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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-2"
COURSE NAME: "Principles of Microeconomics "
SEMESTER & YEAR: Spring 2021
SYLLABUS

INSTRUCTOR: Yasmina Rim Limam
EMAIL: [email protected]
HOURS: TTH 10:00 AM 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.

- 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:
NONE
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:



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

 

-          DETAILED COURSE OUTLINE

-           

Day

Topic

Chapters

Lecture 1

Introduction

 

Lecture 2

What is Economics?

1

Lecture 3

The market forces of demand and supply

3

Lecture 4

The market forces of demand and supply

3

Lecture 5

Elasticity of demand

4

Lecture 6

Elasticity of demand

4

Lecture 7

Elasticity of supply.

4

Lecture 8

Review for Midterm 1

 

Lecture 9

Midterm 1

Ch. 1, 3, 4

Lecture 10

Going over midterm 1

 

Lecture 11

Consumer choice and the concept of utility

Ch. 5

Lecture 12

Consumer choice and the concept of utility

Ch. 5

Lecture 13

Consumer choice and the concept of utility

Ch. 5

Lecture 14

Cost curves

Ch. 6 (S.1)

Lecture 15

Cost curves

Ch. 6 (S. 1)

Lecture 16

Firms in perfect competition

Ch. 6 (S. 2)

Lecture 17

Firms in perfect competition

Ch. 6 (S. 2)

Lecture 18

Review for midterm 2

 

Lecture 19

Midterm 2

Ch. 5, 6

Lecture 20

Going over midterm 2

 

Lecture 21

Consumers, producers and efficiency of markets

Ch. 7

Lecture 22

Consumers, producers and efficiency of markets

Ch. 7

Lecture 23

Supply, demand and government policies

Ch. 8

Lecture 24

Monopoly

Ch. 14

Lecture 25

Monopoly

Ch. 14

Lecture 26

Monopolistic competition

Ch. 15



 

Lecture 27

Monopolistic competition

Ch. 15

Lecture 28

Review

All

This  course outline is not final and may be subject to change.