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EC 142 Principles of Microeconomics
Abraham, Emil E.


Mission Statement: Park University provides access to a quality higher education experience that prepares a diverse community of learners to think critically, communicate effectively, demonstrate a global perspective and engage in lifelong learning and service to others.

Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.

Course

EC 142 Principles of Microeconomics

Semester

S2Q 2012 FEW

Faculty

Abraham, Emil E.

Title

Instructor

Degrees/Certificates

BS Forestry University of Massachusetts
Masters of Forestry Clemson University
MBA Webster University

Office Hours

Call me anytime before 9:00 PM / email me anytime

Daytime Phone

307-421-6964

Other Phone

307-421-6964

E-Mail

Emil.Abraham@park.edu

esabraham@millect.com

abraham@wapa.gov

Semester Dates

March 19, 2012 - May 13, 2012

Class Days

--T----

Class Time

5:00 - 10:00 PM

Prerequisites

None

Credit Hours

3


Textbook:

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 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/.

    http://www.wsj.com
    http://economist.com
    http://www.nytimes.com
    http://www.cnn.com

    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 facilitator's educational philosophy centers around the principle that learning is an active process.  The student's ability to apply the concepts covered in class in real world settings is directly related to the student's willingness to participate actively in the class and practice concept applications.  Active participation is a required element in the learning process as is interaction, group discussion and idea exploration.  The facilitator believes in creating an interactive course with problems that reflect situations and scenarios encountered in the world outside the classroom.

    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 final course grade will be determined using the following measurements:

    • Homework Assignments
    • Mid Term Examination
    • Comprehensive Final Examination
    • Weekly Quizzes
    • Discussion Threads

    Please Note: The comprehensive final examination is a proctored closed book and closed notes exam. The use of the text, personal “laptop” computers, cell phones, programmable calculators or other similar electronic devices during examinations is prohibited. Any student who does not take the midterm examination and the final examination will not pass the course.

    Grading:

    Points:
    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

    A

    899 - 800 

    B

    799 - 700

    C

    699 - 600

    D

    Below 600

    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:

    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:

    Any classroom conduct that disrupts the learning environment in the opinion of the instructor, will not be tolerated.  

    In this course, some people may have different opinions which you do not agree with. Be objective and respectful when responding to different points of view. Working online may make communication more difficult since you don't see each other's body language.

    1. Online communications need to be composed with fairness, honesty, and tact. Spelling and grammar are very important in an online class. What you put into an online course reflects on your level of professionalism.
    2. It is important not to take disagreement personally.
    3. Responses to different ideas and observations need to be objective. Being objective means maintaining boundaries and not making personal attacks on the ability of others or making statements that have the potential to be taken personally.
    4. An important part of online learning is discussion. Differences in thinking are good because our knowledge is broadened.
    5. Because we have differences, we will have conflict. The important thing is to handle conflict in a way that does not create defensiveness, which does not promote learning.

    You can see more about core rules of netiquette at http://www.albion.com/netiquette/corerules.html. If you have questions about any of these policies, please contact your instructor.

    Course Topic/Dates/Assignments:

     

    Week

    Reading Assignment

    Activities

    Examinations

    Due Date

    Week 1

    Chapters 1, 1 Appendix, and 2

    Homework

    Quiz

    Discussion

     

    Sunday

    Sunday

    Wednesday / Sunday

    Week 2

    Chapter 3 and 3 Appendix

    Homework

    Quiz

    Discussion

     

    Sunday

    Sunday

    Wednesday / Sunday

    Week 3

    Chapter 4

    Homework

    Quiz

    Discussion

     

    Sunday

    Sunday

    Wednesday / Sunday

    Week 4

    Chapter 6

    Homework

    Discussion

    Midterm Examination

    Sunday

    Wednesday / Sunday

    Week 5

    Chapter 7

    Homework

    Quiz

    Discussion

     

    Sunday

    Sunday

    Wednesday / Sunday

    Week 6

    Chapter 8

    Homework

    Quiz

    Discussion

     

    Sunday

    Sunday

    Wednesday / Sunday

    Week 7

    Chapter 9

    Homework

    Quiz

    Discussion

     

    Sunday

    Sunday

    Wednesday / Sunday

    Week 8

    Chapter 12

    Homework

    Discussion

    Final Examination

    Sunday

    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 (www.park.edu/current or http://www.park.edu/faculty/).from Park University 2011-2012 Undergraduate Catalog Page 93

    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. from Park University 2011-2012 Undergraduate Catalog Page 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 2011-2012 Undergraduate Catalog Page 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: 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:3/2/2012 9:22:21 AM