EC142 Principles of Microeconomics

for FA 2012

Printer Friendly

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.


EC 142 Principles of Microeconomics


FA 2012 HOA


Clark, Norman L. (Les)


Adjunct Instructor


B.S.,MBA, M.S., M.A.
PhD (Candidate)
NASD Series 7, 32, CFP

Office Hours

By Appointment Only

Daytime Phone


Other Phone



Semester Dates

Tuesday, August 21 - Tuesday, December 11, 2012

Class Days


Class Time

10:10 - 11:25 AM



Credit Hours



Authors: McConnell, Campbell; Brue, Stanley; Flynn, Sean
Edition: 19th Edition (19e)  (2012)
Publisher: McGraw-Hill Publishing Company
Type: Paperback
ISBN: 978-0-07-733773-5 
Textbook: Microeconomics - ISBN 9780077337735

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

It is highly recommended that the student establishes a internet browswer "Favorite" pointing to YahooFinance @ ; the Federal Reserve of St. Louis' Economic Data Base (FRED) @ ; and the Economagic "Most Frequently Requested Data Series" @

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

The Wall Street Journal @

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 Instructor will meet the educational objectives of this course as a practioner, scholar and facilitator. The instructor's educational philosophy emphasizes the acquisition of knowledge and skills that enables the student to visually relate to, translate and present theorectical economic (specifically microeconomic) concepts.

In conveying concepts the instructor will rely heavily on lecture, homework, discussion, and exams. Ultimately, the student will be challenged to use the concepts presented in the class to interpret market and business structures, as well as, to be able to assess the potential economic implications that might result from various policy approaches.

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:


Approx. % of Total Grade

Weekly Homework Assignments
{Best 8 of 9}
400 points
(50 Points Each)

31 %

Section Exams #1, 2, 3
{Best 2 of 3} *
400 points
(200 Points Each)

31 %

FINAL EXAM (Comprehensive)

400 Points

31 %

Attendance and Participation
(Instructor's Qualitative Assessment)

100 points

7 %





  100 %

All 3 Section Exams must be taken by the student. A minimum of 50% must be obtained on all three in order to have the lowest score dropped from the average; otherwise, the average of all 3 Exams will be used to determine this portion of the student’s grade. (A score of zero (0) will be recorded for any Exam not taken).


Letter Grades:

> 89.5 %


79.5 - 89.4 %


69.5 - 79.4 %


50 - 69.4 %


< 50 %


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/work will not be accepted unless a prior agreement was reached with the instructor (and will NEVER be given full credit under any circumstances).

Additionally, no
assigned work for the course will be accepted after the date scheduled for the final exam for the course.

Classroom Rules of Conduct:

Any classroom conduct that disrupts the learning environment in the opinion of the instructor, will not be tolerated.  
Any classroom conduct that disrupts the learning environment WILL not be tolerated.  Specific rules include:
  • Cell phones must be turned off.Recording devices can only be used with the instructor’s prior review/approval.
  • The use of laptop computers in the class room is discouraged, they will only be permitted with the instructor’s prior review/approval.
  • All other consumer electronic devices must be turned off and stowed.
You can see more about core rules of netiquette at If you have questions about any of these policies, please contact your instructor.

Course Topic/Dates/Assignments:


Aug. 21, 23
Chapters 1,2 [Course Overview; Limits, Alternatives and Choices; The Market System and The Circular Flow of Economic Activity] Homework1 (Chaps. 1,2) (Due: Tues., Aug. 28)
Aug. 28, 30
Chapter 3 [Demand, Supply and Market Equilibrium] Homework2 (Chap. 3) (Due: Tues., Sept. 4)
Sept. 4, 6
Chapter 4 [Concepts of Elasticity and Their Application]Homework3 (Chap. 4,5) (Due: Tues., Sept. 11)
Sept. 11
Chapters 4,5 [Elasticity (Continued); Market Failures, Public Goods and Externalities]                                                
Thurs., Sept. 13
Tues., Sept. 18
EXAM - Section #1 (Chapters 1 – 5)
Sept. 20
Chapter 6 [Consumer Behavior, Indifference Curves and The Demand Curve] Homework4 (Chap. 6,8) (Due: Thurs., Sept. 27)
Sept. 25, 27
Chapters 6,8 [Consumer Behavior, Indifference Curves, The Demand Curve, An Overview of Markets and Pure Competition ]
Tues., Oct. 2
Chapters 17,20 [Asymmetric Information, Voting, and Public Choice; Income Inequality and Poverty] Homework5 (Chap. 17,20) (Due: Thurs., Oct.4)
Thurs., Oct. 4
Tues., Oct. 9
Thurs., Oct. 11
EXAM - Section #2 (Chapters 6, 8, 17, 20)
Oct. 16, 18
Oct. 23, 25
Chapter 7 [Businesses, Profits, Short and Long Term Costs of Production] Homework6 (Chap. 7) (Due: Tues., Oct.30)
Oct. 30, Nov. 1
Chapters 8,9 [Pure Competition in the Short and Long Run] Homework7 (Chap. 8,9) (Due: Tues., Nov. 6)
Nov. 6, 8
Chapters 10,11 [Pure Monopolies, An Overview of Monopolistic Competition] Homework8 (Chap. 10,11) (Due: Thurs., Nov. 15)
Nov. 13
Chapter 11 [Monopolistic Competition and Oligopoly, Pricing Models]
Thurs., Nov. 15
Tues., Nov. 20
EXAM - Section #3 (Chapters 7, 8, 9, 10)
Thurs., Nov. 22
NO CLASS - Thanksgiving Holiday
Nov. 27, 29
Chapters 12,13,22,23 [Demand for Resources, Wage Determination, Immigration, International Trade, Trade Deficits and Currency Exchange Rates]Homework8 (Chap.12,13,22,23) (Due: Thurs., Dec. 6)
Dec. 4, 6
Tues., Dec. 11
FINAL EXAM (Comprehensive)

Note: Assignments, topics and examination dates in the above table are subject to change at the instructor's discretion.


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 95-96

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 95

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 98

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:

CONDITIONAL USE OF COURSE MATERIALS: By accessing and using any “materials” provided by the instructor, the student has agreed to the following terms: 1) the “Materials” are considered the property of the instructor (i.e. including, without limitation: text, data, graphs, photos, and video); 2) individuals accessing these “materials” may not modify, publish, transmit, display, participate in the transfer or sale, create derivative works, and/or in any way exploit the content, in whole or in part; 3) individuals accessing these “materials” may only download and use them for academic purposes; 4) except as otherwise expressly permitted, the copying, redistribution, retransmission, publication and/or commercial exploitation of downloaded material will be permitted only with the express written permission of the instructor (N. Les Clark); 5) by accessing and using the information provided by the instructor via internet, individuals accessing these “materials” have expressly agreed that the access and use of this information is “at the individual’s sole risk”. The instructor in no way warrants that the “host site” will be uninterrupted or error free; nor does the instructor make any expressed or implied warranties as to the accuracy of information/data provided via these “materials”; and finally, 6) the instructor assumes no responsibility, and shall not be liable for, any damages to student computer equipment, electronic data or other property resulting from the access to, use of, browsing and/or the downloading of any of these “materials”.


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)



This material is protected by copyright and can not be reused without author permission.

Last Updated:8/5/2012 2:17:52 PM