EC142 Principles of Microeconomics

for F2B 2012

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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


F2B 2012 BL


Greene, Barry E.


Adjunct Faculty


MA Education; Curriculum and Instruction, University of Phoenix
MA Management and Leadership, Webster University
BS Human Resource Management, Park University

Office Location

Fort Bliss, Texas

Office Hours

30 Minutes prior to and after class

Daytime Phone

(915) 383-6001


Semester Dates

10/22/12 - 12/16/12

Class Days


Class Time

7:40 - 10:10 PM

Credit Hours



Microeconomics, Brief Edition
Required • Edition: 2010 • Mcconnell, Campbell R.
ISBN: 978-0-07-741620-1 2nd Edition

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 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:
The facilitator’s educational philosophy is one based on interactive classroom participation coupled with lectures, readings, and examinations. The facilitator will interact with each learner in efforts to ensure that each student is engaged in the learning process and fully understands the information being facilitated. An educational environment will be created through exchanging of information and ideas from all participants.  

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.

  Instructor Learning Outcomes
  1. Understand graphs, curves, and slopes as they apply to economics.
  2. Explain how changes in supply and demand affect equilibrium prices and quantities.
  3. List the characteristics of pure monopoly and identify barriers to entering into monopolies.
  4. Discuss the extent and sources of income inequality.
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:
Grades will be based on 3 quizzes, 1 in class open book Midterm, and 1 in class, closed book and close notes Final exam, classroom participation, and an economics activity and presentation. The Economics Activity will be based on Pure Monopoly. Students will identify a pure monopoly and will present information on the discoveries researched and identify the monopoly, the type of company, products or services it produces, government regulations and monitoring affecting the monopoly, financial information of the company, barriers to entry for competitors, and identify patents or licenses is secures. This activity will be completed as a group project as a small group activity and will be presented as a power point presentation during week 6.      

Grading: Will be based on a 1000 point system

Grades will be based on a Midterm exam, a Final exam, 3 quizzes, Participation, and an Economics Activity

Midterm Exam             20%                            200pts

Final Exam                  30%                            300pts

Quizzes:                     30% (3 x 100pts)         300pts

Participation               10%                            100pts
Economics Activity      10%                            100pts 
TOTAL:                     100%                          1000pts
At the end of the course, your accumulated points will be converted to grades based on the following point scale:

900 - 1000 = A

800 - 899   = B

700 - 799   = C

600 - 699   = 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:
Late Submission of Course Materials:

Missed Examinations: Make-up examinations will not be given unless prior arrangements have been made with the instructor.

Classroom Rules of Conduct:
It is my assumption that every student is enrolled in this class to learn. All students are expected to attend all classes and to be on time ready to actively participate in discussion of current topics. Students are expected to be present for the entire  scheduled time period. Dismissing yourself from class early without making arrangement with the instructor is not acceptable and will be considered an unexcused absence. If an absence is expected it is the students responsibility to make contact with the instructor via phone or e-mail. Texting is not an acceptable form of communication for attendance. During class all cell phones will be placed in a vibrate mode as not to disrupt the learning environment of the other students. If a call needs to be made or received please exit the classroom and conduct your business as quietly as possible. This includes no texting. Any conduct deemed unprofessional or not in compliance with a positive learning environment may result in the student being asked to exit the classroom and will be reported to the appropriate Park University faculty.   

Course Topic/Dates/Assignments:

Course Topic/Dates/Assignments:





Introduction; Chapter 1, Limits, Alternatives, and Choices

Chapter 1


Demand, Supply and Market Equilibrium

Chapter 3


Demand, Supply and Market Equilibrium / Quiz 1

Chapter 3


Businesses and their costs

Chapter 6


Businesses and their costs / Quiz 2

Chapter 6


Pure Competition

Chapter 7


Review for Midterm Exam


Midterm Exam

Chapters 1, 3, 6, 7


Pure Monopoly

Chapter 8


Monopolistic Competition and Oligopoly

Chapter 9


Wage Determination / Quiz 3

Chapter 10


Wage Determination/ Economics Activity

Chapter 10/11


Income Inequality and Poverty  

Chapter 11


Review for final Exam



Final Exam

Chapters 8,9,10,11


Review of class and discussion on economics

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: .


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:9/13/2012 1:09:13 PM