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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-1"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR: Spring 2026
SYLLABUS

INSTRUCTOR: Nicola Favia
EMAIL: [email protected]
 HOURS: MW 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: Upon appointment, agreed upon in class or by e-mail
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:

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.

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.
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.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Principles of microeconomics, 9th ed.G. MankiwCengage13: 978-0-357-13348-4  Hard Copy  
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Spot written exercises at the end of each cycle of lessons 20%
Midterm 20%
Class participation 10%
Final exam  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:
CLASS PARTICIPATION (NOT JUST SIMPLE ATTENDANCE) IS REQUIRED. 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 ____________
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

SCHEDULE
Weeks Topics Reading
Assignment Exams 
Weeks 1-3

HOW MARKETS WORK:
Theory of consumer choice Ch. 1-2, 4
and 21
The market forces of supply and 
demand and government policies Ch. 5-6
Test
Weeks 4-7
MARKETS AND WELFARE:
Consumers, producers, and the 
efficiency of markets Ch. 7
The costs of taxation (introduction) Ch. 8
International trade (introduction) Ch. 3 and 9
Test
MIDTERM (20%)
Weeks 8-9
THE ECONOMICS OF THE 
PUBLICSECTOR:
Externalities Ch. 10
Public goods and common resources 
(introduction) Ch. 11
Design of the tax system (introduction) Ch. 12
Test
Weeks 10-
14
FIRM BEHAVIOR AND THE 
ORGANIZATION OF INDUSTRY:
The costs of production Ch. 13
Firms in competitive markets Ch. 14
Test
Monopoly Ch. 15
Monopolistic competition, oligopoly Ch. 16-17
Test
FINAL COMPREHENSIVE 
EXAM (50%)
See the final exam schedule 
for date, time and classroom