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EC 142 Principles of Microeconomics
Boor, Randall 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

F2T 2006 DLA

Faculty

Boor, Randall L.

Title

Associate Professor of Business

Degrees/Certificates

B.A.: (Economics) Moorhead State University, Moorhead, MN
M.S.: (Economics) North Dakota State University, Fargo, ND

Office Location

1905 12th Ave S.E. Mandan, ND  58554

Office Hours

Tuesday - Friday 6:00 - 9:00 PM CST and by appointment

Other Phone

(701) -667-1341

E-Mail

Randall.Boor@pirate.park.edu

Web Page

http://www.umary.edu/faculty/rboor/

Semester Dates

10/23/06 - 12/17/06

Class Days

TBA

Class Time

TBA

Prerequisites

None

Credit Hours

3


Textbook:

Microeconomics, McConnell/Brue, 16th Edition
ISBN 007298273X
Soft cover with DVD, Discover Econ Online and Paul Solman videos

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

1. Microeconomics Online Learning Center
2. DVD and access to the on-line Discoverecon website that is provided with a new textbook
3. Online subscription service (Optional): AmosWEB eTutor is an online subscription service containing basic economic information, including tutorial material for introductory microeconomics and introductory macroeconomics.

 

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.
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Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.
Advising - Park University would like to assist you in achieving your educational goals. Please contact your Campus Center for advising or enrollment adjustment information.
Online Classroom Technical Support - For technical assistance with the Online classroom, email helpdesk@parkonline.org or call the helpdesk at 866-301-PARK (7275). To see the technical requirements for Online courses, please visit the http://parkonline.org website, and click on the "Technical Requirements" link, and click on "BROWSER Test" to see if your system is ready.
FAQ's for Online Students - You might find the answer to your questions here.

http://highered.mcgraw-hill.com/sites/0072875615/student_view0/index.html
http://www.amosweb.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:
My educational philosophy emphasizes interactivity based on readings, lectures, discussion threads,  homework assignments, quizzes and exams. Web-based activities are used as a research tool that allows students to analyze contemporary topics of interest from the economic perspective.

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. Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model.
  2. Explain the process by which the equilibrium price and quantity of a good are attained using demand and supply analysis.
  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. Show graphically the marginal cost, average total cost, and average variable cost curves; explain the shape of each curve.
  5. Show graphically the long-run average total cost curve and explain economies of scale, diseconomies of scale, and constant returns to scale
  6. Show graphically the long-run profit maximizing out of firms within the market structures of perfect competition, monopoly, monopolistic competition and oligopoly; discuss the economic efficiency of each market structure.
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:
The class assessment includes the following components:
1. Weekly Homework Assignments
2. Weekly Quizzes
3. Weekly Discussions
4. Mid Term Exam
5. Comprehensive Final Exam

Grading:

 

The following percentages will be used to assign course grades:

90% - 100%

A

80%  -  89%

B

70%  -  79%  

C

60%  -  69%  

D

Below   60%  

F


            

        The work you do in this class is valued as follows:                                    

Homework

22% of your grade

  220 points

Weekly Discussions

16% of your grade 

  160 points

Weekly Quizzes 

12% of your grade  

  120 points

Midterm Exam            

20% of your grade 

  200 points

Comprehensive Final Exam: 

The final will be according to the Core Assessment Criteria. 

30% of your grade 

 

  300 points

Total

100 % of your grade

1,000 points

          

 

 

 

Late Submission of Course Materials:
Weekly work must be submitted not later than Sunday midnight of each week.  Late work will not receive full grade credit. Work not turned by the due date, but which is turned in no more then 7 days late, will receive 1/2 the score it would have received otherwise. Homework not received within 7 days of the due date will not be scored. No work received after the last Saturday of the term will be scored.

Course Topic/Dates/Assignments:

Week 1: Our objective is to understand microeconomic terms and concepts. We will study the nature and method of economics, the economizing problem and review graphing. The reading assignment for week 1 includes chapters 1 and 2 in the text.

Week 2: We will take a look at market models and the important concepts of supply and demand. The reading assignment includes chapters 3 and 4 in the text.

Week 3: We'll learn about the important concept of elasticity and look at the elasticity of supply and the elasticity of demand. Then we'll consider consumer behavior in the marketplace and utility maximization. The reading assignment for this week includes chapters 7 and 8 in the text.

Week 4: We'll have a Mid Term Exam and learn about the costs of production. The midterm exam covers all course materials through chapter 8. We'll learn about both implicit and explicit costs. The reading assignment is chapter 9 in the text. Also, your proctor forms are due to be in your instructor's hands this week.

Week 5: We begin our view of specific market types by looking at markets based upon pure competition and on pure monopoly. The reading assignment this week includes chapters 10 and 11 in the text.

Week 6: We continue looking at different markets by studying monopolistic competition and oligopoly. The focus here is to understand the differences and similarities in their structure and operation. The reading assignment this week is chapter 12 in the text.

Week 7: This week we will look at a different market that does not involve production, the resource market. Specifically we will review the demand for resources and wage determination in the labor market. The reading assignment includes chapters 14 and 15 in the text.

Week 8: The policy at Park University is for each student to take a proctored comprehensive final exam during the eighth week of class. The final exam will be closed book and closed notes. Students are not allowed to use their textbook, a laptop computer, or a cell phone during the examination. The final must be passed with a grade of at least 60% in order to pass the course, regardless of a student's overall average. The proctored final is two hours in length. Students are required to take the final at a Park Campus Center if they are within a one hour drive of that campus.

While the examination is comprehensive, approximately 60% of the questions are from chapters not covered in the midterm examination while approximately 40% are from the earlier chapters.

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.
ONLINE NOTE: An attendance report of "P" (present) will be recorded for students who have logged in to 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.

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:11/2/2006 3:27:59 PM