Course Number: EC 142
Course Title: Principles of Economics II
Instructor: Cynthia Williams
Term Dates: Oct 11 – Dec 5
Meeting Time: 5:00 - 7:30 PM M W
Resident Center: Ft. Bliss
1. COURSE DESCRIPTION
A study of the market mechanism and organization of production and distribution activities in society. A major focus is on the determination of prices of goods and services and factors of production. Analysis of the firm as the main institution in the market.
2. COURSE GOALS
To provide the student with the basic understanding of microeconomic concepts and relationships in the global economy. Emphasis is placed on economic principles that exist in all economic systems, the workings of these systems, and the behavior of consumers, firms, and resource owners.
Upon successful completion of this course, the student will be able to:
Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model.
Explain the process by which the equilibrium price and quantity of a good are attained using supply and demand analysis.
Show graphically and explain how price elasticity of demand varies along a given linear demand curve; compare this to the relationship between price elasticity of demand and the slope of a demand curve.
Show graphically the marginal cost, average total cost, and average variable cost curves; explain the shape of each curve.
Show graphically the long-run average total cost curve and explain how economies of scale, diseconomies of scale, and constant returns to scale.
Show graphically the long–run profit maximizing output of a perfectly competitive firm, a monopolistic firm and a monopolistically competitive firm; discuss the economic efficiency of each industry type.
3. LEARNING OBJECTIVES
Upon successful completion of this course, the student will be able to understand and evaluate economic-related information presented by news media, politicians, financial reporters, and other sources. This will enhance the students' ability to make informed political and business decisions, and pursue more advanced economic courses of study.
4. COURSE ARRANGEMENTS
Lecture and discussion of text material. Occasional handouts will be provided for the students edification.
5. COURSE REQUIREMENTS
Attendance is required. Performance will be evaluated with a mid-term and a final exam, each comprised of multiple choice and short answer questions, and graded accordingly: A = 90 - 100, B = 80 - 89, C = 70 - 79, D = 60 - 69, and F = 50 - 59. Three homework sets, worth 100 points each, have a weight of 20 percent for the final grade. The mid-term exam is worth 100 points and has a weight of 30 percent, and the final exam is worth 100 points and has a weight of 50 percent.
Homework Set #1 72 Weight Score x Weight
Homework Set #2 80
Homework Set #3 95
247/3 = 82.3 20 1646
Mid-Term 85 30 2550
Final 83 50 4150
100 8346/100 = 83.5
It is expected that the student will stay abreast of current economic and financial news by reading local and national news publications, such as the Wall Street Journal.
6. TEXTBOOK LIST
Economics: Principles, Problems, and Policies, Campbell R. McConnell and Stanley L. Brue, Boston: McGraw-Hill/Irwin, 16th Edition, 2005.
7. SUPPLEMENTAL RESOURCE MATERIALS LIST
Wall Street Journal.
8. CLASS MEETING AND EXAMINATIONS SCHEDULE
11 The Nature and Method of Economics/The Economizing Problem
13 Individual Markets: Demand and Supply
18 The Market System/Elasticity of Demand and Supply
20 Consumer Behavior and Utility-Maximization
25 Review Midterm Exam
27 Midterm Exam, Chapters 1- 4, 20 – 21, Homework Set #1, 2
1 The Costs of Production
3 Pure Competition/Pure Monopoly
8 Monopolistic Competition and Oligopoly
10 The Demand for Resources/Wage Determination
15 Rent, Interest, and Profit
17 Government and Market Failure
22 Public Choice Theory and the Economics of Taxation
24 Review Final Exam
29 Final Exam, Chapters 22- 25, 27 – 31, Homework Set #3
1 Antitrust Policy and Regulation
9. CLASS POLICIES
Academic honesty is required, hence, the university will not tolerate cheating or plagiarism on tests, examinations, or other course assignments. Students who engage in such dishonesty may be given failing grades or expelled from the university.
Attendance is required. Classes missed for legitimate reasons (e.g., illness, death in family, work assignments, temporary duty) are excusable; however, a student who is absent from a class is responsible for all material covered during the class period. Two consecutive weeks of unexcused absences are defined as excessive and result in an administrative withdrawal and a grade of “F” (attendance) for the course. An “I” may not be assigned to students with excessive absences. Students are required to read the current Park University Bulletin for the school’s policies, procedures and standards.
Please note, the instructor loves economics and is accessible for any assistance you may require. Good Luck!
Faculty Biographical Information Sheet
Faculty Name: Cynthia Williams
Education: M.S. Economics The University of Texas at El Paso 1994
B.B.A. Economics/Finance The University of Texas at El Paso 1987
Current Occupation: Economics Instructor
Park Faculty Member Since: August 2001
Contact Phone Number: 564-5803
Park University Voicemail Box #: 600
Email Address: Cynthia.Williams04@pirate.park.edu