EC142 Principles of Microeconomics

for SP 2012

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EC 142 Principles of Microeconomics


SP 2012 HOA


Foertsch, Andrew


Adjunct Faculty

Office Hours

By appointment only


Class Days


Class Time

10:00 - 10:50 AM; 11:00-11:50 AM

Credit Hours


Economics, by McConnel, Bruce and Flynn, 19th Edition, McGraw-Hill.

ISBN: 0073511447

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:
Upon successful completion of this course, the student should be able to demonstrate in writing and through graphical analysis, an understanding of the meaning and relevance of basic economic terms and concepts including opportunity costs, positive and normative economics, comparative advantage, marginal analysis, efficiency and market failure.

Though a course such as this is best suited to a lecture format, all students are highly encouraged to ask questions and participate.  There is a distinct possibility that, while lecturing, I may use a piece of economic jargon that you may not understand.  If this is the case, please raise your hand and ask for clarification as to what the word/term means.  Additionally, if you are prepared for class but something I say is confusing, please do not hesitate to let me know.  I will resist, however, slowing down class for those that are unprepared.  Please make sure to read about all topics prior to the class in which the topic is presented.
Tests will only cover materials presented in class (i.e. I won't ask a question expecting you to remember a specific article from the text).  The text should be used to prepare you for an upcoming lecture (if the material is already familiar with you, the lecture will be easier to follow), clarify any confusing points after the lecture (if something is unclear to you, go back and reread the material covered) and study for tests.

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:
Exams: Exams will consist of matching, multiple choice, graphing and short answer questions (interpretation and analysis).  All extra credit will be offered in the form of short answer as well.  It is important to be familiar with, and be able to use, all graphs presented in class as these will be crucial to successful test taking; if the first time you draw a graph without the book or without watching me do it first is during an exam, you may be in trouble.  The final exam will be cumulative.

Homework: There will be 3 homework assignments throughout the course of the semester.  These must be your own work, copying answers from another student is cheating and will not be tolerated.

Paper: There will be a short (2-3 page) paper due this semester.  Topic and due dates will be discussed later in the term.

Extra Credit: Writing a 2-3 page paper analyzing a newspaper or magazine article, approved by me, can replace your lowest homework score.  Additionally, the opportunity to earn extra credit points will be offered on the first three exams (not the final).

Test 1:                             100 pts

Test 2:                             100 pts
Test 3:                             100 pts
Final:                               200 pts
Homework (3 @ 25 pts):  75 pts
Paper:                                75 pts
Participation:                     50 pts
TOTAL:                         700 pts

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:
Homework and papers submitted late will not be accepted and the student will receive a 0 for the assignment.
Additionally, in the absence of extreme circumstances, tests will not be offered at any other time than designated in this syllabus, this includes the final--please make all end of the semester travel plans accordingly.

Classroom Rules of Conduct:
1. Cheating is unacceptable and will not be tolerated.

2. Class begins promptly (10:00 and 11:00, respectively)
3. After class has begun, please remain seated for the entire period.
4. Do not read newspapers, do crossword puzzles, have conversations with fellow students, etc., during class.
5. Refrain from using all calculators, cell phones, iPods, or other electronic devices during class.
6. Attendance will be taken every class period.  Not only is it Park University policy, but, in a class like this, there is also a direct correlation between your class attendance and receiving a better grade.

Course Topic/Dates/Assignments:
Test 1: Friday, February 17th

Test 2: Friday, March 9th
Test 3: Friday, April 13th
Monday, May 7th 10:15-12:15 (10:00-10:50)
Wednesday, May 9th 10:15-12:15 (11:00-11:50)

Other important dates:
16 Jan-First day of classes; No class (Martin Luther King Day)
23 Jan-Last Day to drop
20 Feb-No class (Presidents Day)
12 Mar through 16 Mar-No class (Spring Break)
23 Mar-Last day to withdraw
6 April-No class (Good Friday)
11 May-Last day of classes

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 2011-2012 Undergraduate Catalog Page 93

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: .

Additional Information:
Tentative course outline:


Chapter 3: Supply and Demand

Chapter 4: Elasticity

Chapter 6: Consumer Behavior

Chapter 7: Costs of Production

Chapter 8: Pure Competition in the Short Run

Chapter 9: Pure Competition in the Long Run

Chapter 10: Monopoly

Chapter 11: Monopolistic Competition and Oligopoly

Technology and Efficiency

Chapter 18: Antitrust and Regulation


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:1/13/2012 8:38:54 AM