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EC 142 Principles of Microeconomics
McHan, James T.


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

S2FF 2007 FA

Faculty

McHan, James T.

Title

Adjunct Faculty

Degrees/Certificates

MBA
Bachelors of Science in Management
Certified Occupational Instructor

Office Hours

30 minutes prior to class and by appointment

Daytime Phone

509-247-9778

Other Phone

509-435-7140

E-Mail

james.mchan@park.edu

jamesmchan@aol.com

Semester Dates

Monday, March 19 - Sunday, May 3 2007

Class Days

--T-R--

Class Time

5:00 - 7:40 PM

Credit Hours

3


Textbook:

                       

           

           

Required Text:  Microeconomics, 17th Edition. Soft cover with DVD - Paul Solman videos.

                       

Author: Campbell R. McConnell and Stanley L. Brue

 

ISBN: 0-07-3489239     

           

           

  

                     

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

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:
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 instructor’s educational philosophy is one of total interaction based on lecture, guided discussions, readings, quizzes, examinations, internet, professional arguments, and extensive questioning. Lively debates, thought provoking questions, and probing statements are normal learning procedures. Student interaction is a critical part of learning and is expected from each and every student.

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's Core 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 (Outcomes 1, 2, 3, and 4 listed on this syllabus) through definitions, short essay, and graphing questions.  For each core outcome, the student should be prepared to draw the relevant graph by hand, define basic concepts or policies, identify relevant shifts in the curves, and state final impacts on relevant variables.


 


The core assessment is a CLOSED BOOK, CLOSED NOTES exam that must be administered and proctored in the classroom and may not be given as a take-home exam.  Students should not have access to the exam or its questions before it is administered.  The duration of the exam can be no longer than two hours.  No calculators, computers, or materials other than a writing instrument may be used for the exam; this applies to all students, regardless of whether the exam is for on-line or face-to-face students.  Completion of the exam is strictly individual; students may not work in groups to complete the exam.

Link to Class Rubric

Class Assessment:

Homework, quizzes, mid-term exam, class participation, term paper, and final exam

Grading:

Type Amount or Frequency Point Each Possible Points Percentage of Total Grade
Homework 5 20 100 10.00%
Quizzes 2 100 200 20.00%
Midterm 1 200 200 20.00%
Term Paper 1 150 150 15.00%
Class Participation 15 10 150 15.00%
Final (comprehensive) 1 200 200 20.00%
    Total 1000 100%
 
 

Grading:

Total points possible = 1000.

A 100% to 90%
B 89.99% to 80%
C 79.99% to 70%
D 69.99% to 60%
F Less than 60.00

All final exams will be comprehensive and will be closed book and closed notes.  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 Associate Dean.

Late Submission of Course Materials:
ALL MATERIAL SHOULD BE TURNED AS SCHEDULED

Classroom Rules of Conduct:

Students must come to class prepared to engage as active learners. All reading and assignments must be completed prior to class. Classes are conducted as an interactive guided discussion, thus participation is necessary for everyone. Class participation is graded on the quality of participation, not necessarily the quantity. Respect for others beliefs, opinions, and thoughts are mandatory. Rudeness, disrespect, and personal attacks are intolerable and may result in dismissal from class.

Course Topic/Dates/Assignments:

Class  

 

Date  

 

Topics/Assignments  

 

1  

 

20 Mar 2007  

 

Discuss Syllabus, Chapter 1 “Limits, Alternatives, and Choices”  

 

2  

 

22 Mar 2007  

 

Homework No#1, Chapter 2 “The Market System and the Circular Flow”  

 

3  

 

27 Mar 2007  

 

Homework No# 2, Chapter 3 “Demand, Supply, and Market Equilibrium”  

 

4  

 

29 Mar 2007  

 

Quiz 1, Chapter 4 “The U.S. Economy: The Private and Public Sectors”  

 

5  

 

3 Apr 2007  

 

Homework No# 3, Chapter 5 “The United State in the Global Economy”  

 

6  

 

5 Apr 2007  

 

Homework No# 4, Chapter 6 “Extensions of Demand and Supply Markets”  

 

7  

 

10 Apr 2007  

 

Homework No# 5, Chapter 7 “Consumer Behavior and Utility Maximization”  

 

8  

 

12 Apr 2007  

 

Midterm, Chapter 8 “The Costs of Production”  

 

9  

 

17 Apr 2007  

 

Homework No #6, Chapter 9 “Pure Competition” and Chapter 10 “Pure Monopoly”  

 

10  

 

19 Apr 2007  

 

Homework #7, Chapter 11 “Monopolistic Competition and Oligopoly”  

 

11  

 

24 Apr 2007  

 

Homework No# 8, Chapter 12 “Technology, R&D, and Efficiency”  

 

12  

 

26 Apr 2007  

 

Quiz 2, Chapter 13 “The Demand for Resources”  

 

13  

 

1 May 2007  

 

Homework No# 9, Chapter 14 “Wage Determination”  

 

14  

 

3 May 2007  

 

Term Paper Due, Chapter 15 “Rent, Interest and Profit”  

 

15  

 

8 May 2007  

 

Homework No# 10, Chapter 16 “ Government and Market Failure, and Chapter 17 “Public Choice Theory and the Economics of Taxation”  

 

16  

 

10 May 2007  

 

Final Examination, Term Papers Returned  

 

Homework Assignments - A short newspaper, magazine, or news article related to the current chapter of study. This short article will be presented to the class in no more than 5 minutes, followed by a class discussion. This is a microeconomics class, not a speech class, so the assignment may be read, orally presented, or photocopied and given to classmates. The goal is for each student to explain the relationship of their article to the current chapter of study.  

 

Term Paper - The Term Paper will be typewritten, 7 to 10 pages, concerning the identification, examination, discussion, opinion, and/or any conclusion concerning any local (Inland NW area) microeconomic topic. The Term Paper is worth 15% of your class grade, and is graded on your understanding, interpretation, comprehension and presentation of the selected microeconomic subject. The core learning outcomes as listed above and the Rubric will be used as grading criteria. APA formatting is the only accepted format.  

 

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 2006-2007 Undergraduate Catalog Page 87-89

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 2006-2007 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 "W".
  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 2006-2007 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)
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) 
Second Disciplinary Competency                                                                                                                                                                                                                             
Outcomes
2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Graphical analysis is used to identify perfectly a combination of goods on a Production Possibilities Curve. (11 points out of 11 points) Graphical analysis is used to identify a combination of goods on a Production Possibilities Curve. (10 to 4 points out of 11 points) Graphical analysis is used to identify a combination of goods on a Production Possibilities Curve. (3 to 1 points out of 11 points) Graphical analysis is not used to identify a combination of goods on a Production Possibilities Curve. (0 points out of 11 points) 

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Last Updated:3/6/2007 12:02:24 PM