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EC 142 Principles of Microeconomics
Kozak, Virginia L.


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

S1H 2007 BU

Faculty

Kozak, Virginia L.

Title

Senior Adjunct Instructor

Degrees/Certificates

BA cum laude
MS
MBA

Other Phone

521-4819

E-Mail

Virginia.Kozak@park.edu

ginniek@rocketmail.com

Web Page

http://www.lowcountryrevtrail.org

Semester Dates

08 Jan 07-03 Mar 07

Class Days

--T-R--

Class Time

7:35 - 10:05 PM

Credit Hours

3


Textbook:
Case and Fair, Principles of Economics, Prentice Hall, 7th edition

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
Because the economic environment changes on a daily basis, it is essential to keep informed.  Regularly reading the internet sources (below) is a good way to accomplish this.

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/.

http://www.economist.com
http://www.businessweek.com
http://www.marketwatch.com
http://cnn.money.com

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 to involve the student thoroughly in the learning process by means of class discussions, projects and problem-solving.  Through the frequent use of up-to-the-minute "real-world" examples, the instructor will endeavor to ensure that the principles of economics are as relevant and understandable as possible to students, no matter what their academic and work backgrounds are.

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. 1.  Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model
  2. 2.  Explain the process by which the equilibrium price and quantity of a good are attained using supply and demand analysis
  3. 3.  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.
  4. 4.  Show graphically the marginal cost, average total cost and average variable cost curves; explain the shape of each curve.
  5. 5.  Show graphically the long-run average total cost curve and explain economies of scale, diseconomies of scale and constant returns to scale.
  6. 6.  Explain the role of government in the economics of pollution control and other externalities.
  7. 7.  Discuss the relationship between taxation and income distribution.
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:

Tests 1            20%; Test 2             20%; Comprehensive Final Exam        25%

 Project              25%    In-Class Problems(2)    5% each (10% total)             TOTAL               100%

Grading:
90-100           A 80-89            B 70-79            C 60-69            D Less than 60     F or 3 or more unexcused absences

Late Submission of Course Materials:
The student must discuss the late submission with the instructor prior to the due date.  If there is a valid reason (e.g., military deployment) for the late submission, it is possible that no points will be deducted for lateness.  If the students does not make prior arrangements and/or there is no valid reason for late submission, points will be deducted by degree/amount of lateness.

Classroom Rules of Conduct:
Responsible adult behavior is expected at all times.

Class Session

Discussion Topics and Class Activities

Assignments

Tests

Meeting - 1

Review and discuss Demand, Supply, Price Elasticity; see video

Read and be prepared to discuss Chapters 3-4

 

Meeting - 2

Discuss Household Behavior and Consumer Choice

Read and be prepared to discuss Chapter 5

 

Meeting - 3

Discuss The Production Process

Read and be prepared to discuss Chapter 6

 

Meeting - 4

 

 

TEST on Chapters 3-6

Meeting - 5

Discuss Short-Run Costs and Output Decisions

Read and be prepared to discuss Chapter 7

 

Meeting - 6

Costs and Output Decisions in the Long Run

Read and be prepared to discuss Chapter 8

 

Meeting - 7

Input Demand:  Labor and Land Markets

Read and be prepared to discuss Chapter 9

 

Meeting - 8

Input Demand:  The Capital Market and Investment Decisions

Read and be prepared to discuss Chapter 10

 

Meeting - 9

 

 

TEST on Chapters 7-10

Meeting - 10

General Equilibrium and the Efficiency of Perfect Competition

Read and be prepared to discuss Chapter 11

 

Meeting - 11

Monopoly and Antitrust Policy; see video

Read and be prepared to discuss Chapter 12

 

Meeting - 12

Monopolistic Competition and Oligopoly

Read and be prepared to discuss Chapter 13

 

Meeting - 13

Externalities

Read and be prepared to discuss Chapter 14

 

Meeting - 14

Income Distribution and Poverty

Read and be prepared to discuss Chapter 15

 

Meeting - 15

Public Finance

Read and be prepared to discuss Chapter 16; turn in project.

 

Meeting - 16

 

 

COMPREHENSIVE FINAL TEST;  Chapters 1-16  


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 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
Plagiarism may result in the lowering of the grade for the assignment or the course, or even failure--depending upon the degree of plagiarism.

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:12/13/2006 1:58:45 PM