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EC 142 Principles of Microeconomics
Ellis, Lana J.


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

SP 2010 HOC

Faculty

Ellis, Lana J.

Title

Adjunct Faculty

Degrees/Certificates

PhD
JD
MBA

Office Hours

9am-11am

E-Mail

lana.ellis@park.edu

Class Days

-M-W-F-

Class Time

11:00 - 11:50 AM

Credit Hours

3


Textbook:

Microeconomics, 18th edition by Campbell R. McConnell and Stanley L Brue, McGraw-Hill, 2009, ISBN-97-0-07-336595-4
or
Economics: Principles, Problems and Policy, 18th edition by Campbell R. McConnell and Stanley L Brue, McGraw-Hill, 2009, ISBN-13 9780077354213

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.
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 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:
I believe that education is an interactive process in which my role is to help guide students as they develop substantive knowledge and critical thinking skills. In addition to providing opportunities for students to present their own ideas directly, I employ a soft Socratic method to encourage lively exploration of ideas, issues, and contradictions.

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:
Three mid-course examinations, four in-class projects, and comprehensive final examination.  Lowest mid-course exam score will be dropped. Class participation will determine borderline cases.

Grading:

Grades will be determined using the average of two highest mid-course exams worth 100 points each and a final exam worth 100 points plus four projects worth 20 points each  (400 points, total).
 
Mid-course Exams: 200 (50%)
In-class Projects:     80  (20%)
Final Exam:             120 (30%)
Toatal Points:          400 (100%)
 
90% - 100% = A
80% - 89% = B
70% - 79% = C
60% - 69% = D
Below 60% = F

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:
Assignments must submitted during the week they are due in order for students to receive credit. I do not grant incomplete grades except in exceptional circumstances such as family, medical or legal emergencies. These emergencies must be documented.

Classroom Rules of Conduct:

 

Course Topic/Dates/Assignments:

Part 1: Introduction to Economics and the Economy
Chapter1: Limits, Alternatives, and Choices
Chapter 2: The Market System and the Circular Flow
Chapter 3: Demand, Supply, and Equilibrium
Chapter 4: The U.S. Economy
Chapter 5: The United States in the Global Economy
Exam 1: February 5th
 
Part 2: Microeconomics of Product Markets
Chapter 6: Elasticity, Consumer Surplus, and Producer Surplus
Chapter 7: Consumer Beavior
Chapter 8: The Costs of Production
Chapter 9: Pure Competition
Chapter 10: Pure Monopoly
Chapter 11: Monopolistic Competition and Oligopoly
Chapter 11W: Technology, R&D and Efficiency
Exam 2: March 5th 
 
Part 3: Microeconomics of Resource Markets
Chapter 12: The Demand for Resources
Chapter 13: Wage Determination
Chapter 14: Rent, Interest, and Profit
Chapter 15: Natural Resources and Energy Economics
Exam 3: April 16
 
Part 4: Microeconomics of Government
Chapter 16: Public Goods, Externalities, and Information Asymmetries
Chapter 17: Public Choice Theory and Economics of Taxation
 
Part 5: Microeconomic Issues and Policies
Chapter 18: Antitrust Plicy and Regulation
Chapter 19: Agriculture
Chapter 20: Income Inequality, Poverty, and Discrimination
Chapter 21: Health Care
Chapter 22: Immigration
Chapter 37: International Trade
Final Exam: Week of May 3rd

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:
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:1/11/2010 1:58:50 PM