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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 301"
COURSE NAME: "Intermediate Microeconomics"
SEMESTER & YEAR: Fall Semester 2012
SYLLABUS

INSTRUCTOR: Ruscitti Francesco
EMAIL: [email protected]
HOURS: MW 18:00-19:15
TOTAL NO. OF CONTACT HOURS: 45
CREDITS:
PREREQUISITES: Prerequisites: EC 201, EC 202, MA 198
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

COURSE DESCRIPTION:
The purpose of this course is to provide a fairly in-depth knowledge of Microeconomics. Students will be exposed to more advanced topics (relative to EC 201), and to the current frontiers of Microeconomics examined at an intermediate level. Note that this course serves as a baseline and building-block for more advanced studies in Economics and in any fields of Social Sciences. This course also aims at enhancing students’ ability to think and argue in a rigorous manner.
SUMMARY OF COURSE CONTENT:
The course covers mainstream Microeconomic Theory at an intermediate level with analytical tools (algebra, calculus and graphs). We will study the theory of consumer choice, asset markets, choice under uncertainty with applications to portfolio-choices with risky assets, production, market equilibrium, exchange and welfare. Market failures (externalities and public goods), and market structure (monopoly behavior and oligopoly). We will examine recent developments in economic analysis, such as game theory and relative applications, asymmetric information and its implications in terms of market outcomes and efficiency. We will study remedies to market failure in the presence of asymmetric information.

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 more detailed version of the syllabus (the present version is somewhat preliminary as it lacks my policy on academic integrity and it is a little vague about my grading policy). Also, the detailed version of the syllabus will be emailed to the students through MYJCU before the semester begins. The detailed version will spell out accurately my assessment method and my policy on academic integrity.

LEARNING OUTCOMES:

Students will learn to:

Master and apply the tools of economic analysis.

Set-up and solve models of rational decision making.

Evaluate the impacts of changes in exogenous variables on the optimal behavior of consumers and firms, and the resulting impacts on utility and profits.

Use equilibrium analysis to understand the links between individual behavior and market outcomes.

Assess the impacts of public policies on competitive and non-competitive markets.

Evaluate the market and welfare implications of departures from perfect competition.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Intermediate Microeconomics: A modern approach (8th edition)Hal R. VarianWW Norton & CompanyISBN:0393934241. ISBN-13:9780393934243 RECOMMENDED READING: Notes taken in class. I might write and post supplementary lecture notes or slides.    
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
NONE

-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 the 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 andreference 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 answers is irrelevant.


-ATTENDANCE REQUIREMENTS:
Attendance is STRONGLY recommended and very beneficial to the students. I might write and post supplementary lecture notes and slides based on the textbook and on my in-class lectures.
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

TENTATIVE SCHEDULE

(please note that the topics covered and the schedule of 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)


 

Session

Topics

Reading Assignment

Other Assignment

Tests/Exams

 

THEORY OF CONSUMER CHOICE

 

 

 

Weeks 1 and 2

Budget constraint, preferences, utility, choice, demand

Chapters 2, 3, 4, 5, 6

 

 

 

 

 

 

 

Test 1 (beginning of week 3)

 

ASSET MARKETS

 

 

 

Week 3

Asset markets

Chapter 11

 

 

 

CHOICE UNDER UNCERTAINTY

 

 

 

Weeks 4 and 5

Uncertainty, Risky assets

Chapters 12, 13

 

 

 

 

 

 

 

 

MARKET STRUCTURE

 

 

 

Weeks 6 and 7

Monopoly behavior, Oligopoly

Chapters 25, 27

 

 

 

 

 

 

Test 2 (beginning of week 6)

 

GAME THEORY AND ITS APPLICATIONS

 

 

 

Weeks 8 and 9

Game theory, Game applications, Auctions

Chapters 17, 28, 29

 

 

 

 

 

 

Exam 1 (beginning of week 9)

 

EQUILIBRIUM AND WELFARE

 

 

 

Weeks 10 and 11

Exchange, Production, Welfare

Chapters 31, 32, 33

 

 

 

MARKET FAILURE AND GOVERNMENT INTERVENTION

 

 

 

Week 12

Externalities, Public goods

 Chapters 34, 36

 

 

 

 

 

 

Exam 2 (beginning of week 12)

 

 ASYMMETRIC INFORMATION

 

 

 

Week 13-14

Asymmetric information

Chapter 37

 

 

 

 

 

 

Final exam (comprehensive): see the university schedule for date and time

Week 14

Review