EC142 Principles of Microeconomics

for S2BB 2011

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EC 142 Principles of Microeconomics


S2BB 2011 HLH


Coy Rice, DM


Adjunct Faculty


Doctorate - Management and Organizational Leadership
Masters - Economics and Education
Bachelors - Education and Music


Class Days


Class Time

5:00 - 10:00 PM



Credit Hours



McConnell, Brue and Flynn, Microeconomics Brief Edition, McGraw-Hill Irwin, 1st Edition, 2010.
ISBN: 978-0-07-723098-2
Please Note: Connect Plus is an online study tool that provides students with additional practice on economic questions and further insight into the solutions to economic problems.  It is an optional tool that is not required for this course.  ISBNs for textbooks with access to this tool are provided as a courtesy to the student.  If you are interested in this resource, the following ISBNs will provide you with the textbook and access to Connect Plus.  The first is a loose leaf edition with access to Connect Plus, the second is a soft cover edition with access to Connect Plus.  You need only purchase one of the three options.  Choose the option that best meets your needs.
  • Microeconomics Brief Edition in loose-leaf with Connect Plus  - ISBN: 978-0-07-808313-6
  • Microeconomics Brief Edition with Connect Plus  - ISBN: 978-0-07-807872-9
  • Textbooks can be purchased through the MBS bookstore

    Textbooks can be purchased through the Parkville Bookstore

    Additional Resources:

    The Wall Street Journal (WSJ) is an excellent reference for this course. It is available at most libraries, in many offices, and other places. This resource is not required for this course, but it will enhance your understanding if you should choose to use it as a resource. Hard copy subscriptions that included the online subscription are available to you as a student at special discounted rates. You can subscribe online.

    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

    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:

    Students maximize their potential through education by understanding concepts in a way that it is relevant to them in their life during the time that the education is taking place fully implementing the Socratic method of thought. People of all ages, driven by their desires, achieve personal goals for the future with the implementation of adequate materials, feedback from teachers and peers, and personal evaluations. Gratification emerges when students know that they are building upon stepping stones within their academic road to success. 

    Learning Outcomes:
      Core Learning Outcomes

    1. Illustrate and explain the concepts of opportunity cost, scarcity, feasible and infeasible consumption possibilities, and efficient resource usage through the Production Possibilities Model.
    2. Interpret the demand and supply model to evaluate market changes in the determinants of demand and supply, and use the model to predict changes in equilibrium price and quantity.
    3. Calculate and interpret price elasticity of demand, and use the calculation to predict changes in total revenue based on price changes.
    4. Distinguish between fixed and variable costs in the short- and long-run; calculate and identify graphically short-run total, average, and marginal costs.
    5. Identify the main characteristics (number of firms, type of product, price control, and conditions of entry) of pure competition, its profit-maximizing output level, shut-down conditions for a firm in the short run, and the effect of entry and exit on industry efficiency in the long run.
    6. Identify the main characteristics (number of firms, type of product, price control, and conditions of entry) of pure monopoly, its profit-maximizing output level and price, and the economic effects of this market structure.
    7. Identify the main characteristics (number of firms, type of product, price control, and conditions of entry) of monopolistic competition and its profit-maximizing output level; identify the main characteristics of oligopoly and explain how game theory applies to the oligopolistic market.
    8. Illustrate and explain the process through which exchange rates are determined, and identify the roles that comparative advantage and specialization play in world trade.

    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:

    The core assessment is a CLOSED BOOK, CLOSED NOTES exam that must be administered and proctored in the classroom and may not be given as a take-home exam.  Students should not have access to the exam or its questions before it is administered.  The duration of the exam can be no longer than two hours.  No calculators, computers, or materials other than a writing instrument may be used for the exam; this applies to all students, regardless of whether the exam is for on-line or face-to-face students.  Completion of the exam is strictly individual; students may not work in groups to complete the exam.

    A variety of methods will be used to assess the learning in this course. Students will be assessed on their class participation, performance on quizzes, writing assignments, and examinations. There will also be opportunities to work in groups, and to be assessed based on individual and group performance.

    1. Tests – Students are required to take a mid-term and final examination.

    2. Quizzes – Students are required to take quizzes as assigned.

    3. Presentation – Students are required to give a short presentation that explains and gives and example of economic concepts. A paper (APA Style) that reflects the presentation, handed in the same day, should be roughly one to two pages long. The presentation should roughly be from 10 – 15 minutes long.

    4. Participation – Students are required to enter various discussions throughout the course.




    Homework Assignments (14%) 140
    Midterm Exam (22%) 220
    Discussions (16%)    160
    Comprehensive Final Exam (30%) 300
    Quizzes (18%) 180
    Total Points Possible    1000
    Letter Grades:

    1000 - 900


    899 - 800 


    799 - 700


    699 - 600


    Below 600


    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:

    Weekly work must be submitted no 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.

    Classroom Rules of Conduct:

    1. Attend class and be prompt. Class attendance is part of class participation, which is a portion of your grade. Roll will be checked at the beginning of each class period. Since tardy entry to a class disrupts the class, your lateness for class will receive a reduction in points.


    3. Be prepared for class. This meansthat you have read the assigned readings and are prepared to discuss them. Daily quizzes may be given at the beginning of class. Tardy arrival at class will result in missing the quiz. Quizzes may not be made up. This course will consist of class discussion, small group discussion, group work, and lecture. You are expected to take part in the discussions and group work. Your in-class participation is another portion of your grade. Also, assigned reading will not always be reviewed in class, but examinations will be from both assigned readings and class discussions.

    4. Examinations. There will be a mid-term examination and a comprehensive final examination. Exam answers will be short answer and essay. Examinations will be from both assigned readings and class discussions

    5. No makeup exams will be given unless the student produces a written excuse signed by a doctor (with the doctor’s registration number) in the case of illness, or a tow bill from a tow company in the case of car problems. A written excuse from the campus nurse is acceptable. The same requirement applies to illness of children.

    You can learn about core rules of netiquette at If you have questions about any of these policies, please contact your instructor.

    Course Topic/Dates/Assignments:



    Reading Assignment



    Due Date

    Week 1

    Chapters 1, 1 Appendix, and 2







    Wednesday / Sunday

    Week 2

    Chapter 3 and 3 Appendix







    Wednesday / Sunday

    Week 3

    Chapter 4







    Wednesday / Sunday

    Week 4

    Chapter 6



    Midterm Examination


    Wednesday / Sunday

    Week 5

    Chapter 7







    Wednesday / Sunday

    Week 6

    Chapter 8







    Wednesday / Sunday

    Week 7

    Chapter 9







    Wednesday / Sunday

    Week 8

    Chapter 12



    Final Examination


    Wednesday / Sunday

    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
    NOTE: An attendance report of ā€œPā€ (present) will be recorded for students who have logged in to the Online classroom at least once during each week of the term for any online requirements. 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.

    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:

    The instructor
    reserves the right to change the syllabus at any time during the course.

    Syllabus - WORD DOCUMENT

    Syllabus - WORD DOCUMENT


    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:2/24/2011 12:11:19 AM