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EC 142 Principles of Microeconomics
Broome, William J.


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

F2F 2006 QU

Faculty

Broome, William J.

Title

Adjunct Faculty

Degrees/Certificates

MBA Regis University, Denver, CO
BA Western Illinois University, Macomb, IL
AS Hawaii Pacific College, Honolulu, HI

Office Location

Park Quantico

Office Hours

As needed.

Daytime Phone

Work:  202-475-5054

Other Phone

Cell: 703-475-8424

E-Mail

william.broome@park.edu

Semester Dates

16 October – 17 December 2006

Class Days

-M-----

Class Time

5:30PM - 10:30 PM

Prerequisites

EC-141

Credit Hours

3


Textbook:
Economics: Principles, Problems, and Policies by Campbell McConnell and Stanley Brue, 16th Edition, The McGraw-Hill Companies Inc., 2005. Text Companion Site: http://www.mhhe.com/economics/mcconnell16/

Textbooks can be purchased through the MBS bookstore

Additional Resources:
• Newspaper or other news articles for current events

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.auburn.edu/~johnspm/gloss/index.html
http://dir.yahoo.com/Social_Science/Economics/
http://finance.yahoo.com/?u

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:

•  As a member of society, it is our duty to learn what we can about the events around us.  Economics, you will see, surrounds us in our daily lives.  Referring to the Mission Statement above, we must learn to think, analyze, and ask why and how.  We must also carry the things we learn through life.  You will be surprised at the number of times a small piece of knowledge comes in very useful.  We must be able to express ourselves in the written word and speech.  With the global society and workplace that we live in today, jobs or divisions can be anywhere.  The work you do tomorrow may find its way to some corner of the Earth to benefit others.
•  The Vision Statement above refers to innovative opportunities, learners, global society, and leadership.  We, as life-long learners, should constantly seek knowledge wherever it may be found, and by whomever can teach us.   Innovation is at the core of ingenuity.  Not all learning is in a classroom.  Not all classrooms are in schools.   Educational opportunities are the abilities to learn something new.  

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:

Assessment of learning will be determined by using the following:

1. Tests: Four (4), these will have multiple choice, true/false, and graph interpretations. The problems will be similar to those presented in class and provided in the homework assignments.   The final exam (worth 20% of your grade) is a closed book/closed note exam.  It is not a take-home test and must be proctored in the classroom or at a Park office.

2. Current Events: Each class, students will bring in one (1) article of economic interest.  These can be from a newspaper, magazine, business journal, or the Internet.  Be able to answer the following two (2) questions: a. What made this article interesting to you? b. What is the relevance to our class? Students will give a brief (2-3 minute) presentation of their current events article to the class.

3. Homework: Each chapter has questions at the end.  I will assign some from each chapter that will be due the following class.

4. Class Participation: Each student is expected to attend class and be able to answer questions and participate in open discussions.

Grading:

The following formula will be used to determine your final grade:

15%  (100 points) Test #1
15%  (100 points) Test #2
15%  (100 points) Test #3
20%  (100 points) Final exam
15%  (100 points) Current events
10%  (100 points) Homework
10%  (100 points) Class participation
100% (700 points) Total grade

A = 90% - 100%
B = 80% - 89%
C = 70% - 79%
D = 60% - 69%
F = 59% and below

Late Submission of Course Materials:
Homework assignments are due the following class.  If you are absent, these may be emailed/faxed to me.  I will accept late assignments through Tuesday with no penalty.  Assignments sent through Friday will have 2 points per day deducted.  After Friday a grade of zero will be recorded. If you miss a test night, due to an excused absence, you will need to call or email me and let me know which Park office is most convenient to you.  I will send a test to that center and you will have until their closing on the Thursday following the missed class to take it.  They will fax it to me.  Five (5) points per day will be deducted from the final grade until Thursday.  After Thursday, a grade of zero will be recorded for the test.

Classroom Rules of Conduct:
• Class participation is expected and will form a part of the final grade.
• Students are expected to attend all classes and be on time.
• Students are required to read all material assigned prior to class and apply the material during class discussions, activities, and exercises.
• The student is responsible for providing the instructor with justification for an excused absence, either prior to or immediately after the absence. • Computers are now an integral part of our educational experience.
• Students must be responsible for planning ahead and meeting deadlines.
• Students will conduct themselves in a professional manner at all times.
• Students are expected to respect other students' opinions and values, even if they disagree with those opinions and values.
• There should only be one person talking at a time. Side bar conversations should wait until a break.
• Pager/cell phones: If you have to have it on, OK.  Otherwise, please turn them off or to vibrate.  Please step out of the room to take the call – quickly.  I am on call 24/7 and usually carry one.
• Food & drink: Keep the room and areas clean. We are guests in the room.  Please pick up after yourself and police the room before we leave.
• If I am delayed, I will try to call someone here.  If it gets to 6:00 PM and I am not here, or heard from, go ahead and leave.
• Contacting me:  The best way to contact me is by email.  I do ask that you please type in the subject line, “EC-142”  – something that I will recognize as not being Spam. The alternate number on the syllabus is my home number.  I have two teenagers who, if they answer the phone, will automatically assume it is for them.  I will strive to return your email as quickly as I can.  I check my mail several times a day.  If you do not hear from me with 24 hours, call me.
• This class is designed and scheduled to be 5 hours in length.  You should be prepared to be here during the scheduled time.  I know it is a long day; I work full time too.
• I will return and review tests the following week.  Please do not email me for grades.
• Contacting you:  I will use your Park Pirate email.  If you have not mastered the Pirate account, I strongly encourage you to.  The auto-forward function is very useful.

 

Chapters

Activities

Exams and Assignments Due

Meeting - 1Meeting
16 Oct

1 - The Nature and Method of Economics
2 - The Economizing Problem
3 – Individual Markets: Demand & Supply

Welcome
Housekeeping

None

Meeting - 2
23 Oct

4 –The Market System
5 – The U.S. Economy: Private & Public Sectors
6 – The U.S. in the Global Economy

Presentations
Review Homework

1. Current events
2. Homework questions for chapters 1 - 3

Meeting - 3
30 Oct

20 – Elasticity of Demand & Supply
21– Consumer Behavior & Utility Maximization
22 – The Costs of Production

Presentations
Review Homework
Test # 1 (1-6)

1. Current events
2. Homework questions for chapters 4 - 6

Meeting - 4
06 Nov

23 – Pure Competition
24 – Pure Monopoly
25 – Monopolistic Competition & Oligopoly
26 – Technology, R&D, & Efficiency

Presentations
Review Homework Review Test #1

1. Current events
2. Homework questions for
chapters 20 - 22

Meeting - 5
13 Nov

27 – The Demand for Resources
28 – Wage Determination
29 – Rent, Interest, & Profit

Presentations
Review Homework
Test # 2 (20 - 26

1. Current events
2. Homework questions for chapters 23 -26

Meeting - 6
20 Nov

30 – Government & Market Failure
31 – Public Choice Theory & the Economics of Taxation

Presentations
Review Homework
Review Test # 2

1. Current events
2. Homework questions for chapters 27 - 29

Meeting - 7
27 Nov

32 – Antitrust Policy & Regulation
33 – Agriculture: Economics & Policy
34 – Income Inequality & Poverty

Presentations
Review Homework
Test # 3 (27 – 31)

1. Current events
2. Homework questions for chapters 30 & 31

Meeting - 8
04 Dec

35 – Labor Market Institutions & Issues: Unionism, Discrimination, Immigration
36 – The Economics of Healthcare

Presentations
Review Homework
Review Test # 3

1. Current events
2. Homework questions for chapters 32 - 34

Meeting - 9
11 Dec

Final Exam (Chapters 32 – 36)

Presentations

1. Current events article


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:9/21/2006 10:57:20 PM