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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-1"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Fall 2020
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SYLLABUS
INSTRUCTOR:
Francesco Ruscitti
EMAIL: [email protected]
HOURS:
TTH 1:30-2:50 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 and by appointment. To schedule an appointment, just approach me or send me an email ahead of time.
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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.
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SUMMARY OF COURSE CONTENT:
Note: This is just a preliminary draft of the syllabus. At the start of the semester I will post and hand out in class the official syllabus (spelling out all of my policies, examination dates etc.) that will be much more detailed than the present draft.
Note: Be advised that the approach to the subject matter is basic yet theoretical and abstract. Hence, you may struggle if you do not feel comfortable with abstract reasoning, elementary algebra, geometric analysis and abstract models.
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).
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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.
Referring to the learning outcomes (LOS) of the major in Economics and Finance (that are posted on the JCU website), upon successful completion of this course, you will:
LOS 1: Develop a solid understanding of and knowledge base in microeconomics.
LOS 2: Develop critical-thinking skills and learn to apply microeconomic analysis to understand economic events and everyday problems.
LOS 6: Master solid communication skills that enable you to formulate a well-organized argument and communicate effectively in written and graphical form about specific economic and financial issues.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Microeconomics (3rd revised edition, 2014). | N. Gregory Mankiw and Mark P. Taylor | Cengage Learning | ISBN: 1408081989; ISBN 13: 9781408081983 | | | | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Midterm exam 1 | The 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 in nature. | 20% |
| Midterm exam 2 | The 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 in nature. | 30% |
| Final exam | The 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 in nature. | 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. 93-100:A. 90-92.99:A-
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. 86-89.99:B+ 83-85.99:B. 80-82.99:B-
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. 75-79.99:C+. 70-74.99:C. 65-69.99:C-
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. 60-64.99:D+. 55-59.99:D.50-54.99:D-
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. Below 50:F
-ATTENDANCE REQUIREMENTS:
Microeconomics is an abstract and theoretical subject that can prove challenging. Moreover, I tend to deviate from the textbook’s treatment of the subject matter and I also do problems and proofs in class that I might put on the exams. Therefore, taking notes in class is necessary. Attendance is basically indispensable. If you miss my lectures, you get really lost and that would severely undermine your performance. Hence, regular attendance is STRONGLY ENCOURAGED. Later on I will post and circulate a much more detailed syllabus with the exact exam dates.
POLICIES ON ABSENCES: There are no make-up for missed midterm exams. If you happen to miss a midterm exam for a compelling reason (e.g., you are sick), I want you to notify me ahead of time (if possible) and I would surely ask you to provide me with a formal justification for your absence (e.g., a doctor’s note). You have to prove your claim about the cause of your absence. If I deem the justification is formal, valid and merits consideration, then I would let you take a make-up exam.
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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.
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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.
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SCHEDULE
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| Weeks |
Topics |
Reading
Assignment |
Exam Dates and topics covered (TBA) |
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HOW MARKETS WORK:
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Weeks 1, 2 and 3
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Theory of consumer choice and the market forces of supply and demand
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Relevant chapters in the textbook
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Week 4
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Supply, demand, and government policies
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Relevant chapters in the textbook
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MARKETS AND WELFARE:
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Weeks 4-6
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Consumers, producers, and the efficiency of markets
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Relevant chapters in the textbook
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Week 6
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The costs of taxation
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Relevant chapters in the textbook
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THE ECONOMICS OF THE PUBLIC SECTOR:
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Week 7
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Externalities
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Relevant chapters in the textbook
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Week 7
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Public goods and common resources
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Relevant chapters in the textbook
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Week 8
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The costs of production
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Relevant chapters in the textbook
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FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY:
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Week 9
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The costs of production
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Relevant chapters in the textbook
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Week 10
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Firms in competitive markets
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Relevant chapters in the textbook
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Week 11
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Monopoly
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Relevant chapters in the textbook
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Weeks 12-13-14
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Oligopoly and basic introduction to Game Theory
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Relevant chapters in the textbook
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Final exam (comprehensive, that is cumulative.): see the final exam schedule for date, time and classroom.
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