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EC 142 Principles of Microeconomics
Sumrall, William Henry


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

S1Y 2012 MNH

Faculty

Sumrall, William Henry

Title

Senior Adjunct Professor

Degrees/Certificates

B.A., M.S., M.B.A., Ed.S., D.B.A.(c), Ed.D.
Phi Kappa Phi

Office Location

Millington Campus Office

Office Hours

NSA-Before and After Class

Daytime Phone

662-292-2912 (CELL)

E-Mail

william.sumrall@park.edu

Semester Dates

Monday, January 16, 2012 to Sunday, March 11, 2012

Class Days

Fri: Jan. 20,27*;Feb. 3*,10*,17,24*;March 2,9 (*online class meeting)

Class Time

5:00 - 9:40 PM

Prerequisites

None

Credit Hours

3


Textbook:

Microeconomics, Brief Edition
Required • Edition: 2010 • Mcconnell, Campbell R.
ISBN: 9780077230982 
  

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

E-college Help Desk Phone Number: 866-301-7275 Available 24/7. Very beneficial if you need help using E-college Course Management System. 

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/.


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 is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, videos, web sites and writings. The facilitator will engage each learner in what is referred to as disputatious learning to encourage the lively exploration of ideas, issues and contradictions.

Learning Outcomes:
  Core Learning Outcomes

  • Illustrate and explain the concepts of opportunity cost, scarcity, feasible and infeasible consumption possibilities, and efficient resource usage through the Production Possibilities Model.
    MoSTEP
    1.2.1 The preservice teacher understands the central concepts, tools of inquiry and structures of the discipline(s) within the context of a global society and creates learning experiences that make these aspects of subject matter meaningful for students.
    1.2.1.1 knows the discipline applicable to the certification area(s) as defined by Subject Competencies for Beginning Teachers in Missouri;
    1.2.1.2 presents the subject matter in multiple ways;
    1.2.3.4 connects instruction to students' prior experiences and family, culture, and community.
    1.2.7.1 models effective verbal/non-verbal communication skills;
    1.2.7.2 demonstrates sensitivity to cultural, gender, intellectual, and physical ability differences in classroom communication and in responses to students' communications;
    1.2.9.3 practices professional ethics.
    1.2.10.1 participates in collegial activities designed to make the entire school a productive learning environment;
    1.2.10.2 talks with and listens to students, is sensitive and responsive to signs of distress, and seeks appropriate help as needed to solve students' problems;
    1.2.10.3 seeks opportunities to develop relationships with the parents and guardians of students, and seeks to develop cooperative partnerships in support of student learning and well-being;
    1.2.10.4 identifies and uses the appropriate school personnel and community resources to help students reach their full potential.
    SPAs
     

    ·        NMSA/NCATE Standards: Knowledge—1.3,1.7, 2.5, 6.3, 6.4, 6.9, 7.3, 7.4, 7.5; Performance—1.4, 1.10, 2.3, 3.10, 4.4, 5.4, 5.10, 6.1, 7.

    ·        NAEYC Standards: Standard 4c

    ·        ACEI Standard: Standard 2.4

    ·        NCEE Standards: Standards 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20.

    ·        NCSS Standards: Standards 1.2, 1.7, 1.9, 1.10, 2.4.

    Assessment
     

    ·        Report/Observation Paper, Lesson/Demonstration, Field Experience Report.

  • 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.
    MoSTEP
    1.2.1 The preservice teacher understands the central concepts, tools of inquiry and structures of the discipline(s) within the context of a global society and creates learning experiences that make these aspects of subject matter meaningful for students.
    1.2.1.1 knows the discipline applicable to the certification area(s) as defined by Subject Competencies for Beginning Teachers in Missouri;
    1.2.1.2 presents the subject matter in multiple ways;
    1.2.3.4 connects instruction to students' prior experiences and family, culture, and community.
    1.2.7.1 models effective verbal/non-verbal communication skills;
    1.2.7.2 demonstrates sensitivity to cultural, gender, intellectual, and physical ability differences in classroom communication and in responses to students' communications;
    1.2.9.3 practices professional ethics.
    SPAs
     

    ·        NMSA/NCATE Standards: Knowledge—1.3,1.7, 2.5, 6.3, 6.4, 6.9, 7.3, 7.4, 7.5; Performance—1.4, 1.10, 2.3, 3.10, 4.4, 5.4, 5.10, 6.1, 7.

    ·        NAEYC Standards: Standard 4a, 4b, 4c, and 4d.

    ·        ACEI Standard: Standard 2.4

    ·        NCEE Standards: Standards 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20.

    ·        NCSS Standards: Standards 1.2, 1.7, 1.9, 1.10, 2.4.

    Assessment

    ·        Report/Observation Paper, Lesson/Demonstration, Field Experience Report.

  • Calculate and interpret price elasticity of demand, and use the calculation to predict changes in total revenue based on price changes.
    MoSTEP
    1.2.1 The preservice teacher understands the central concepts, tools of inquiry and structures of the discipline(s) within the context of a global society and creates learning experiences that make these aspects of subject matter meaningful for students.
    1.2.1.1 knows the discipline applicable to the certification area(s) as defined by Subject Competencies for Beginning Teachers in Missouri;
    1.2.1.2 presents the subject matter in multiple ways;
    1.2.3.4 connects instruction to students' prior experiences and family, culture, and community.
    1.2.7.1 models effective verbal/non-verbal communication skills;
    1.2.7.2 demonstrates sensitivity to cultural, gender, intellectual, and physical ability differences in classroom communication and in responses to students' communications;
    SPAs
     

    ·        NMSA/NCATE Standards: Knowledge—1.3,1.7, 2.5, 6.3, 6.4, 6.9, 7.3, 7.4, 7.5; Performance—1.4, 1.10, 2.3, 3.10, 4.4, 5.4, 5.10, 6.1, 7.

    ·        NAEYC Standards: Standard 4a, 4b, 4c, and 4d.

    ·        ACEI Standard: Standard 2.4

    ·        NCEE Standards: Standards 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20.

    ·        NCSS Standards: Standards 1.2, 1.7, 1.9, 1.10, 2.4.

    Assessment

    ·        Report/Observation Paper, Lesson/Demonstration, Field Experience Report.

  • Distinguish between fixed and variable costs in the short- and long-run; calculate and identify graphically short-run total, average, and marginal costs.
    MoSTEP
    1.2.1 The preservice teacher understands the central concepts, tools of inquiry and structures of the discipline(s) within the context of a global society and creates learning experiences that make these aspects of subject matter meaningful for students.
    1.2.1.1 knows the discipline applicable to the certification area(s) as defined by Subject Competencies for Beginning Teachers in Missouri;
    1.2.1.2 presents the subject matter in multiple ways;
    1.2.3.4 connects instruction to students' prior experiences and family, culture, and community.
    1.2.7.2 demonstrates sensitivity to cultural, gender, intellectual, and physical ability differences in classroom communication and in responses to students' communications;
    1.2.9.3 practices professional ethics.
    SPAs
     

    ·        NMSA/NCATE Standards: Knowledge—1.3,1.7, 2.5, 6.3, 6.4, 6.9, 7.3, 7.4, 7.5; Performance—1.4, 1.10, 2.3, 3.10, 4.4, 5.4, 5.10, 6.1, 7.

    ·        NAEYC Standards: Standard 4a, 4b, 4c, and 4d.

    ·        ACEI Standard: Standard 2.4

    ·        NCEE Standards: Standards 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20.

    ·        NCSS Standards: Standards 1.2, 1.7, 1.9, 1.10, 2.4.

    Assessment

    ·        Report/Observation Paper, Lesson/Demonstration, Field Experience Report.

     

  • 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.
    MoSTEP
    1.2.1 The preservice teacher understands the central concepts, tools of inquiry and structures of the discipline(s) within the context of a global society and creates learning experiences that make these aspects of subject matter meaningful for students.
    1.2.1.1 knows the discipline applicable to the certification area(s) as defined by Subject Competencies for Beginning Teachers in Missouri;
    1.2.1.2 presents the subject matter in multiple ways;
    1.2.3.4 connects instruction to students' prior experiences and family, culture, and community.
    1.2.7.1 models effective verbal/non-verbal communication skills;
    1.2.7.2 demonstrates sensitivity to cultural, gender, intellectual, and physical ability differences in classroom communication and in responses to students' communications;
    1.2.9.3 practices professional ethics.
    SPAs
     

    ·        NMSA/NCATE Standards: Knowledge—1.3,1.7, 2.5, 6.3, 6.4, 6.9, 7.3, 7.4, 7.5; Performance—1.4, 1.10, 2.3, 3.10, 4.4, 5.4, 5.10, 6.1, 7.

    ·        NAEYC Standards: Standard 4c

    ·        ACEI Standard: Standard 2.4

    ·        NCEE Standards: Standards 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20.

    ·        NCSS Standards: Standards 1.2, 1.7, 1.9, 1.10, 2.4.

    Assessment
    • Report/Observation Paper, Lesson/Demonstration, Field Experience Report.
  • 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.
  • 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.
  • Illustrate and explain the process through which exchange rates are determined, and identify the roles that comparative advantage and specialization play in world trade.

    MoStep Requirements 1.2.1.1 standards for EC142



    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:

    Core Assessment Final Exam, Weekly Threaded Discussion Responses, Drop-Box Homework Questions, In Class Presentations of Homework Questions, Participation in class and online, Attendance in class and online                                                                  

    Grading:
    Core Assessment Final Exam--------------------30%------150 points

    Weekly Threaded Discussions-------------------20%------100 points 
    Drop-box Homework Questions---------------- 20%------100 points
    In Class Presentation of Hmwork Questions-----20%-------100 points
    Participation in class and online-------------------5%--------25 points
    Attendance in class and online--------------------5%--------25 points
    Total Points-------------------------------------------------500
                                                                  

    NOTE

    Participation and attendance online and in ground based classes will require the student to submit by class due date the:
    (A) Drop-box Homework Question responses as a Word Document attachment into the drop-box basket and
    (B) Completion of the Weekly Threaded Discussion responses available under the Threaded Discussion Tab in the appropriate week’s side bar. Threaded responses are to be answered in the space provided below the questions list, not as an attachment.
     
    Late submission of Drop-box Homework Question responses and Weekly Threaded Discussion responses will result, at the discretion of the professor, an unexcused absence. Land based class meetings require the same submissions combined with the class presence of the student.                       
    Students are required to complete the online course survey(as made available through Pirate Mail in week six) and submit a copy of the survey completion statement with student name written in the upper right corner during the final exam class as one required element of the participation grade.
     
     

    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 submission of assigned work will result in a significant point reduction.  

    Classroom Rules of Conduct:

    Conduct that disrupts the learning environment, in the opinion of the instructor, will not be tolerated. Conduct should follow the policies of Park University

    Course Topic/Dates/Assignments:

    (WEEK ONE- Jan. 20) Before the first meeting students should:
    Download from the e-Companion course management system a hard copy and a file save copy of the course syllabus, Drop-box Homework Questions and, the Core Assessment Final Exam Study Guide. A hard copy of these items will be used in each class meeting. The Course Syllabus, with Drop Box Homework Questions, is available under "syllabus" in e-Companion. The Drop-Box Homework Questions are also available along with the Final Exam Study Guide under "Doc Sharing" in e-companion.
    (WEEK TWO ONLINE –Jan. 27) (A) Read Chapters 1and 2; (B) Respond to Week Two Threaded Discussion located in the Week Two tab under threaded discussion; (C) Submit answers to Week Two Drop Box Homework Questions, chapters 1 and 2, as a word doc attachment under the drop box tab. 
    (WEEK THREE ONLINE – Feb. 3) A) Read Chapters 3and 4; (B) Respond to Week Three Threaded Discussion located in the Week Three tab under threaded discussion; (C) Submit answers to Week Three Drop Box Homework Questions, chapters 3 and 4, as a word doc attachment under the drop box tab.
    WEEK FOUR ONLINE – Feb. 10) A) Read Chapters 6 and 7; (B) Respond to Week Four Threaded Discussion located in the Week Four tab under threaded discussion; (C) Submit answers to Week Four Drop Box Homework Questions, chapters 6 and 7, as a word doc attachment under the drop box tab.
    (WEEK FIVE – Feb. 17) A) Read Chapters 8 and 9; (B) Respond to Week Five Threaded Discussion located in the Week Five tab under threaded discussion; (C) Submit answers to Week Five Drop Box Homework Questions, chapters 8 and 9, as a word doc attachment under the drop box tab. Be prepared to group into teams to share in the presentation of Drop Box Homework Questions for chapters 1-4, 6-9. Professor will lecture and assist with question responses.
    (WEEK SIX ONLINE – Feb. 24) A) Read Chapter 12; (B) Respond to Week Six Threaded Discussion located in the Week Six tab under threaded discussion; (C) Submit answers to Week Six Drop Box Homework Questions, chapter 12 as a word doc attachment under the drop box tab. Review the Core Assessment Final Exam Study Guide available under doc share.
    (WEEK SEVEN – March 2) Class will review Core Assessment Final Exam Study Guide; teams will present responses to the study guide questions; the professor will provide support. 
    (WEEK EIGHT – March 9) Core Assessment Final Exam; Submission of online course survey completion page with student name written in upper right corner. END OF COURSE

    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:11/28/2011 9:32:50 PM