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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-9"
COURSE NAME: "Principles of Microeconomics "
SEMESTER & YEAR: Fall 2018
SYLLABUS

INSTRUCTOR: Yasmina Rim Limam
EMAIL: [email protected]
HOURS: TTH 8:30AM - 9:45 AM
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:
The course starts with an introduction to main economic concepts such as opportunity cost, scarcity, equilibrium and marginal analysis.  These concepts represent the basic foundation for economic reasoning and the departure point for all subsequent economic analysis. Supply and demand, a central tool for microeconomic analysis, are explored with applications to a variety of issues, including price controls, taxation and environmental policy. The various causes of market failure are assessed with consideration to public policies. The course presents a detailed analysis of consumer and producer theory and the notion of surplus. The costs of production are analyzed and related to decision making concepts such as profit, the supply curve and the shut down point. The last part of the course discusses different market structures and their effect on efficiency.
LEARNING OUTCOMES:

On the successful completion of the course, students will be able to:

- Interpret graphs, charts and tables and use them to illustrate basic economic concepts.

- Understand interactions between economic variables. 

- Explain how competitive markets organize the allocation of scarce resources and the distribution of goods and services.

- Explain the consequences of price controls.

- Distinguish between various forms of market failure and explain how governments might need to intervene.

- Distinguish between different types of market structures and compare their efficiency.

- Understand costs of productions.

- Communicate their knowledge and provide a logic and coherent explanation of an economic phenomena.

- Relate basic economic theory to current issues.

 

TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
Microeconomics 3rd edition, 2014Gregory N. Mankiw and Mark Taylor Cengage Learning978-1473725393  
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
First midterm examThe first midterm exam is a mixture of multiple choice and open-ended questions and covers material up to the week prior to the exam. All questions will be analytical requiring a well thought-out answer.20
Second midterm examThe second midterm exam is a mixture of multiple choice and open-ended questions and covers material from where the first midterm ends up to the week prior to the second midterm.20
Class participationIncludes in class discussions and interaction.15
Final examThe final exam is cumulative. It is a mixture of multiple choice and open-ended questions and covers material up to the last week of classes.45

-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



If you miss no more than four lectures, your lowest midterm grade will be dropped and only one midterm will count for 40% of your final grade. Attendance also counts indirectly through class participation.



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. The final exam period runs until ____________

 

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

 

Date

-                      Topic

Book Chapter

Tue- Sept. 4th

Scarcity, choice and opportunity cost

1 and 2

Thu- Sept 6th

Scarcity, choice and opportunity cost

1 and 2

Tue- Sept. 11th

The market forces for supply and demand

3

Thu- Sept 13th

The market forces for supply and demand

3

Tue- Sept. 18th

Elasticity

4

Thu- Sept. 20th

Consumer choice and the concept of utility

5

Fri- Sept. 21st (make up for Thu Nov. 1st)

Consumer choice and the concept of utility

5

Tue- Sept. 25th

Consumer choice and review

5

Thu- Sept. 27nd

Producer theory, cost curves and firms in perfect competition

6

Tue- Oct. 2nd

Midterm 1

1, 2, 3, 4

Thu- Oct. 4th

Producer theory, cost curves and firms in perfect competition

6

Tue- Oct 9th

Markets and efficiency

7

Thu-Oct 11th

Markets and efficiency

7

Tue- Oct 16th

Government policies

8

Thu- Oct 18th

The economics of the public sector

9

Tue. Oct. 23rd

Public goods

10

Thu- Oct 25th

Market failure and externalities

11

Tue- Oct. 30th

Market failure and externalities and review

11

Thu- Nov. 1st

No classes

 

Tue- Nov. 6th

Information and behavioural economics

12

Thu- Nov. 8th

Production decisions

13

Fri- Nov. 9th (make up for Thu- Nov. 22nd)

Monopoly and review

14

Tue- Nov 13th

Midterm 2

6, 7, 8, 9, 10, 11, 12

Thu- Nov 15th

Monopoly

14

Tue- Nov 20th

Monopolistic competition

15

Thu- Nov 22nd

No classes

 

Tue- Nov. 27th

Oligopoly

16

Thu- Nov. 29th

Factor markets

17

Tue- Dec. 4th

Gains from trade

19

Thu- Dec. 6th

Review