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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-5"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Fall 2024
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SYLLABUS
INSTRUCTOR:
Nicola Favia
EMAIL: [email protected]
HOURS:
TTH 8:30-9:45 AM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
Upon appointment, agreed upon in class or by e-mail
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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:
Microeconomics focuses on the analysis of economic phenomena from the perspective of consumers and firms. The course will focus on price and quantity determination in the marketplace. We will examine how customers and producers with opposite interests jointly contribute to the definition of the equilibrium, and we will provide some valuations on the efficiency of the allocation among people. Moreover, we will discuss about market failures and the possibility of government interventions. Finally, we will study firms’ behavior by analyzing their cost structure and production technology, and by comparing different market structures (perfect competition, monopoly, and oligopoly). Note: Be advised that the approach to the subject matter is basic yet theoretical and abstract. Hence, you may struggle if you do not feel comfortable with abstract reasoning, elementary algebra, geometric analysis and abstract models.
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LEARNING OUTCOMES:
Students will learn how to use and apply economic tools analytically. In particular, the fundamental tools of demand and supply. They will be employed not only to understand current economic outcomes, but also to predict future economic effects of current shocks to the economy. Students will learn how to analyze an economic issue rigorously and with analytical precision.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Principles of Microeconomics, 9th Edition | G. 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 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 open-ended questions. Regardless of the format, the questions will be analytical in nature. | 20% |
| Midterm 2 | The exam will be worth 100 points. It will cover all the material taught so far, particularly from Midterm exam 1 onward. Multiple-choice questions and open-ended questions. Regardless of the format, the questions will be analytical in nature. | 20% |
| Class participation | Oral questions in class on required readings | 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 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:
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. The final exam period runs until ____________
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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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Lessons will take place on T Th 8:30-9:45
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Weeks
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Topics
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Reading
Assignment
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Exams
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HOW MARKETS WORK:
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Weeks 1-2
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Theory of consumer choice
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Ch. 1-3
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The market forces of supply and demand and government policies
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Ch. 5-6
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MARKETS AND WELFARE:
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Weeks 3-6
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Consumers, producers, and the efficiency of markets
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Ch. 7
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The costs of taxation (introduction)
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Ch. 8
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International trade (introduction)
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Ch. 9
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MIDTERM 1 (20%)
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THE ECONOMICS OF THE PUBLICSECTOR:
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Weeks 7-8
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Externalities
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Ch. 10
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Public goods and common resources (introduction)
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Ch. 11
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Design of the tax system (introduction)
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Ch. 12
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FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY:
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Weeks 9-14
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The costs of production
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Ch. 13
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Firms in competitive markets
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Ch. 14
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MIDTERM 2 (20%)
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Monopoly
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Ch. 15
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Monopolistic competition, oligopoly
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Ch. 16-17
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Factors of production, earnings and discrimination (introduction)
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Ch. 18-19
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Income inequality and poverty(introduction)
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Ch. 20
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Theory of consumer choice (introduction)
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Ch. 21
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FINAL COMPREHENSIVE EXAM (50%)
See the final exam schedule for date, time and classroom.
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