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EC 142 Principles of Microeconomics
Sumrall, William H.


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

F1Y 2006 MN

Faculty

Sumrall, William H.

Title

Adjunct Senior Professor of Economics and Business

Degrees/Certificates

M.S.
M.B.A
Ed.S.

Office Location

Millington Campus Office

Office Hours

NSA-Before and After Class

Daytime Phone

(work) 662-562-3298, (cell) 662-292-2912

E-Mail

william.sumrall@pirate.park.edu

bsumrall@northwestms.edu

Semester Dates

Monday, August 21, 2006 - Sunday, October 15, 2006

Class Days

-----F-

Class Time

4:30 - 9:30 PM

Prerequisites

None

Credit Hours

3


Textbook:

McConnell and Brue, ECONOMICS, 16th Edition or earlier, ISBN # 0-07-281935-9. The older editions, 14 or 15, will do fine and are much less expensive.  

Additional Resources:
(a) ** Mind map study questions are available under the “documents sharing” section of this e Companion course management system. (b) Students should read current events literature (Newspaper, Wall Street Journal, Fortune, The Economist, and Business Week), instructor handouts, internet and cable news shows etc.

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:

Student centered class experience in which the student and his/her colleagues assume the responsibility for personal growth and development in the arenas of critical thinking, issue analysis, and problem solving through personal reflection and social interaction using the subject as the basis of discussion with guidance and support from the instructor./facilitator.      

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:

(a)Mid-term exam, (b)Comprehensive final exam,(c) Student Submission of Written Answers to Study Questions, Presentation and, Explanation of Study Questions and, (d) Attendance/Participation. Performance will be graded on the quality, accuracy, neatness, of oral and written presentations with regard to style and grammar.

Grading:

(1) Mid-term exam (30% of semester grade); (2) Final exam* (40% of the semester grade which includes the core assessment questions) (3) Written Submission, Presentation and, Explanation of weekly study questions (20% of semester grade) and,  (4) Attendance/Participation (10% of semester grade).

*Final exam is a comprehensive, closed book, closed notes, and non-take home exam.

 

Late Submission of Course Materials:
Unexcused absences and late submission of related work will be given zero credit.
Excused absences and late submission of related work will be accepted with previous notification of instructor.

Classroom Rules of Conduct:

The instructor request student participation be relevant, positive, quality and timely. The instructor reserves the right to request the university to remove any student whose conduct is disruptive to the learning process as defined by university policy. See the Park University Bulletin for genral policies.

Course Topic/Dates/Assignments:

(WEEK ONE) (A) Before the first meeting students should (1) download the course syllabus and mind map questions from the e Companion course management system and (2) be reading chapters 1,2,3 and completing the mind map questions. We will discuss the course syllabus, handouts, details of course requirements, and begin lecture on chapters 1, 2, 3 and mind map questions the first class meeting. (B) The assignment for week two is to continue reading chapters 1, 2, 3 in the text and preparing written responses to the MMQs, (C)Film

(WEEK TWO) (A)Instructor power point presentation (p. pt. pr.) chapters 1,2,3, (B)students present MMQs chapters 1, 2, 3,(C)question and answer session,(D)Film, (E) {i} student assignment for week three is to read text chapters 20, 21 and 22 and, {ii} prepare written responses to the MMQ's

(WEEK THREE) (A) p.pt.pr. 20, 21, 22, (B) MMQs 20, 21, 22, (C) question/answer, (D) review mid-term exam and,(E) assignment: mid-term exam chapters 1-3 and 20-22

WEEK FOUR) (A) mid-term exam chapters 1-3 and 20-22, (B)student assignment for week five is to read text chapters 23 & 24 and prepare written responses to MMQ's

WEEK FIVE) (A) p.pt.pr. 23 & 24, (B) MMQs 23 & 24, (C)film, (D) questioin/answer, (E)student assignment for week six is to read text chapters 25 & 27 and prepare written responses to MMQs.

WEEK SIX) (A) p. pt. pr. 25 & 27, (B) MMQs 25 & 27, (C)film, (D) question/answer, (E)student assignment for week seven is to {i} read text chapters 28 & 29 and prepare written responses to MMQs and {ii} be prepared with student I.D and password to do class evaluation in park computer lab.

WEEK SEVEN) (A) p. pt. pr. 28 & 29, (B) MMQs 28 & 29, (C) question/answer, (D) Film, (E) review of final exam, (F) course evaluation in lab, and (G) student assignment for week eight is the final exam.

WEEK EIGHT) Comprehensive Final Exam (with core assessment)




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 2005-2006 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 "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 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) 

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Last Updated:7/17/2006 5:38:47 PM