EC142 Principles of Microeconomics

for F2R 2007

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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.


EC 142 Principles of Economics II (Microeconomics)


F2R 2007 SC


Thompson, John R.


Adjunct Faculty


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


Web Page

Not Applicable

Semester Dates

October 23rd 2007 - December 13th, 2007

Class Days

Tuesday and Thursday evenings

Class Time

5:00 - 7:30 PM



Credit Hours


Case, Karl E. and Fair, Ray C. a/k/a Case & Fair, Principles of Economics, 8th edition, copyright 2006, Pearson; Prentice Hall. ISBN: 9780132289146       Note: combined Macro and Micro text.

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.
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Resources for Current Students - A great place to look for all kinds of information

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. Determine the value of the costs of the firm and graph them. Graph the short-run profit or loss situation of the competitive firm and show how it affects the industry supply and demand.
  3. Use basic indifference curve and budget line analysis to determine a demand curve.
  4. Determine own-price elasticity of demand given price and quantity-demanded data.

  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 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 30 percent of the student’s final grade and will test students’ mastery of core learning outcomes through Multiple Choice, Tools and Methods of Economics questions, Quantitative Critical Thinking Problems, and Graphical Problems in the Communications section. For each core learning outcome, the student should be prepared to draw the relevant graph; define basic concepts or policies; determine costs, revenue and profit levels; and state final impacts on the individual, firm, and/or industry.

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.


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


This course will have a total of five hundred (500) possible points. Total points will be allocated along the following basis:  closed-book exams (250 pts), consisting of the first exam (100 pts.) and the final exam (150 pts.);  knowledge/skills assessment (150 pts) attendance/participation (50 pts), and homework assignments (500 pts).  

                                                                                            Points           % of Grade
First Exam                                                                             100                  20% 
Comprehensive Final Exam ("Core Assessment")                    150                  30%
Knowledge Assessment                                                         150                  30%
Attendance/Participation/Homework                                        50                  10%
Homework Assignments                                                          50                  10%
   TOTAL                                                                              500                 100%

NOTE: The core assessment activity is a closed-book, closed-note, comprehensive final exam.  

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. 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 Dean of the School of Business and Management.

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:

October 23rd and 25th:  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.  
October 30th and November 1st: 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. 
November 6th and 8th:  Discussion of price, income and cross elasticity concepts. Review of all materials through the first 5 assigned chapters prior to first exam/assessment.  
November 13th and 15th:  Consumer behavior and utility maximization, diminishing marginal utility and other consumer behavior concepts. The roles of income and substitution effects on consumer behavior.  
November 20th and 22nd:  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.  
November 27th and  29th:  Continued exploration of how business firms behavior in imperfectly competitive industries in connection with monopolies, oligopolies and monopolistically competitive markets. 
December 4th and 6th:   An exploration of the resource ("input") markets for land, labor, capital and entrepreneurshhip. How are the returns on these resources determined?   
December 11th and 13th:  Complete analysis and discussion of resource markets, final review and completion of the final 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 2007-2008 Undergraduate Catalog Page 85-86
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 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 2007-2008 Undergraduate Catalog Page 85
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.
  3. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  4. 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 "F".
  5. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  6. 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.
  7. 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 2007-2008 Undergraduate Catalog Page 87-88

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: .


CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Critical Thinking                                                                                                                                                                                                                                          
Short answer questions with a Maximum value of 88 Points                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Nearly all causes or processes of economic phenomena are perfectly identified and stated. (79 points or more of 88 points) Most causes or processes of economic phenomena are correctly identified and stated. (61 to78 points of  88 points) Most causes or processes of economic phenomena are not correctly identified and stated. (44 to 62 points  of 88 points) No causes or processes of economic phenomena are stated clearly. (43 to 0 points of  88 points) 
Effective Communication                                                                                                                                                                                                                                    
Graphical Problems and completion of Graphs with a maximum value of 140 points.                                                                                                                                                                                                                                                                                                                                                                                                                                      
All definitions of curves or items identified on graphs are stated nearly perfectly.  (126  points or more of 140 points) Most definitions of curves or items identified on graphs are stated correctly. (98 to 125 points of 140 points) Most definitions of curves or items identified on graphs are not stated correctly. (70 to 97 points of 140 points) No definitions of curves or items on graphs are stated clearly.

(0 to 69 points of 140 points)

Tools and Methods of Economics                                                                                                                                                                                                                             
This examines tools and methods of economic analysis using short essay questions with a maximum value of 72 points.                                                                                                                                                                                                                                                                                                                                                                                                  
All definitions of are stated nearly perfectly.  (65 points or more of 72 points) Most definitions are stated correctly. (98 to 125 points of 72 points) Most definitions are not stated correctly. (70 to 97 points of 72 points) No definitions are stated clearly.

(0 to 69 points of 72 points)



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Last Updated:9/6/2007 6:13:37 PM