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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-2"
COURSE NAME: "Principles of Microeconomics "
SEMESTER & YEAR: Fall 2017
SYLLABUS

INSTRUCTOR: Emanuele Brancati
EMAIL: [email protected]
HOURS: TTH 4:30-5:45 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS: Anytime before and after the lecture, or by appointment via email

COURSE DESCRIPTION:
This course introduces the students to the basic principles of microeconomics and the study of the behavior of individual agents, such as consumers and producers. The first part of the course reviews the determinants of supply and demand, the characteristics of market equilibrium, the concept of social welfare, and the consequences of price controls, taxation, and externalities on social welfare. The second part of the course deals with market theory, with a review of cost concepts and market structures: competition, monopoly, oligopoly, and imperfect competition.
SUMMARY OF COURSE CONTENT:
Microeconomics focuses on the analysis of economic phenomena from the perspective of consumers and firms. The course will focus on price and quantity determination in the marketplace. We will examine how customers and producers with opposite interests jointly contribute to the definition of the equilibrium, and we will provide some valuations on the efficiency of the allocation among people. Moreover, we will discuss about market failures and the possibility of government interventions. Finally, we will study firms’ behavior by analyzing their cost structure and production technology, and by comparing different market structures (perfect competition, monopoly, and oligopoly). 
LEARNING OUTCOMES:
Students will learn how to use and apply economic tools analytically. In particular, the fundamental tools of demand and supply. They will be employed not only to understand current economic outcomes, but also to predict future economic effects of current shocks to the economy. Students will learn how to analyze an economic issue rigorously and with analytical precision.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
Principles of Microeconomics (International edition, 6th edition)N. Gregory MankiwSouth-Western Cengage Learning ISBN-13: 978-0-538-45336-3; ISBN-10: 0-538-45336-2  
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Midterm exam 1The exam will be worth 100 points. It will cover all the material taught up until a week before the exam day. Multiple-choice questions and also open-ended questions. Regardless of the format, the questions will be analytical.20%
Midterm exam 2The exam will be worth 100 points. It will cover all the material taught from Midterm exam 1 onward. Multiple-choice questions and also open-ended questions. Regardless of the format, the questions will be analytical.30%
Final examThe exam will be worth 100 points. It will be cumulative, that is it will be about all the material covered throughout the course. Multiple-choice questions and also open-ended questions. Regardless of the format, the questions will be analytical.50%

-ASSESSMENT CRITERIA:
AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
DThis level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail.
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.

-ATTENDANCE REQUIREMENTS:
Attendance is strongly recommended and very beneficial to the students. Later on I will post on MYJCU and circulate a much more detailed syllabus with the exact exam dates. In general, there will be no make-up for missed exams. If, for any compelling reason, a student happens to miss a midterm exam, I would like that student to notify me ahead of time (if possible) and I would ask that student to provide me with a formal justification for the absence. If I deem the justification is legitimate and deserves attention, then I would let the student take a make-up exam. Note: Specific policies for the final exam are put in place by the School and I shall comply with them.
ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic dishonesty will receive a failing grade on the work in which the dishonesty occurred. In addition, acts of academic dishonesty, irrespective of the weight of the assignment, may result in the student receiving a failing grade in the course. Instances of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice for academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will then make a recommendation to the President, who will make the final decision.
STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap. Students with approved accommodations must inform their professors at the beginning of the term. Please see the website for the complete policy.

SCHEDULE

Weeks                         Topics     Reading   
  Assignment
               Exam Dates and topics covered

 

          HOW MARKETS WORK:

 

 

Weeks 1 and 2

        The market forces of supply and demand

     Chapter 4

 

 

 

 

 

Week 3

        Supply, demand, and government policies 

     Chapter 6

 

 

 

 

 

 

        MARKETS AND WELFARE:

 

 

Weeks 3-6

       Consumers, producers, and the efficiency of  markets

     Chapter 7

 

Week 6

       The costs of taxation

     Chapter 8

                  Midterm 1. Date: TBA

 

 

 

 

 

   THE ECONOMICS OF THE  PUBLIC SECTOR:

 

 

Week 7

      Externalities

   Chapter 10

 

Week 7

      Public goods and common resources

   Chapter 11

 

 Week 8

      Theory of customers' choice 

   Chapter 21

 

 

      FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY:

 

 

Week 9

      The costs of production

   Chapter 13

 

Week 10

      Firms in competitive markets

   Chapter 14

 

 

 

 

 

Week 11

      Monopoly

   Chapter 15

               Midterm 2. Date: TBA

 

 

 

 

Weeks 12-13-14

      Oligopoly and basic introduction to Game Theory

   Chapter 17

 

Week 14

      Review for final exam

 

 

 

 

 

   Final exam (comprehensive, that is cumulative.): see the  university schedule for date and time.