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EC 142 Principles of Economics II (Micro)
Bryant, Richard R.


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.
CourseEC 142 Principles of Economics II (Micro)
SemesterS2OO2005
FacultyBryant, Richard R.
TitleAssociate Professor
Degrees/CertificatesPh. D.
Office LocationUMR, Harris Hall, G-9
Office HoursMWF 12:00-3:00
Daytime Phone573-341-4823
Other Phone573-341-4823
E-MailFTLW@mail.park.edu
rrbryant@umr.edu
Web Pagehttp://web.umr.edu/~rrbryant
Semester Dates21 Mar - 15 May 2005
Class Days---W---
Class Time5:00 - 10:00 PM
Credit Hours3

Textbook:
McConnell and Brue, Microeconomics, 16th edition

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.

Learning Outcomes:
The course is designed to accomplish these objectives:
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 using demand and supply analysis.
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.
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.
7. Understand how forces of supply and demand allocate resources
8. Understand the motivations of economic agents: consumers, and firms
9. Understand how different market structures affect economic performance
10. Understand conditions where markets work effectively and where they do not.

Course Assessment:
Students will be assessed on the basis of two major examinations, weekly quizzes, in-class-exercise, and on their participation in class discussion.

Grading:
Class Participation 100 points
Weekly Quizzes 100 "
In-Class-Exercises 100 "
Mid-Term Examination 350 "
Final Examination 350 "
Total 1000 "

Late Submission of Course Materials:
Assignments may be completed late if the student has an excused absence.

Course Topic/Dates/Assignments:
Week 1 Mar 23 MB Chapter 1
Week 2 Mar 30 MB Chapters 2 & 3
Week 3 Apr 6 MB Chapter 8
Week 4 Apr 13 Mid-Term Examination
Week 5 Apr 20 MB Chapters 9 & 10
Week 6 Apr 27 MB Chapters 11 & 12
Week 7 May 4 MB Chapter 17
Week 8 May 11 Final Examination

Other assignments may be added as appropriate.

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 2004-2005 Undergraduate Catalog
Page 101

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 2004-2005 Undergraduate Catalog
Page 101

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 "WH".
  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 2004-2005 Undergraduate Catalog Page 100


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. 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: http://www.park.edu/disability .

Copyright:
This material is copyright and can not be reused without author permission.