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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-1"
COURSE NAME: "Principles of Microeconomics "
SEMESTER & YEAR: Spring 2019
SYLLABUS

INSTRUCTOR: Yasmina Rim Limam
EMAIL: [email protected]
HOURS: TTH 10:00-11:15 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 the concept of opportunity cost, scarcity, equilibrium, and marginal analysis. These concepts represent the basic foundation for economic reasoning and a departure point for all subsequent economic analysis. Supply and demand, a central tool of microeconomic analysis, are explored with applications to a variety of issues, including price controls and taxation. 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
MicroeconomicsN. G. Mankiw and M. P. TaylorCengage 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:

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.


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

January 22nd

What is economics?

1

January 24th

Thinking like an economist

2

January 29th

The market forces of supply and demand

3

January 31st

The market forces of supply and demand

3

February 5th

Elasticity

3

February 7th

Elasticity

4

February 12th

Elasticity

4

February 14th

Review for midterm 1

1, 2, 3 and 4

February 19th

MIDTERM 1

1, 2, 3 and 4

February 21st

Consumer choice and the concept of utility

5

February 22nd  (Make-up day)

Consumer choice and the concept of utility

5

February 26th

Going over midterm 1

 

February 28th

Consumer choice and the concept of utility

5

March 5th

Costs and firms in PC

6

March 7th

Costs and firms in PC

6

March 11-15

SPRING BREAK

 

March 19th

Costs and firms in PC

6

March 21st

Review for midterm 2

5 and 6

March 26th

MIDTERM 2

5 and 6

March 28th

Going over midterm 2

 

April 2nd

Consumer, producer and the efficiency of markets

7

April 4th

Consumer, producer and the efficiency of markets

7

April 9th

Supply, demand and government policies

8

April 11th

Supply, demand and government policies

8

April 16th

Monopoly

14

April 18th

Monopoly

14

April 23rd

Oligopoly and introduction to game theory

16

April 25th

PUBLIC HOLIDAY (make-up Feb. 22nd)

 

April 30th

Oligopoly and introduction to game theory

16

May 2nd

General review

All