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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Summer Session I 2024
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SYLLABUS
INSTRUCTOR:
Rodrigo Salcedo Du Bois
EMAIL: [email protected]
HOURS:
MTWTH 6:00 PM 7:50 PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
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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 the official syllabus (spelling out all of my policies, examination dates etc.) that will be much more detailed than the present draft.
Microeconomics focuses on the analysis of economic problems and phenomena from the study of the decision-making processes of agents, the outcomes of their interaction and the policies implemented that affect these outcomes. The course provides students with analytic tools and concepts related to consumer and firm decisions, their interaction in markets, the economic allocation of goods and resources, price determination, market structures, and the possibility of government intervention.
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LEARNING OUTCOMES:
Students will learn how to use and apply economic tools analytically. Specifically, they will be able to use the fundamental mechanisms of demand and supply. They will be employed to understand current economic outcomes and predict future economic effects of current shocks to the economy. Students will learn to analyze an economic issue rigorously and with analytical precision.
Referring to the learning outcomes (LOS) of the major in Economics and Finance (posted on the JCU website), upon successful completion of this course, students will be able to:
- Develop a solid understanding of and knowledge base in microeconomics (LOS 1);
- Develop critical-thinking skills and learn to apply microeconomic analysis to understand economic events and everyday problems (LOS 2);
- Formulate a well-organized argument and communicate effectively in a written and graphical form about specific economic and financial issues (LOS 6).
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| The Economy 2.0: Microeconomics | The CORE Econ Team 2023 | Open access e-text | 9781647921606 | | Full text in https://core-econ.org/the-economy/ | Ebook | | |
| Principles of Microeconomics , 9th Edition | N. Gregory Mankiw | Cengage | 13: 978-0-357-13348-4 | | | Ebook | | |
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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 | 40 |
| Class participation | In-class activities, including lectures discussions and group activities. | 10 |
-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:
ATTENDANCE REQUIREMENTS AND EXAMINATION POLICY
You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed.
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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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Exam Dates and readings (TBA)
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Week 1
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1 Economic problems and phenomena
2 What is Economics? Thinking like and Economist
3 Economic basics I: Opportunity cost, economic rents.
4 Economic basics II: Comparative advantage, specialization, markets.
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Week 2
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5 Individual behaviour: Scarcity, goods and preferences.
6 Social Interactions.
7 Social outcomes.
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Week 3
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8 Firm behaviour: Factors, technology, production, costs, targets.
9 Market Interactions: Demand and supply.
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Week 4
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10 Competitive Market: Gains from trade and efficiency.
11 Market successes and failures.
12 External effects. Solutions.
13 Public goods, bads, open access, common resources. Solutions.
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Week 5
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14 Market structure. Solutions.
15 Asymmetric information. Solutions.
16 Poverty and inequality.
17 The environment: Planetary limits
Review
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