You will learn how to use and apply economic tools analytically and rigorously. You will learn how to analyze an economic issue with analytical precision. Emphasis will be placed on the fundamental tools of demand and supply. These tools will be employed not only to understand current economic outcomes, but also to predict future economic effects of current shocks to the economy. 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.
GRADING POLICY
ASSESSMENT METHOD:
There will be three exams: midterm 1, midterm 2, and the final exam. I will ask very few multiple-choice questions and mostly open-ended and numerical problems (including questions in which you have to prove formally specific simple claims). I may ask theory questions as well to give you a strong incentive to study and understand the material in the book.
Midterm 1 will carry the weight of 25%, midterm 2 will carry the weight of 35%, and the final exam will carry the weight of 40%. Each exam will be out of 100 points (i.e., each exam is worth 100 points). Thus, the maximum attainable score in this course is 100. The actual score you obtain (which is a number) will be the weighted average of the points earned on each exam (midterm 1, midterm 2, and the final exam).
The end-of-course letter grade (i.e., A, A-, B+, B, B-, C+, C, C- etc.) will then be determined according to the grading scale below. See the numerical example below that further illustrates my grading policy.
Grading scale:
93-100: A
90-92.99: A-
86-89.99: B+
83-85.99: B
80-82.99: B-
75-79.99: C+
70-74.99: C
65-69.99: C-
60-64.99: D+
55-59.99: D
50-54.99: D-
Below 50: F
Example: Suppose you obtain 40 points (out of 100) on midterm 1, 70 points (out of 100) on midterm 2, and 90 points (out of 100) on the final exam. Then, your score is equal to: 40×0.25 +70×0.35 +90×0.40=70.5. Hence, according to the above grading scale you will get C.
EXTRA-CREDIT TESTS/QUIZZES: To incentivate students’ participation and engagement be advised that I may give the opportunity to gain extra credits by solving practice problems at the blackboard during classes.