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EC 142 Principles of Microeconomics
Manchester, Lloyd C.


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

U1HH 2012 PA

Faculty

Manchester, Lloyd C.

Title

Senior Instructor/Adjunct Faculty

Degrees/Certificates

BS Secondary Education:   SUNY Oswego
MS Computer Information Systems:  Texas A&M
MBA:  Boston University

Office Location

Assigned Classroom - Before and after class.

Office Hours

By Appointment

Daytime Phone

937.845.7330

E-Mail

Lloyd.Manchester@park.edu

Semester Dates

4 Jun - 29 Jul 2012

Class Days

--T----

Class Time

5:30 - 10:30 PM

Prerequisites

None

Credit Hours

3


Textbook:

McConnell, Brue and Flynn, Microeconomics, Brief Edition, McGraw-Hill, Copyright 2012.    Paperback.

ISBN:  978-0-07741620-1

No other editions of the McConnell text are appropriate for this course.    Please use the ISBN provided and address any questions to the instructor.  Be sure to obtain the BRIEF edition of the text.

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.
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 major focus 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:

This instructor’s educational philosophy is one of interactiveness based on lectures, readings, case studies and examinations. The instructor will engage each student in disputatious learning to encourage the lively exploration of ideas, issues and contradictions in the field of micro economics.

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:

 Two Quizzes (Total 10%)

 100 Points

 Mid-Term Exam (40%)

 400 Points

 Final Exam (40%)

 400 Points

 Class Contribution (10%)

 100 Points

Grading:

 900 - 1000 Points

 A

 800 -  899 Points

 B

 700 -  799 Points

 C

 600 -  699 Points

 D

   < 600 Points

 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:

Assignments handed in up to one week late will received a 10% reduction in grade.    Assignments handed in after one week will receive no credit.

Classroom Rules of Conduct:

Faculty members are expected to dismiss from their classrooms students whose behavior is detrimental to good order in the classroom. Such behavior includes, but is not limited to, the use of abusive or obscene language, attending the class under influence of drugs or alcohol, etc. Students who are dismissed from class may be given failing grades, suspension, or expulsion from Park University. Students whose behavior, either verbal or written, is detrimental to the good order of Park University may be subject to disciplinary action ranging from suspension to expulsion from Park University. Students who exhibit abusive or obscene language or behavior toward administrative personnel or support staff are also subject to suspension or expulsion from Park University.

Course Topic/Dates/Assignments:

 Week #

 Date

 Topics

        1

    5 Jun

Chapter 1 and Appendix

        2

  12 Jun

Chapters 2 & 3

       3

  19 Jun 

Chapters 4 & 5

       4

  26 Jun 

Mid Term

      5

     3 Jul 

Chapters 6 & 7

      6

    10 Jul 

Chapters 8 & 9

      7

    17 Jul 

Chapters 10 & 11

     8

    24 Jul

Final Exam

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 .

Additional Information:
Students should come to class prepared to create graphs.   To this end the student should equip him/herself with graph paper, a straight edge, and a pencil.



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:4/2/2012 8:55:46 PM