EC142 Principles of Microeconomics

for U1T 2010

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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 Economics II (Micro)


U1T 2010 DLF


George, Kelly A.


Adjunct Faculty


BA/ Finance

Office Location


Office Hours

8 a.m. - 8 p.m. EST

Daytime Phone


Other Phone

FAX number: 954-343-6382


Semester Dates

06/07/10 to 08/01/10

Class Days


Class Time


Credit Hours



Textbook:  Economics, Case-Fair, 9th edition.                  ISBN 0-13-605548-6                
Textbook:  Microeconomics, Case-Fair, 9th edition.                  ISBN 0-13-605885       
(If taking both EC141 and EC142, combined Economics textbook is better option.)
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. Hard copy subscriptions that include the online subscription are available to you as a student at special discounted rates. You can subscribe on-line. Click here to subscribe online! Following this link will let the WSJ folks know you are enrolled as a student in this online course. Delivery will start in a few days and they will bill you directly, usually within 3 or 4 weeks.

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.
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 or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information
Advising - Park University would like to assist you in achieving your educational goals. Please contact your Campus Center for advising or enrollment adjustment information.
Online Classroom Technical Support - For technical assistance with the Online classroom, email or call the helpdesk at 866-301-PARK (7275). To see the technical requirements for Online courses, please visit the website, and click on the "Technical Requirements" link, and click on "BROWSER Test" to see if your system is ready.
FAQ's for Online Students - You might find the answer to your questions here.

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

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:

Course-Specific Policies: This course is offered on-line, over the Internet, using the University Online computer service. Students are expected to devote a minimum of five hours per class week logged on to the computer conferencing system - the same amount of time you'd spend in the physical classroom. A class week is defined as the period of time between Monday and Sunday. The first week begins the first day of the semester and ends midnight on Sunday. Assignments scheduled for completion during a class week should be completed by the Sunday that ends the week. Writing assignments and projects/problems should be completed and successfully submitted so that they are in my hands on the due date. NOTE: Because this is an online course designed to get feedback on assignments to you directly via Internet, you must make prior arrangements with me before submitting a paper via fax or any non-Internet method. If you ever have problems transmitting your assignments to me, contact me immediately, and we'll get the problem solved.
Homework:  Weekly assignments must be submitted not later than the Sunday midnight that ends the week. Late homework will not receive full grade credit. Homework not turned by the due date, but which is turned in no more then 7 days late, will receive 1/2 the score it would have received otherwise. Homework not received within 7 days of the due date will not be scored. No work received after the last Saturday of the online term will be scored.
Mid Term Examination:  A Mid Term Examination will be admisistered during the fourth week of the class. It will be posted into the eCollege Campus and is to be completed  alone and returned to the instructor via the eCollege testing system.
Comprehensive Examination:  A comprehensive examination must be taken in person at one of the Park University sites around the country or at an alternative location approved by the University and the instructor where Park University sites are not available. All Park sites are prepared to proctor exams and are the preferred choice. Unless you are more then one hour from a Park site, you are expected to use one of them to take your exam. (Exceptions will be carefully screened as per the directions I receive from the University. If your situation is exceptional, contact me before you submit your proctor form with details of your situation.) For these proctored examinations, photo identification is required. A proctor information form will be provided by Park at an address to be provided later. If you are unable to make arrangements with someone who meets these criteria, contact the instructor for acceptable alternatives. A proctor with email is much desired over one without email. Faxing and/or mailing are both relatively expensive, time consuming, and more prone to problems then email. You are NOT allowed to use your textbook, your laptop computer, or a cell phone during the comprehensive final examination.  The examination is NOT open book.
Instructor Response:  The Instructor will usually respond to your questions concerning the course within 48 hours of receipt.  Response is generally faster during the week and slower on the weekend. Students are responsible for clicking on the link below and thoroughly reading each Online course policy.  If you have questions about any of these policies, please contact your instructor for clarification.


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 groupwork activities 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. The following percentages will be used to assign course grades: 90% - 100% = A 80% - 89% = B 70% - 79% = C 60% - 69% = D Below 60% = F The work you do in this class is valued as follows:

Weekly Homework Assignments: 22% of grade      220 points

Mid Term Exam: 20% of grade      200 points

Comprehensive Examination: 30% of grade      300 points

Weekly Disicussions: 16% of grade        160 points

Weekly Quiz 12% of grade        120 points

TOTAL:  100%               1000 points

Note that point deductions will be made for nonparticipation and absences. Submission of Late Work:   Weekly work must be submitted not later than Sunday midnight of each week.  Late work will not receive full grade credit. Work not turned by the due date, but which is turned in no more then 7 days late, will receive 1/2 the score it would have received otherwise. Homework not received within 7 days of the due date will not be scored. No work received after the last Saturday of the term will be scored.

Proctored final examination:  A final proctored examination will be taken in a proctored testing environment during the 8th week at one of the Park University sites around the country or at an alternative location.  For proctored examinations, photo identification is required at the time of the test.  Guidelines for selecting an acceptable proctor can be found on the Park University Website.  Students who do not pass the proctored final examination will not pass the course. Other Information on proctored exams: It will be the responsibility of the student to arrange for a proctor, by the 6th week of the term, who is accepted and approved by the course instructor. Students will lose participation points for their grade if their proctor form is not accepted and approved by the end of week 4 of the course.   Approval of proctors is the discretion of the Online instructor.   A proctor request form will be made available to you during the first week of class so that you can send your requested proctor to your instructor for approval.   Failure to take a final proctored exam (or submit your final project for some online graduate courses) will result in an automatic "F" grade. Basis of Grades: Grades for work in this course will be calculated based upon the following rubrics:


Discussion Activities Grading:








Selection current items that relates to weekly topic






Identify weekly text contents in article






Calculations and graphs shown & correct






Analysis & conclusions shown and correct






Respond to at least 3 classmate’s postings






 Total points per week available





< 10 pts



Weekly Homework Assignment Grading:

There are 30 points possible each week, except week 8.  The number of questions will vary each week. The following rubric indicates how the questions are graded:









Paper is properly formatted in either *.doc or *.rtf and each question response is identified






Identify weekly text contents in article






Calculations and graphs shown & correct






Analysis & conclusions shown and correct






Indicate how conclusion can/will affect the economy






 Total points per week available

30-24 pts

24-18 pts

18-12 pts

12-06 pts

< 6 pts


Examination Grading:

Examination question answers will be graded based upon agreement with the course text.  Essay, discussion, and similar type questions will be graded for completeness as well as for content.  The student should provide relevent calculations, economic charts and graphs for full credit. Completeness will follow the same factors as the grading for weekly homework as identified in the weekly assignment grading rubric above.

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 assignments of homework, discussion questions and group assignments will be downgraded one letter grade for each day late at the discretion of the instructor.

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 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.
ONLINE NOTE: An attendance report of "P" (present) will be recorded for students who have logged in to the Online classroom at least once during each week of the term. Recording of attendance is not equivalent to participation. Participation grades will be assigned by each instructor according to the criteria in the Grading Policy section of the syllabus.

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)


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Last Updated:5/28/2010 7:20:34 AM