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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-4"
COURSE NAME: "Principles of Microeconomics "
SEMESTER & YEAR: Fall 2017
SYLLABUS

INSTRUCTOR: Adrian Stoian
EMAIL: [email protected]
HOURS: MW 3:00-4:15 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS: before or after class or by appointment

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 “single agents”, consumers and firms. The course will highlight how consumers and producers together determine the prices and quantities of goods available in the marketplace.  A special emphasis will be placed on the underlying incentives of consumers to buy products and of firms to produce commodities and services. The course will cover the basic concepts and tools needed to undertake the analysis of those issues that arise from scarcity of resources. The course will also discuss how well the markets perform in allocating goods and services among people, and scarce resources among competing uses. Topics that will be covered include the determinants of demand and supply, market equilibrium, the concept of efficiency, the issue of market failures and government intervention and regulation as well as the study of the cost structure of a typical firm, and its behavior in the marketplace.
LEARNING OUTCOMES:

The purpose of this course is to equip students with an economic way of thinking that is valuable for any career students may elect to pursue. Students will learn how to use and apply economic tools analytically and rigorously. Students will be able to:

- use basic economic tools when making decisions and interpreting facts and events;

- critically assess the economic consequences of an economic policy or business strategy.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
MicroeconomicsN. Gregory Mankiw and Mark P. TaylorCengage Learning9781408081983  
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Midterm I 18
Midterm II 34
Final Exam 48

-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:

Although attendance does not count directly towards the grade, it is very difficult to do well in class if students miss classes or fall behind in terms of studying.

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

Textbook Assignment

Weeks 1 and 2

Introduction

Chapters 1 and 2

Weeks 2-6

Supply and Demand

Chapters 3-6

Week 4

Review for Midterm 1. Midterm 1

 

Weeks 7 and 8

Markets, Efficiency and Welfare

Chapters 7 and 8

Week  8

Review for Midterm 2. Midterm 2

 

Weeks 9 and 10

The Economics of the Public Sector

Chapter 9

Week 10

Public Goods

Chapter 10

Weeks 11 and 12

Externalities, Information and Behavioral Economics

Chapters 11 and 12

Weeks 12 - 14

Firm Behavior and Market Structures

Chapters 13-16

Week 14

Review for Final Exam