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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-6"
COURSE NAME: "Principles of Microeconomics "
SEMESTER & YEAR: Fall 2017
SYLLABUS

INSTRUCTOR: Rami Sabella
EMAIL: [email protected]
HOURS: TTH 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:

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:
- link economic theory and facts;
- 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
First hour examA 60 min exam covering chapters 1-620%
Second hour examA 60 min exam covering chapters 7-1030%
Final examComprehensive exam50%

-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 REQUIREMENTS AND EXAMINATION POLICY

Participation: participation is highly encouraged, being a critical component in mastering the material at hand.

Classroom Conduct: Students are expected to demonstrate classroom etiquette through:
-Attendance: Students are expected to attend every class throughout the term;
-Punctuality: Students are expected to arrive for class ON TIME;
-Disruptive Behavior: Students should refrain from distracting behavior such as holding side conversations, disruptive eating, using cell phones.

Reading & Preparing: students are expected to read the assigned material to enrich the discussion and better achieve the objectives of the course.

Assignments: students are expected to submit their papers before deadlines; late paper will not be accepted under any circumstances, these circumstances include printer equipment failures, network downtime, failure of the personal computer’s hard-drive, paper shortages…etc.

You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed.
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

SessionSession FocusReading AssignmentOther AssignmentMeeting Place/Exam Dates
Week 1General Introduction to economics as a social scienceChapter 1 19 OCT
Week 2General introduction to economics as a social scienceChapter 2 19 OCT
Week 3Market forces: supply and demandChapter 3 19 OCT
Week 4Elasticity and its applicationsChapter 4 19 OCT
Week 5The theory of consumer choiceChpater 5 19 OCT
Week 6Firms in competitive markets: production and costChapter 6 19 OCT
Week 7Consumers, producers and the effeciency of marketsChapter 7 16 NOV
Week 8Supply, demand and government policiesChapter 8 16 NOV
Week 9The tax system and the costs of taxationChapter 9 16 NOV
Week 10Public goods, common resources and merit goodsChapter 10 16 NOV
Week 11Externalities and market failureChapter 11 4-7 DEC
Week 12Information, behavoural economics and firms' production decisionsChapter 12 and 13 4-7 DEC
Week 13Monopoly and monopolistic competitionChapter 14 and 15 4-7 DEC
Week 14OligopolyChapter 16 4-7 DEC