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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-2"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Fall Semester 2012
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SYLLABUS
INSTRUCTOR:
Ruscitti Francesco
EMAIL: [email protected]
HOURS:
MW 16:30-17:45
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
After Class (before class as well, whenever possible) and by appointment. To make an appointment just approach me or send me an email ahead of time.
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COURSE DESCRIPTION:
The purpose of this course is to provide a basic understanding of Microeconomics the entire Economics discipline is based upon.
This course will equip students with a basic economic knowledge valuable for any career students may elect to pursue. In addition, the goal of this course is that students develop basic knowledge and, above all, analytical skills. Students will be able to:
- Use basic economic tools when making decisions and interpreting facts and events;
- Critically assess the economic consequences of economic policy and business strategies.
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SUMMARY OF COURSE CONTENT:
Microeconomics focuses on the analysis of economic phenomena from the perspective of “individuals”, consumers and firms. It will be explained how consumers and producers together determine the prices and quantities of goods available in the marketplace. We will investigate the underlying incentives of consumers to buy output and of firms to produce commodities and services that satisfy consumer demand. The course will cover the basic concepts and tools needed to undertake the analysis of those issues that arise from scarcity of resources. In addition, the functioning of competitive markets will be analyzed. We will assess how well the markets perform in allocating goods and services among people, and scarce resources among competing uses. We will be dealing with such topics as the determinants of demand and supply, market equilibrium, the concept of efficiency, and the issue of market failures and government intervention and regulation. Moreover, time permitting we will study the cost structure and production technology of the firm, firm behavior on the marketplace, various market structures, such as perfect competition, monopoly, and oligopoly.
REMARK: Please log on to MY JCU on a daily basis: I get in contact with the students through MY JCU and I send out many emails and remainders to the students through MY JCU. Also, I upload teaching material on MY JCU. Please consider that the student is responsible for keeping updated about all that concerns this class.
REMARK: Later on, before the semester begins, I will post on MYJCU a version of the syllabus which is more detailed than this one (the present version lacks my policy on academic integrity and is a little vague about my grading policy). The detailed version will be also emailed to the students through MYJCU. The more detailed version will spell out accurately my grading policy (assessment method) and my policy on academic integrity.
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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 (6th edition) | N. Gregory Mankiw | South-Western Cengage Learning | ISBN-10:0538453044. ISBN-13:9780538453042 | | RECOMMENDED READING:
Notes taken in class. I might write and post supplementary lecture notes or slides.
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Test 1 | Specific details and a numerical example about the assessment method will be provided in class and also emailed to the students well before the course begins. | 20% (more details will be provided in class) |
| Test 2 | Specific details and a numerical example about the assessment method will be provided in class and also emailed to the students well before the course begins. | 20% (more details will be provided in class) |
| Exam 1 | Specific details and a numerical example about the assessment method will be provided in class and also emailed to the students well before the course begins. | 20% (more details will be provided in class) |
| Exam 2 | Specific details and a numerical example about the assessment method will be provided in class and also emailed to the students well before the course begins. | 20% (more details will be provided in class) |
| Final exam | Cumulative. Specific details and a numerical example about the assessment method will be provided in class and also emailed to the students well before the course begins. | 20% (more details will be provided in class) |
-ASSESSMENT CRITERIA:
Assessment Guidelines for assigning main letter grades: A, B, C,D, and F.
A: Work 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 analytical skills, and 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.
B: This is a competent level of performance and directly addresses the question or problem raised. There is a demonstration of some analytical skills and ability to critically evaluate theory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture and reference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.
C: This is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
D: This 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.
F: This work fails to show any knowledge or understanding of the subject matter. Most of the material in the answer is irrelevant.
-ATTENDANCE REQUIREMENTS:
Attendance is STRONGLY recommended and very beneficial to the students.
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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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TENTATIVE SCHEDULE
(please note that the topics covered and the schedule of the sessions and tests and exams 1 and 2 might be subject to change. Also, there might not be time to cover some of the chapters listed below. More details will be provided in class)
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Session
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Topics
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Reading Assignment
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Exam Dates
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HOW MARKETS WORK:
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Weeks 1 and 2
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The market forces of supply and demand
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Chapter 4
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Test 1 (soon after I finish covering Chapter 4)
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Week 3
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Supply, demand, and government policies
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Chapter 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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Chapter 7
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Week 6
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The costs of taxation
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Chapter8
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Test 2 (beginning of week 6)
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THE ECONOMICS OF THE PUBLIC SECTOR:
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Week 7
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Externalities
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Chapter 10
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Week 7
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Public goods and common resources
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Chapter 11
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FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY
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Weeks 8 and 9
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The costs of production
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Chapter 13
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Exam 1 (beginning of week 9)
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Week 10
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Firms in competitive markets
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Chapter 14
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Week 11
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Monopoly
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Chapter 15
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Week 12
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Monopolistic competition
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Chapter 16
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Exam 2 (beginning of week 12)
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Weeks 13-14
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Oligopoly and basic introduction to Game Theory
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Chapter 17
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Week 14
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Review
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Final exam (comprehensive, that is cumulative): see the university schedule for date and time
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