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EC 142 Principles of Microeconomics
Thompson, John R.


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 (Microeconomics)

Semester

S2R 2007 SC

Faculty

Thompson, John R.

Title

Adjunct Faculty

Degrees/Certificates

M.S. in Policy Analysis with work in Money and Banking
B.A. in Economics with concentration in Finance
Requisite Real Estate Appraisal Courses for Commercial Real Estate

Office Location

Scott Air Force Base Extension Center

Office Hours

Available as needed by telephone or e-mail.

Daytime Phone

(618) 980-1398

E-Mail

john.thompson@park.edu

jrtexcel@sbcglobal.net

Web Page

Not Applicable

Semester Dates

March 12, 2007 - May 5th, 2007

Class Days

Tuesday and Thursday evenings

Class Time

5:00 - 7:30 PM

Prerequisites

None

Credit Hours

3


Textbook:
Economics: Principles, Problems and Policies.  McConnell, Campbell R. and Brue, Stanley L., 17th Edition, 2006, McGraw-Hill Irwin Publishing. ISNB 0-07-281935-9.   NOTE:  The required textbook will change beginnning in Summer, 2007;  authors of the text are known as Case/Fair.

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
Publications which may be utilized throughout the course include the following:  The Wall Street Journal, The Economist and the Belleville News-Democrat.  Relevant websites delineated below:

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.wjs.com
http://economist.com
http://stltoday.com

Course Description:
An examination of the contemporary American economy, with an indepth exploration of the operation of the market system. Particular emphasis will be placed on mastery of such microeconomic concepts and principles as: supply and demand analysis, elasticity concepts, market structures, production costs, consumer behavior and an examination of both product and resource markets.

Educational Philosophy:
The facilitator's educational philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, videos, web sites and writings. The facilitator will engage each learner in what is referred to as disputatious learning to encourage the lively exploration of ideas, issues and contradictions.

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. Delineate, calculate and explain price elasticities of demand and supply for finished goods.  Explain and measure both cross and income elasticities of demand.
  2. Analyze and defend the strengths and advantages of the market system ("laissez-faire") versus a command economic system.  Specify and explore how the issue of scarcity is addressed in each system.  Summarize how prices communicate the relative value of both inputs and outputs generated in the factor and product markets.
  3. Use the income and substitution effects and the law of diminishing marginal utility to explain why consumers buy more of a product when its price decreases and less of the product when its price rises.  Define and illustrate how a consumer
  4. Identify and define the major forces which determine prices in the resource markets for land, labor and capital.  How are rental payments, interest income and profits determined in the markets for the underlying resources?
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:

Final grade will be determined and calculated based on the following tasks and evaluation methods:  

1. Two (2) closed-book examinations; including the final exam, which meets the Core Assessment requirement;

2. One (1) open-book knowledge assessment;

3. Attendance/Participation;

4. Homework Assignments.

GRADING SCALE:

90% to 100%      450 - 500 Points          A

80% to  89%       400 - 449 Points          B

70% to  79%       350 - 399 Points          C

60% to  69%       300 - 349 Points          D

Below 60%         Fewer than 300           F       

NOTE: First exam will be tied to the Core Assessment criteria (closed-book, closed-note).

Grading:
This course will have a total of 500 possible points.  Total points will be allocated along the following basis:  exams and assessments (400 points), attendance and participation (50 points), and homework assignments (50 points).  Specifically, the two (2) closed-book exams will be worth a total of 250 points (125 points per exam), the open-book assessment will be worth 150 points, attendance/participation worth 50 points and homework assignments totaling 50 points.   The two exams represent 50% of the total points, the open-book assessment represents 30%, attendance/particpation represents 10%, and homework assignments represent 10% of the point total. NOTE: The core assessment is not an open book or open note exam.

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:
Any and all assignments with a definitive due date must be turned in on or before the due date(s).  There will be no exceptions to this policy.

Classroom Rules of Conduct:
Students are expected to attend all scheduled classes unless previously excused by the instructor.  Punctuality and promptness are necessary to assure an orderly start and finish to every session.  Students are expected to conduct themselves in a positive and constructive manner during class.  Given the accelerated nature of the course, it is imperative that students have completed all reading and homework assignments prior to class, and be prepared for the scheduled activities and content discussion.  Homework assignments are to be completed as of the due date.

Course Topic/Dates/Assignments:
March 13th and 15th: Introduction, expectations and overview of course syllabus. Delineate the foundational concepts and philosophical premises a/k/a "setting the table". The nature and method of economic inquiry, the economic "problem". Fundamental concepts including scarcity, constrained choice and opportunity cost. Discuss the fundamental characteristics of the market system. March 20th and 22nd: Supply and demand analysis, the operations of markets, and the role of price in resource allocation. The Production Possibility Curve ("Frontier") Model. Supply/Demand applications. Comparison of laisse-faire and command economic systems. March 27th and 29th: Discussion of price, income and cross elasticity concepts. Review of all materials through the first 5 assigned chapters prior to first exam/assessment. April 3rd and 5th: Consumer behavior and utility maximization, diminishing marginal utility and other consumer behavior concepts. The roles of income and substitution effects on consumer behavior. April 10th and 123th: Business production costs. An exploration of the four (4) basis market structures, and the impact of such structure on firm behavior, and ultimately on total industry output, product prices and profitability. April 17th and 19th: Continued exploration of how business firms behavior in imperfectly competitive industries in connection with monopolies, oligopolies and monopolistically competitive markets. April 24th and 26th: An exploration of the resource ("input") markets for land, labor, capital and entrepreneurshhip. How are the returns on these resources determined? May 1st and 3rd: Complete analysis and discussion of resource markets, final review and completion of the final assessment.

March 13th and 15th,

Chapters 1 and 2,

 

March 20th and March 22nd,

Chapter 3

 

March 27th and 29th,

Chapter 18,

First Exam/Assessment: Ch. 1-4, and 20,

April 3rd and 5th,

Chapters 19

 

April 10th and 12th,

Chapters 20 - 21

Skills Assessment Handout

April 17th and 19th,

Chs. 22 and 23

 

April 26th and 28th,

Chapters 24 and 25

 

May 1st and 3rd,

Chapter 27

Final Exam:Ch. 23-27

 

 

 


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
In addition, academic dishonesty refers, but is not limited, to the following: the act of plagiarism (see definition below) in connection with any work required to be performed only by the individual student, and any behavior or act in connection with the taking of an examination deemed by the instructor and Park University as cheating.  If it is reported and conclusively determined that academic dishonesty has occured, the subject student will be given a grade of "F" for the course.  This policy will be followed in all cases and under all circumstances.

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
NOTE: An attendance report of "P" (present will be recorded for students who have logged into the Online Classroom at least once during each week of the term.  Recording of attendance is not equivalent to participation.  Participation grades will be assigned by each instructor according to the criteria in the Grading Policy section of the syllabus.

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 .

Additional Information:
The core assessment is not an open book or open note exam.



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:2/20/2007 12:22:03 PM