Principles of Economics II (Micro)
Laffitte, Chris


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

U1T06 DLE

Faculty

Laffitte, Chris

Title

Adjunct Faculty

Degrees/Certificates

A.A. Business
B.S. Management
M.B.A. International Business

Daytime Phone

011-81-3117-62-7637

E-Mail

chris.laffitte@pirate.park.edu

chrislaffitte@yahoo.com

Semester Dates

05 June 2006 - 30 July 2006

Class Days

TBA

Class Time

TBA

Credit Hours

3


Textbook:
Microeconomics, McConnell Brue, 16th Edition.

ISBN 007298273X

Soft cover with DVD, Discover Econ Online and Paul Solman videos.

NOTE the new Text Edition effective April 2004.  Students will require the DVD and access to the on-line Discoverecon website that is provided with a new textbook.

Textbooks can be purchased though the MBS bookstore

Additional Resources:
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.


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:
The facilitator's educational philosophy is one of interaction between the student and faculty to discuss and explore all areas. 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.


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
20 percent of the student's final grade and will test students' mastery of four
core learning outcomes (Learning Outcomes 1, 2, 3, and 4 listed on this
syllabus) through definitions, short essay, and graphing questions.  For each core learning outcome, the student
should be prepared to draw the relevant graph, define basic concepts or
policies, identify relevant shifts in the curves, and state final impacts on
relevant variables.



Link to Class Rubric

Class Assessment:
Weekly:
Home Work
Group Work
Discussion Questions
Quiz
Tests

Note:
Week 4 and 8 will not have a quiz but will be substituted by the midterm and final exam.

Grading:
90% - 100% = A
80% - 89% = B
70% - 79% = C
60% - 69% = D
Below 60% = F


Weekly Assignments                    28% of grade      2800 points                                                      
Mid Term Exam                         20% of grade      2000 points                                                      
Comprehensive Examination             30% of grade      3000 points
Weekly Groupwork                      8% of grade        800 points
Weekly Disicussions                   8% of grade        800 points
Weekly Quiz                           6% of grade        600 points
TOTAL                                                                                            100%               10000 points

Note that point deductions will be made for nonparticipation and absences.

Late Submission of Course Materials:
Weekly work must be submitted not later than Sunday midnight of each week.  Late work will not receive full grade credit. Work not turned by the due date, but which is turned in no more then 7 days late, will receive 1/2 the score it would have received otherwise. Homework not received within 7 days of the due date will not be scored. No work received after the last Saturday of the term will be scored.

Course Topic/Dates/Assignments:
Week 1: Our objective is to understand microeconomic terms and concepts.  We will study the nature and method of economics, the economizing problem and review graphing.  The reading assignment for week 1 includes chapters 1 and 2 in the text.

Week 2: We will take a look at market models and the important concepts of supply and demand.  The reading assignment includes chapters 3 and 4 in the text.

Week 3: We'll learn about the important concept of elasticity and look at the elasticity of supply and the elasticity of demand.  Then we'll consider consumer behavior in the marketplace and utility maximization. The reading assignment for this week includes chapters 7 and 8 in the text.

Week 4: We'll have a Mid Term Exam and learn about the costs of production.  The midterm exam covers all course materials through chapter 8.  We'll learn about both implicit and explicit costs. The reading assignment is chapter 9 in the text.  Also, your proctor forms are due to be in your instructor's hands this week.

Week 5: We begin our view of specific market types by looking at markets based upon pure competition and on pure monopoly.  The reading assignment this week includes chapters 10 and 11 in the text.

Week 6: We continue looking at different markets by studying monopolistic competition and oligopoly. The focus here is to understand the differences and similarities in their structure and operation.  The reading assignment this week is chapter 12 in the text.

Week 7: This week we will look at a different market that does not involve production, the resource market.  Specifically we will review the demand for resources and wage determination in the labor market.  The reading assignment includes chapters 14 and 15 in the text.

Week 8: This will be a busy week. The policy at Park University is for each of you to take a significant, proctored exam during the Eighth week of the class.  Unless you are more then two hours from the nearest Park site, you are expected to take the exam at one of the Park sites.  We will also review current economic events using concepts that you have learned from the 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 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.
ONLINE NOTE: An attendance report of "P" (present) will be recorded for students who have logged in to 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.

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. 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:



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluation (a)                                                                                                                                         
Outcomes
1, 2                                               
All causes or processes of economic phenomena are perfectly identified and stated. (12 points out of 12 points) Most causes or processes of economic phenomena are correctly identified and stated. (11 to 4 points out of 12 points) Most causes or processes of economic phenomena are not correctly identified and stated. (3 to 1 points out of 12 points) No causes or processes of economic phenomena are stated. (0 points out of 12 points) 
Synthesis (b)                                                                                                                                          
Outcomes
1, 2                                               
The graph is drawn perfectly and most relevant axes and curves are identified correctly.
(22 points out of 22 points)
 
The graph is drawn correctly and most relevant axes and curves are identified correctly. (21 to 7 points out of 22 points) The graph is not drawn correctly and most relevant axes and curves are not identified correctly. (6 to 1 points out of 22 points) The graph is not drawn. (0 points out of 22 points) 
Analysis (c)                                                                                                                                           
Outcomes
1, 2, 3, 4                                         
All shifts in curves are identified correctly.  (12 points out of 12 points) Most shifts in curves are identified correctly.  (11 to 4 points out of 12 points) Most shifts in curves are not identified correctly.   (3 to 1 points out of 12 points) Shifts in curves are not identified. .  (0 points out of 12 points) 
Application (d)                                                                                                                                        
Outcomes
3, 4                                               
All economic policies and their impacts are correctly described.   (19 points out of 19 points) Most economic policies and their impacts are correctly described. (18 to 6 points out of 19 points) Most economic policies and their impacts are not correctly described.  (5 to 1 points out of 19 points) No economic policies or impacts of such policies are described.
(0 points out of 19 points)
 
Content of Communication (e)                                                                                                                           
Outcomes
1, 2, 3, 4                                         
All definitions of curves or items identified on graphs are stated perfectly.  (23 points out of 23 points) Most definitions of curves or items identified on graphs are stated correctly. (22 to 8 points out of 23 points) Most definitions of curves or items identified on graphs are not stated correctly. (7 to 1 points out of 23 points) No definitions of curves or items on graphs are stated.
(0 points out of 23 points)
 
Technical Skill in Communicating (f)                                                                                                                   
Outcomes
1, 2, 3, 4                                         
All definitions of concepts are stated correctly.
(12 points out of 12 points)
 
Most definitions of concepts are stated correctly.
(11 to 4 points out of 12 points)
 
Most definitions of concepts are not stated correctly.
(3 to 1 points out of 12 points)
 
No definitions of concepts are stated.
(0 points out of 12 points)
 
First Disciplinary Competency                                                                                                                          
Outcomes
1                                                  
Graphical analysis is used to identify perfectly equilibrium price in an individual market. (11 points out of 11 points) Graphical analysis is used to identify equilibrium price in an individual market. (10 to 4 points out of 11 points) Graphical analysis is used to identify equilibrium price in an individual market. (3 to 1 points out of 11 points) Graphical analysis is not used to identify equilibrium price in an individual market. (0 points out of 11 points) 

Copyright:

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

Last Updated:5/17/2006 9:26:48 PM