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EC 142 Principles of Microeconomics
Kozak, Virginia 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

S1H 2008 BU

Faculty

Kozak, Virginia L.

Title

Senior Adjunct Instructor

Degrees/Certificates

BA cum laude
MS
MBA

Other Phone

521-4819

E-Mail

Virginia.Kozak@park.edu

ginniek@rocketmail.com

Web Page

http://www.lowcountryrevtrail.org

Semester Dates

07 Jan 08-01 Mar 08

Class Days

--T-R--

Class Time

7:35 - 10:05 PM

Credit Hours

3


Textbook:
Case and Fair, Principles of Economics, Prentice Hall, 8th edition

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
Because the economic environment changes on a daily basis, it is essential to keep informed.  Regularly reading the internet sources (below) is a good way to accomplish this.

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.economist.com
http://www.businessweek.com
http://www.marketwatch.com
http://cnn.money.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:
The instructor's educational philosophy is to involve the student thoroughly in the learning process by means of class discussions, projects and problem-solving.  Through the frequent use of up-to-the-minute "real-world" examples, the instructor will endeavor to ensure that the principles of economics are as relevant and understandable as possible to students, no matter what their academic and work backgrounds are.

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. 1.  Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model
  2. 2.  Explain the process by which the equilibrium price and quantity of a good are attained using supply and demand analysis
  3. 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. 4.  Show graphically the marginal cost, average total cost and average variable cost curves; explain the shape of each curve.
  5. 5.  Show graphically the long-run average total cost curve and explain economies of scale, diseconomies of scale and constant returns to scale.
  6. 6.  Explain the role of government in the economics of pollution control and other externalities.
  7. 7.  Discuss the relationship between taxation and income distribution.
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:

Tests 1            20%; Test 2             20%; Comprehensive Final Exam        30%

 Project              20%    In-Class Problems(2)    5% each (10% total)             TOTAL               100%

Grading:
90-100           A 80-89            B 70-79            C 60-69            D Less than 60     F or 3 or more unexcused absences

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:
The student must discuss the late submission with the instructor prior to the due date.  If there is a valid reason (e.g., military deployment) for the late submission, it is possible that no points will be deducted for lateness.  If the students does not make prior arrangements and/or there is no valid reason for late submission, points will be deducted by degree/amount of lateness.

Classroom Rules of Conduct:
Responsible adult behavior is expected at all times.

Course Topic/Dates/Assignments:

Class Topic Reading Test or Assignment
1 Introduction Chaps. 1-2 Read and be prepared to discuss
2 Demand, Supply and Equilibrium Chap.3 Read and be prepared to discuss
3 Elasticity Chap. 5 Read and be prepared to discuss; in-class questions
4 Household Behavior/ Consumer Choice Chap. 6 Read and be prepared to discuss
5 Test:  Chaps. 1-3, 5-6
6 The Production Process Chap.7 Read and be prepared to discuss
7 Short-Run Costs and Output Decisions Chap. 8 Read and be prepared to discuss
8 Long-Run Costs and Output Decisions Chap. 9 Read and be prepared to discuss; in-class questions
9 Monopoly and Antitrust Chap. 13 Read and be prepared to discuss; in-class movie
10 Monopolistic Competition and Oligopoly Chap. 14 Read and be prepared to discuss
11 Test:  Chaps. 7-9, 13-14
12 Externalities Chap. 15 Read and be prepared to discuss
13 Income Distribution and Poverty Chap. 16 Read and be prepared to discuss
14 Public Finance Chap. 17 Read and be prepared to discuss
15 Presentation of Projects
16 Final:  Comprehensive

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

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 2007-2008 Undergraduate Catalog Page 85
Plagiarism may result in the lowering of the grade for the assignment or the course, or even failure--depending upon the degree of plagiarism.

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: http://www.park.edu/disability .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Critical Thinking                                                                                                                                                                                                                                          
Outcomes
Problems requiring calculations with a Maximum value of 80 Points                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Nearly all causes or processes of economic phenomena are perfectly identified and stated. (72 points or more of 80 points) Most causes or processes of economic phenomena are correctly identified and stated. (56 to 71 points of  80 points) Most causes or processes of economic phenomena are not correctly identified and stated. (40 to 55 points  of 80 points) No causes or processes of economic phenomena are stated clearly. (0 to 39 points of  80 points) 
Effective Communication                                                                                                                                                                                                                                    
Outcomes
Graphical Problems and completion of Graphs with a maximum value of 80 points.                                                                                                                                                                                                                                                                                                                                                                                                                                       
All definitions of curves or items identified on graphs are stated nearly perfectly.  (72  points or more of 80 points) Most definitions of curves or items identified on graphs are stated correctly. (56 to 71 points of 80 points) Most definitions of curves or items identified on graphs are not stated correctly. (40 to 55 points of 80 points) No definitions of curves or items on graphs are stated clearly.
(0 to 39 points of 80 points)
 
Tools and Methods of Economics                                                                                                                                                                                                                             
Outcomes
This examines tools and methods of economic analysis using multiple-choice questions with a maximum value of 140 points.                                                                                                                                                                                                                                                                                                                                                                                             
All definitions of are stated nearly perfectly.  (126 points or more of 140 points) Most definitions are stated correctly. (98 to 125 points of 140 points) Most definitions are not stated correctly. (70 to 97 points of 140 points) No definitions are stated clearly.
(0 to 69 points of 140 points)
 

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Last Updated:12/9/2007 7:27:54 PM