EC142 Principles of Microeconomics

for U1J 2010

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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 Microeconomics


U1J 2010 PV


Soule, Peter E.


Professor of Economics


PhD Economics

Office Location

Parkville Campus Mackay Hall Room 27A

Office Hours

Monday and Tuesday 3:30-5:30 pm

Daytime Phone


Other Phone

Cell: 913-486-5649


Class Days


Class Time

5:30 – 9:50 PM



Credit Hours



 Case and Fair, Principles of Microeconomics. 9th ed. Prentice Hall, 2009. ISBN 978-0-13-605885-4

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

Calculator. (May be used in tests but not shared without permission from the instructor.)

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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Course Description:
EC142 Principles of Microeconomics: A study of the market mechanism and the organization of production and distribution activities in society. A majorfocus 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 purpose of this course is to educate, which requires two things to happen. The teacher must teach or facilitate learning and the student must learn the required materials. This requires feed back to the instructor on how the student is learning. This feedback occurs in written work and classroom discussion. It is preferred that students ask questions during class as they arise. Often, a student will approach the instructor after class with a question that brings up a very important point that should have been addressed during class but the class is out the door. This is especially true with perceived calculation errors on the part of the instructor, which were placed on the black (or white) board and are therefore in everyone’s notes. If there was an error, it will be corrected. If not, there was confusion not only on the part of the student asking the question, but also others in the class, who saw the same apparent error but didn’t ask about it. Obviously, this calls for additional clarification on the part of the instructor.  No student will be belittled for asking a question or making a comment.

The homework is intended to assess what students know and what they don’t. Perfection is not expected and the grading is somewhat inflated.  Having said this, it is still true that a perfect or near-perfect homework will earn a higher grade than a less perfect one.  Homework is graded based on effort while tests and papers are graded on achievement. If the student indicates a near total lack of understanding of assigned homework, the grading will become more realistic so that the student is not lulled into a false sense of mastery just before the test boom gets lowered.  

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.

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:

HOMEWORK: Homework is graded liberally and solution copies are provided to students. The primary purpose of homework is to give feedback to the students and the instructor as to what learning has taken place. Successful mastery of homework is necessary preparation for the test(s). Any questions on the homework problems need to be resolved prior to the subsequent test.

 TEST INFORMATION: Tests will primarily involve problem solving but may also have multiple choice and/or short answer sections. The problems will be similar to those presented in class and provided in the homework assignments. The final exam will be comprehensive.


Grading: A: 90% and up. B: 80-89%. C: 70-79%. D: 60-69%. F: below 60%.   A 2% lower cutoff will be in effect for those who have completed all homework and do not have excessive absenteeism.

                                   Evaluation Item                     Points                               Date

                                      Homework                           200                       Assigned in Class

                                   Midterm Exam                        300                                Jun 28

                                      Final Exam                           500                                Jul 26

                                         TOTAL                            1000                                       

A 20% bonus will be awarded for "neatness" on homework based on the following criteria: Student’s name legibly printed (First, Last) on top of answer sheet. Not all answers have to be correct but there must be an honest attempt to answer all questions assigned. Answers are not crowded excessively (or spread out excessively). Any additional sheets necessary to complete homework assignment must be stapled to assignment sheet. Graphs drawn in #2 pencil. Computations must be organized in a logical sequence with formulas and work fully displayed. All axes and functions on graphs must be labeled. The written portion of answers may be handwritten, printed, or typed but must be fully legible. Homework does not have to be perfect but it must be complete and neat.


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 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.

Late Submission of Course Materials:

HOMEWORK: Completed homework is collected at the beginning of the class on the day it is due. After that time, up to the point at which the solution is distributed, the maximum homework grade will be 50%. Typically, the homework solution is distributed when homework is returned. After this point LATE HOMEWORK CAN EARN NOT MORE THAN 20% CREDIT.

TESTS: A student, who misses an exam, is allowed to make it up if their absence was excused before the test or is a genuine emergency. Makeup tests will substitute essay questions for the short answer and multiple-choice portion of the original exam. The makeup test will have a different problem section and will include subjects covered since the exam that was missed.

Classroom Rules of Conduct:

CELL PHONES and PAGERS. Turn off cell phones and pagers before class. Anyone, who has a vital need for such devices during class, must discuss this with instructor before class. In this situation, if device has a vibrate mode, it must be used. The student must leave the room to take any message. Cell phone and Pagers will be put away for all in-class tests. Anyone with an emergency will sit in the front of the class and place their electronic device on the instructor's desk.

E-MAIL TO INSTRUCTOR: Always use the following subject line: EC142, First-Name, Last-Name, and (short) subject. If you leave a message by voice mail or any other means be sure to include this information.

Course Topic/Dates/Assignments:

Tests and holidays are fixed per the schedule below. Class material will be presented in the order shown below but may deviate from the schedule if needed.

          DATE                             Subjects                                                        Text Chapter

          Jun 7                      Introduction                                                                    1

                                        PPF and International                                        2 and 20(401-410)


         Jun 14                   Demand and supply                                                   3 and 4

                                        Elasticity                                                                            5 


         Jun 21                   Consumer Choice                                                          6

                                        Production and Short-run Costs                                7 and 8


         Jun 28                   Midterm Exam

                                       Competitive Market                                                         8 (-)           

           Jul 5                    Monopoly                                                                         13

                                       Monopolistic Competition and Oligopoly                 14 and 15

          Jul 12                   General Equilibrium                                                         12

                                        Labor Market                                                                     10


          Jul 19                   Long-run Costs                                                                   9

                                        Cartels and Antitrust                                                        13 (-)

         Jul 26                       Asymmetric Information                                                    17

                                        Final Exam

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 2009-2010 Undergraduate Catalog Page 92

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 2009-2010 Undergraduate Catalog Page 92

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 "F".
  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 2009-2010 Undergraduate Catalog Page 95

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                                                                                                                                                                                                                                          
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                                                                                                                                                                                                                                    
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                                                                                                                                                                                                                             
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:5/18/2010 4:06:42 PM