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EC 142 Principles of Microeconomics
Tori, Scott


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 Microeconomics

Semester

F2EE 2009 MO

Faculty

Tori, Scott

Title

Adjunct

Degrees/Certificates

Ph.D.

Daytime Phone

229-834-0039

E-Mail

scott.tori@park.edu

Class Days

----R--

Class Time

5:00 - 10:00 PM

Prerequisites

None

Credit Hours

3


Textbook:

Required Text:  

The Textbook for EC142 is:

Principles of Microeconomics, 9/E, with MyEconLab access
text image
Karl E Case
Ray C Fair
Sharon Oster


ISBN:  0558330517 

Publisher: Prentice Hall
Copywright: 2009
Format: Paper; 496pp
Published: 09/02/2008

 

 
 

Or, you can choose to buy the text that combines both EC141 and EC142 (save about $100 if taking both courses):

Principles of Economics, 9/E, with MyEconLab access
text image
Karl E Case
Ray C Fair
Sharon Oster


ISBN:  0558330495

Publisher: Prentice Hall
Copyright: 2009
Format: Cloth; 816 pp
 


 

Also Required:

VIDEO PACKAGE: We are using the videos from another textbook. You do not need this textbook, only the videos: 
 
Sloman Video package

Paul Solman Videos DVD

(to accompany McConnell-Brue Economics 17e).  McGraw Hill - Irwin Publisher.

ISBN 978-0-07-329140-6


 

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

Wall Street Journal:

The WSJ is an excellent reference for this course. It is available at most libraries, in many offices, and other places. While not required for this course, it will enhance your understanding immeasurably.
The WSJ provides exceptionally low priced, special discounted rates for students (currently 15 weeks for $29.95) that include hard copy subscriptions with the online WSJ are available to you.

Click Here to subscribe online! http://wsjstudent.com/  Following this link and selecting Joseph Kubec as your instructor will let the WSJ folks know you are enrolled as a student in this course. Delivery will start in a few days and they will bill you directly, usually within 3 or 4 weeks.

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/.


Course Description:
EC142 An introduction to microeconomic concepts and their application to the behavior of individuals, firms, and market groups. Special emphasis is placed on market analysis, production and cost concepts, profit analysis, and market structure. Current microeconomic issues, including market failures and the role of government in markets, are covered.

Educational Philosophy:

 

Responsibilities:

You and I both have an obligation to create an environment that is conducive for mastering the learning objectives.

As the instructor, I have the following responsibilities:

¯     Come prepared to class.

¯     Plan classroom activities to achieve learning objectives.

¯     Listen, guide and help students to learn.

¯     Write clearly worded examination questions and grade examinations fairly.

¯     Show students respect.

As a student, you have the following responsibilities:

¯     Come prepared to class.

¯     Complete all work and reading assignments with proper attention and thought.

¯     Listen, ask questions, be involved in class and learn.

¯     Understand that I do not intentionally write “tricky” examination questions. If you do not understand an examination question, ask me to clarify the question during the examination period. 

¯     Show me and the other students respect.

Attendance:   

You are responsible for all material covered in the lectures. Lectures cover material from the text, Wall Street Journal and other sources. The material presented in class is cumulative in nature. For these reasons, I strongly encouraged you to attend all classes. You are expected to be punctual when attending class.

 

General Course Learning Objectives:

Students will:

1.      illustrate and explain microeconomic terms.

2.      illustrate and explain the demand and supply concepts.

3.   illustrate and explain consumer choice and behavior.

4.   illustrate and explain firm production and cost behavior.

5.   illustrate and explain firm strategy under different market structures.

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:

The final course grade will be determined using the following measurements:

  • Homework Assignments
  • Mid Term Exam
  • Proctored Comprehensive Final Examination
  • Instructor evaluation/class participation which is made up of the following factors:
    • Posting your introduction to the conference during the first week of the course.
    • Weekly discussion activities
    • Having a completed, correct proctor form received and approved by the end of week 4. There will be a link to the proctor form provided in week 1.
    • Attending class each week - meaning being active in the weekly projects.
    • Other course related activities.

Grading:

 

Your performance on the 3 examinations (100 points for each exam or 33.3%), determines your final grade.

Grading Scale.

                                                                A         300 - 270 points          

                                                B          269 - 240 points

                                                C         239 - 210 points

                                                D         209 - 180 points

                                                F          below 180 points

                       

To maintain the integrity of the grading system, I WILL NOT modify the grading scale for individual students. DO NOT ASK!! 

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:
Late extra credit will not be accepted.

Classroom Rules of Conduct:

 1.   Regular, punctual, class attendance is required, and will be checked daily. In accordance with the

2.   You must turn off you cell phone BEFORE class begins. You may NOT use your cell phone as a calculator. If your cell phone is in view or used during class, I will take it from you and will return it to you after class. You will be assessed a 5 point penalty reduction for using your cell phone/IM in class.

3.   If a student misses one mid-term examination and has a legitimate excused absence, the final exam will be weighted(and relevant questions added) to adjust for the missed mid-term examination (i.e. the final would be worth 200 points instead of 100 points). Legitimate excused absences include death in the immediate family, University sponsored trips, legitimate business obligations or critical illness. Verification is required and permission to miss an examination must be secured PRIOR TO the scheduled examination time. If this condition is not met, a zero will be given for the missed exam. Unit specific make-up exams will not be given. If a student misses more than one examination, the final exam will be weighted to adjust for the first missed exam, and zeros will be recorded for all other exams. There are no make-up exams for the final exam.

4.   Extra credit will be available only to those with excellent punctual attendance. If you miss 1 classes you will be eligible for 50%(approx 25 pts. /2) of the extra credit. 2 or more absences will make you ineligible for the extra credit.

5.   Other extra credit assignments, if offered, are at my discretion and are available to all students in the class. The assignments must be turned in by the specified due date for credit. Extra credit assignments turned in late will be given a zero. Extra credit assignments will be offered to all eligible students in the class or none at all (no preferential or special treatment).

6.   If you wish to withdraw from this course, it is your responsibility to complete and return to the registrar all paperwork. A grade of “W” is reported for all withdrawals prior to the last official withdrawal date (mid-term). 

7.   Cheating will not be tolerated! Evidence of cheating will result in full disciplinary action.

8.   No food or drinks, except water, are allowed in the classroom. Food and drinks may be consumed in the Student Lounge located in the basement, or outside the building.

Course Topic/Dates/Assignments:

 

Unit 1

Class 1

  • Review syllabus
  • The Language and Tools of Economics (Chapter 1)
    • What is economics
    • Positive and normative economics
    • Macroeconomics and microeconomics
    • Production Possibility Frontiers (Chapter 2)
    • Opportunity costs
    • Comparative advantage
    • Specialization and trade

Class 2

  • The Market Economy – demand and supply (Chapter 3)
    • Quantity demand versus demand
    • Factors that change demand
    • Quantity supply versus supply
    • Factors that change supply
    • Equilibrium

Class 3

·       Unit 1 examination and return exam

Unit 2

·        Elasticity of demand and supply (Chapter5)

o       Price elasticity

o       Income elasticity

class 4

·       
Elasticity of demand and supply (Chapter 5 continued) 

o       Price elasticity

o       Income elasticity

 

·        Government intervention in the markets (Chapter 4)

o       Government price setting – surplus and shortage, price controls

o       Taxes

class 5

·        Externalities and other market phenomena (Chapter 16)

o       Externalities

o       Public goods
 
·        Theory of the firm (Chapter 7 + 8)

o       Marginal cost

o       Marginal revenue

o       Average total cost

o       Pricing strategy

class 6

·        Unit 2 examination and return exam
 

Unit 3

·        Perfect competition (Chapter 12)

o       Definition of perfectly competitive market

o       Pricing strategy under perfect competition

·        Monopoly (Chapter 14)

o       Definition of a monopoly market

o       Pricing strategy under a monopoly

Class 7

·        Monopolistic competition (Chapter 12)

o       Definition of monopolistically competitive market

o       Pricing strategy under monopolistic competition

·        Oligopoly (Chapter 13)

o       Definition of an oligopoly market

o       Pricing strategy under an oligopoly

Class 8

·        Unit 3 examination

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 2008-2009 Undergraduate Catalog Page 87

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 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: 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:10/16/2009 7:45:48 AM