EC142 Principles of Microeconomics

for FA 2010

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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.


EC 142 Principles of Microeconomics


FA 2010 HOB


Clark, Norman (Les)


Adjunct Instructor


Certified Financial Planner (TM)
NASD Series 7, 32

Office Hours

By Appointment Only

Daytime Phone

816-916-9722 (Cell)

Other Phone

816-531-2115 (Home)


Semester Dates

August 16 - December 10, 2010

Class Days


Class Time

8:00 - 8:50 AM



Credit Hours



Microeconomics: Brief Edition

Campbell R. McConnell, University of Nebraska
Stanley L. Brue, Pacific Lutheran University
Sean M Flynn, Vassar College
ISBN: 0077230981
Copyright year: 2010
Microeconomics, Brief Edition

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

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:

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 instructor will meet the educational objectives of this course as a practitioner, scholar and facilitator. The instructor's educational philosophy primarily stresses the student’s ability to visually relate to and present theoretical concepts. In conveying concepts the instructor will rely heavily lecture, homework, discussion, and exams. Ultimately, the student will be challenged to use the concepts presented in the class to interpret past and current economic events, as well as, to be able to assess current economic policy deliberations.

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:


Weekly Homework (Best 8 of 10)

  400 points (50 Points per Assignment)


Section Exams (3)

  300 points (100 pts each)


  FINAL EXAM (Comprehensive)

300 points


  Class Attendance and Participation (To be determined at the Instructors Assessment)

50 points



1,050 points


Pre- vs. Post-Exam Improvement


+5% Extra Credit



> 945 Points (> 90%)


840 – 944 Points (80 – 89%)


735 – 839 Points (70 – 79%)


525 – 734 Points (50 – 69%)


< 525 Points (< 50%)


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 work will not be accepted after its ‘due date’ unless a prior agreement with the instructor was obtained (and will NEVER be given full credit under any circumstances).

Under no circumstance will any assigned work for the course be accepted after the date scheduled for the final exam for the course.

Classroom Rules of Conduct:

Any classroom conduct that disrupts the learning environment in the opinion of the instructor will not be tolerated.  Specific rules include:

·         All consumer electronic devices must be turned off and earbuds or earphones must be removed during class time (e.g. cell phones, mp3 players or ipods or iphones, etc.)

·         Recording devices can only be used with the instructor’s prior approval.

·         The use of laptop computers in the class room is discouraged and can only be used with the instructor’s prior approval.

Course Topic/Dates/Assignments:




1 (Aug. 16, 18, 20)

Class Overview, ‘Pre-Test’, Chapter 1 (History, Comparative Advantage, Production Possibilities, Unemployment and Growth, Graph Concepts); Homework1

2 (Aug. 23, 25, 27)

Chapter 2 (Economic Systems, Major Question of Economic Analysis, Market Systems, Circular Flow Concepts of Economics); Homework2

3 (Aug. 30, Sept. 1, 3)

Chapter 3 (Demand, Supply, Market Equilibrium, Price Ceilings, Price Floors, Supply Rationing); Homework3

4 (Sept. 6)

Labor Day Holiday – NO CLASS

4 (Sept. 8, 10)

Chapter 4 (Demand, Supply, Income and Cross Elasticities); Homework4

5 (Sept. 13, 15, 17)

Exam Review, Exam (Section 1)

6 (Sept. 20, 22, 24)

Concepts Concepts and Application of Consumer and consumer and producer Surplus (Not in Textbook).

7 (Sept. 27, 29, Oct. 1)

Chapter 5, 6 (Public Goods, Externalities, Taxation and Government’s Role; Business and Their Cost Structures); Homework5

8 (Oct. 4, 6, 8)

Fall Recess – NO CLASS

9 (Oct. 11, 13, 15)

Chapter 7 (Analysis of ‘Pure Competition’); Homework6

10 (Oct. 18, 20, 22)

Exam Review, Exam (Section 2)

11 (Oct. 25, 27, 29)

Chapter 8 (Analysis of ‘Pure Monopolies’); Homework7

12 (Nov. 1, 3, 5)

Chapter 9 (‘Monopolistic Competition’); Homework8

13 (Nov. 8, 10, 12)

Chapter 10, 11 (Wage Determination, Inequity/Poverty) Homework9

14 (Nov. 15, 17, 19)

Chapter 12 (International Trade and Finance); Homework10

15 (Nov. 22, 24)

Exam Review, Exam (Section 3)

15 (Nov. 26)

Thanksgiving Holiday – NO CLASS

16 (Nov. 29, Dec. 1, 3)

‘Post-Test’, Final Exam Review

Dec. 6

Final Exam (Comprehensive)

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 students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty ( or Park University 2010-2011 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. from Park University 2010-2011 Undergraduate Catalog Page 92-93

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 2010-2011 Undergraduate Catalog Page 95-96

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: .

Additional Information:


By accessing and using any materials provided by the instructor via internet: the student has agreed to these terms.

The site contains material considered the property of the instructor (i.e. including, without limitation, text, data, graphs, photos, and video). You may not modify, publish, transmit, display, participate in the transfer or sale, create derivative works, or in any way exploit, any of the content, in whole or in part. You may download material for academic use only. Except where expressly permitted, copying, redistribution, retransmission, publication or commercial exploitation of downloaded material will be permitted without the express written permission of the instructor (Les Clark).

By accessing and using information provided to you by the instructor, you have expressly agreed that the access and use of this information is at your sole risk. The instructor in no way warrants that the site will be uninterrupted or error free; nor does he make any expressed or implied warranty as to the accuracy of information or data provided via materials.

The instructor assumes no responsibility, and shall not be liable for, any damages to, or viruses that may infect, your computer equipment or other property on account of your access to, use of, browsing or the downloading of any data, text, images, video, or audio materials.


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:7/29/2010 8:00:17 AM