EC142 Principles of Microeconomics

for SP 2010

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EC 142 Principles of Microeconomics


SP 2010 HOA


Dr. K. Vinlove


Associate Professor, Economics


Ph.D., Economics, 1991

Office Location

Mackay 30.5

Office Hours

Monday/Wednesday/Friday 9:00 – 9:50, Tuesday/Thursday 9:00 – 11:00, Friday 12:00 – 1:00 or by appointment

Daytime Phone



Semester Dates

Spring, 16-week, daytime program

Class Days


Class Time

11:00 - 11:50



Credit Hours



McConnell, Campbell R, Stanley L. Brue, and Sean M. Flynn. Microeconomics, 18th Edition. McGraw-Hill Irwin (ISBN-13: 978-0-07-336595) [This is the paperback version.]
OR You may purchase the hardback book that combines both the micro- and macroeconomic principles if you intend to take EC141 also:
McConnell, Campbell R, Stanley L. Brue, and Sean M. Flynn. Economics, 18th Edition. McGraw-Hill Irwin (ISBN-13: 978-0-07-3375694) [This is the hardback version.]

Additional Resources:


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:

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:

Because the learning process is active rather than passive, lectures will be combined with the Socratic method, and student questions are always encouraged. The use of analytical tools and application to specific, real-world examples are emphasized.    


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:


Exams:                          There will be three class-period exams and a comprehensive final exam. The weighted average of these four exams will constitute 85 percent of your final grade. Seating for all exams is assigned. Students may not leave the classroom during an exam.

Class-period Exams:   Three class-period exams are worth 55 percent of the final grade. Each exam will be composed of multiple-choice and diagramming questions based on my lectures, in-class exercises, and homework problems.  These exams are graded on a 100-point scale. Each exam is curved to give you an idea of your performance in terms of letter grades. However, final letter grades will be determined by a curve of final total averages for the class. 

Final Exam:                   The comprehensive final exam is worth 30 percent of the final grade. It will be similar in format to the three class-period exams and will also be worth 100 points.

Late Arrivals:                Students arriving late to an exam may take the exam only if no other student has turned in the exam. If another student has completed the exam, the late student must take a make-up exam.

Make-up Exams:          Make-up exams will be in short-answer, essay, and graphing form. All make-up exams will be administered during final exam week, and students should report to my office (MacKay 30.5) to take the exam. It is the student’s responsibility to schedule the make-up exam by contacting me at least one week before final exam week. Regardless of the excuse, failure to show up at a scheduled make-up exam will result in the student's receiving zero points for the exam. 

 In-class Exercises:      In-class exercises are worth 15 percent of the final grade. During the semester, SIX in-class exercises will be administered. However, final grades are based on FIVE in-class exercises. Thus a student may miss one exercise without penalty. There are no make-ups for in-class exercises.

In-class exercises will be graded as follows:

Full credit                         20 points

Partial credit                    10 points

No credit                            0 points

To receive full credit, a student must be present on time for the exercise (not more than 10 minutes late) and complete all questions related to the exercise.

Homework:                Throughout the semester, homework handouts will be distributed. These will not be collected and graded. However, if a student=s final average is borderline, I will consider homework preparation. Also, questions directly related to homework handouts will appear on exams.



Grading Plan:               Final grades will be based on the following percentages:

   Average of Three Class-period Exams (100 points each)              55%

   Comprehensive Final Exam                                                             30%

                                       Five In-class Exercises (100 points total)                                       15%

NOTE: For students’ whose grade is borderline, I will consider attendance and number of in-class exercises completed.

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:

Classroom Rules of Conduct:


Course Topic/Dates/Assignments:


Week      Topic                                                                                                    

1         The Scope and Method of Economics                                                       

Scarcity, Choice, and Production Possibilities                                           

2         Continued                                                                                                    

Demand, Supply, and Market Equilibrium                                                 

3            Continued                                                                                                    

4            Consumer Choice                                                                                       


               FIRST HOUR EXAM

5         Elasticity                                                                                                      

     6         Production and Cost: The Production Process                                          

           Production and Cost: Short-run Costs                                                       

     7         Production and Cost: Long-run Costs                                                       

     8         Perfect Competition                                                                                    


                SECOND HOUR EXAM

9         Monopoly and Antitrust Policy                                                                                            

10       Monopolistic Competition and Oligopoly                                                    

     11       Continued

     12       Externalities and Public Goods                                                                   

13       Public Finance and Taxation                                                                      


                THIRD HOUR EXAM

     14       International Trade                                                                                      

15       Continued; Review for 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 2008-2009 Undergraduate Catalog Page 87

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)


Last Updated:12/17/2009 12:03:47 PM