|
|
JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-4"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Spring 2024
|
SYLLABUS
INSTRUCTOR:
Marco Biagetti
EMAIL: [email protected]
HOURS:
MW 6:00 PM 7:15 PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
|
|
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:
HOW MARKETS WORK:
Production Possibility Frontier, opportunity costs, absolute and relative advantage. Elements of International trade
Theory of consumer choice and the market forces of supply and demand
Basic applications to International Trade
Supply, demand, and government policies
MARKETS AND WELFARE:
Consumers, producers, and the efficiency of markets
The costs of taxation
THE ECONOMICS OF PUBLIC SECTOR:
Externalities
Public goods and common resources
The costs of production
FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY:
The costs of production
Firms in competitive markets
Monopoly
Monopolistic competition
Oligopoly
OTHER TOPICS
Market of factors of production
|
LEARNING OUTCOMES:
You will learn how to use and apply economic tools analytically and rigorously. You will learn how to analyze an economic issue rigorously and 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.
|
TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Principles of Microeconomics (Eighth or ninth Edition) | Gregory Mankiw | Cengage Learning | 13: 978-1-305-97149-3 10: 1-305-97149-3 | | Ninth edition may have a different ISBN
| Ebook | | |
| Economics (sixth Edition) | Mankiw, Taylor | Cengage | 978-1-4737-8698-1 | | | | | |
|
REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
|
GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Class participation | Includes in class participation, discussions and interaction. | 10% |
| 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. | 20% |
| Final exam | The exam will be worth 100 points. It might be cumulative, that is it might be about all the material covered throughout the course or either cover only the last part. 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.
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:
Microeconomics is an abstract and theoretical field which may be supported by numerical/empirical examples that can prove challenging. Moreover, some (not tremendous) deviation from the textbook chosen might occur. Furthermore, problems and proofs put on the exams are also done. Therefore, attending every single lecture is basically indispensable. If you miss any of the lectures, you get really lost and that would severely undermine your performance.
|
|
|
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
|
|
|
Weeks
|
Topics
|
Reading
Assignment
|
Exams dates and topics covered (see below)
|
|
|
HOW MARKETS WORK:
|
|
|
|
1
|
Production Possibility Frontier, opportunity costs, absolute and relative advantage. Elements of International trade
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
2
|
Theory of consumer choice and the market forces of supply and demand
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
3-4
|
Supply, demand, and government policies
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
|
MARKETS AND WELFARE:
|
|
|
|
4-5
|
Consumers, producers, and the efficiency of markets
|
Relevant chapters in the textbook
|
|
|
5-6
|
The costs of taxation
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
|
THE ECONOMICS OF PUBLICSECTOR:
|
|
|
|
6-7
|
Externalities
|
Relevant chapters in the textbook
|
|
|
7-8
|
Public goods and common resources
|
Relevant chapters in the textbook
|
|
|
8-9
|
The costs of production
|
Relevant chapters in the textbook
|
|
|
|
FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY:
|
|
|
|
9-10
|
The costs of production
|
Relevant chapters in the textbook
|
|
|
10-11
|
Firms in competitive markets
|
Relevant chapters in the textbook
|
|
|
11-12
|
Monopoly
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
12-13
|
Monopolistic competition
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
12-13
|
Oligopoly
|
Relevant chapters in the textbook
|
|
|
|
OTHER TOPICS
|
|
|
|
13-14
|
Market of factors of production
|
Relevant chapters in the textbook
|
|
|
|
|
|
|
|
13-14
|
Topics on income inequality
|
Relevant chapters in the textbook
|
(If time allows)
|
|
|
|