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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-1"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Spring 2023
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SYLLABUS
INSTRUCTOR:
Marco Biagetti
EMAIL: [email protected]
HOURS:
TTH 8:30 AM 9:45 AM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
Only by appointment
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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:
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. Basic concepts of International Economics will also be briefly introduced.
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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.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Principles of Microeconomics (Eighth Edition) | Gregory Mankiw | Cengage Learning | 13: 978-1-305-97149-3 10: 1-305-97149-3 | | | Ebook | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| First midterm exam | The exam will be worth 100 points (i.e. maximum is 15 for this part). 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. | 15 |
| Second midterm exam | The exam will be worth 100 points (i.e. maximum is 30). 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 |
| Class participation | Includes in class discussions and interaction. | 10 |
| 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. | 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 analytical skills, and 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 a competent level of performance and directly addresses the question or problem raised. There is a demonstration of some analytical skills and ability to critically evaluate theory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture and reference 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 subject matter. Most of the material in the answer is irrelevant.
-ATTENDANCE REQUIREMENTS:
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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
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Topics
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Reading
Assignment
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Exams dates and topics covered (see below)
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HOW MARKETS WORK:
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1
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Production Possibility Frontier, opportunity costs, absolute and relative advantage. Elements of International trade
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Relevant chapters in the textbook
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2
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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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3-4
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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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4-5
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Consumers, producers, and the efficiency of markets
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Relevant chapters in the textbook
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5-6
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The costs of taxation
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Relevant chapters in the textbook
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THE ECONOMICS OF PUBLICSECTOR:
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6-7
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Externalities
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Relevant chapters in the textbook
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7-8
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Public goods and common resources
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Relevant chapters in the textbook
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8-9
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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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9-10
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The costs of production
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Relevant chapters in the textbook
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10-11
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Firms in competitive markets
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Relevant chapters in the textbook
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11-12
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Monopoly
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Relevant chapters in the textbook
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12-13
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Monopolistic competition
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Relevant chapters in the textbook
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12-13
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Oligopoly
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Relevant chapters in the textbook
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OTHER TOPICS
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13-14
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Market of factors of production
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Relevant chapters in the textbook
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13-14
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Topics on income inequality
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Relevant chapters in the textbook
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(If time allows)
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