EC 142: Principles of Economics II (Microeconomics)
Accelerated Program – Parkville Campus
Spring I – 2005
Instructor: James Bunch, Adjunct Instructor of Business and Economics
Office: To Be Announced
Office Hours: By Appointment Only
Phone: (816) 392-1667
Semester: January 10, 2005 to March 6, 2005
Class Session Day/Time: Mondays, 5:30 to 9:50 p.m.
Prerequisites: EC 141 Principles of Economics I (Macroeconomics)
Credit Hours: 3
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.
Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.
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.
Educational Philosophy: Learning is a collaborative process whereby students actively pursue knowledge using course materials, lectures, and peer interaction in order to gain a better understanding of the world in which they live. Students are expected to participate, not only in class assignments and discussions, but also to ask questions and to seek additional assistance from the instructor or from other students when they don’t fully understand course material. Economic theory and analytical techniques are presented and applied toward solving real world problems and examples.
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
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 using demand and supply analysis.
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 output of a perfectly competitive firm, a monopolistic firm and a monopolistically competitive firm; discuss the economic efficiency of each industry type.
Textbook: Case, Karl E. and Ray C. Fair, Principles of Microeconomics, Seventh Edition. New
Jersey: Prentice Hall, 2004 (ISBN 0-13-144283-X)
optional Beveridge, Tom, Study Guide-Micro, Seventh Edition. New
Jersey: Prentice Hall, 2004 (ISBN 0-13-144285-6)
Academic Honesty: Academic Honesty is required of all members of a learning community. Hence, Park will not tolerate cheating or plagiarism on tests, examinations, papers, or other course assignments. Learners who engage in such dishonesty may be given failing grades or expelled from Park.
Plagiarism: Plagiarism—the appropriation or imitation of the language or ideas of another person and presenting them as one’s original work—sometimes occurs through carelessness or ignorance. Learners who are uncertain about proper documentation of sources should consult their facilitator.
Attendance Policy: Facilitators are required to keep attendance records and report absences. The facilitator may excuse absences for cogent reasons, but missed work must be made up within the semester/term of enrollment. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the learner will be administratively withdrawn, resulting in a grade of “F”. An Incomplete grade will not be issued to learners who have unexcused or excessive absences recorded for a course. Learners receiving Military Tuition Assistance (TA) or Veterans Administration (VA) 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 learner. Reports of a F grade (attendance or academic) resulting from excessive absence for learners receiving financial assistance from agencies not mentioned above will be reported to the appropriate agency.
Note: Permission will be granted to miss more than two consecutive weeks only in the case of illness or other extreme circumstances. Students are required to notify the instructor prior to missing a scheduled class to a avoid receiving an unexcused absence. Rare exceptions for circumstances preventing pre-notification of an absence will be considered on a case-by-case basis
Classroom Rules of Conduct: The classroom is to be a comfortable environment conducive to learning. Questions are welcomed and encouraged, as well as the discussion and sharing of experience, knowledge, and points of view. Everyone is expected to be respectful and considerate of others. Time constraints require that activities remain focused upon scheduled activities and topics.
Homework Assignments 30% (4 assignments)
Midterm Exam 30%
Final Exam 40%
Final Grades: Grades distributions for each homework assignment and midterm exam will be given to help students assess performance. However, final letter grades will be determined using a curve of total point averages.
Homework Assignments: There will be four Homework Assignments. Homework Assignments will consist of multiple choice, true/false, short answer, diagram, and short essay questions. Homework Assignment content will be based upon textbook readings, classroom lectures, handouts, and homework problems.
Exams: There will be on 2-hour Midterm Exam, and one 2-hour comprehensive Final Exam. Exams will consist of multiple choice, true/false, short answer, diagram, and short essay questions. Exam content will be based upon textbook readings, classroom lectures, handouts, and homework problems.
Late Submission of Course Materials:
Homework assignments are due at the beginning of class on the date due. Late homework submissions will be assessed a 50% penalty. Students missing class on the day that an assignment is due must arrange to submit their assignments on or before the scheduled time.
Students arriving late to an exam will be permitted to take the exam only if none of the other students have completed the exam. Arrivals after the first submission must schedule a make-up exam.
In accordance with the course absence policy, students must obtain instructor permission to schedule a make-up exam. Make-up exams must be taken within one week of the missed exam and will consist of the same general material as the original, albeit a completely different version. Make-up exams are administered by the Testing Center and require a valid photo I.D.
Week Topic Chapters Assignment
1 Course Introduction
The Scope and Method of Economics 1
Scarcity, Choice and Production Possibilities 2
2 Demand, Supply and Market Equilibrium 3 Homework #1
Demand and Supply Applications 4
3 Elasticity 4 Homework #2
Household Behavior and Consumer Choice 5
4 Midterm Exam 1 – 5
5 The Production Process 6
Short-Run Costs and Output Decisions 7
Long-Run Costs and Output Decisions 8
6 General Equilibrium and Perfect Competition 11 Homework #3
Monopoly and Antitrust Policy 12
Monopolistic Competition and Oligopoly 13
7 Externalities and Public Goods 14 Homework #4
8 Final Exam 1-8, 11-14
Disability Guidelines: Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners 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 American with Disabilities Act of 1990, regarding learners with disabilities and, to the extent 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: www.park.edu/disability.