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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 301"
COURSE NAME: "Intermediate Microeconomics"
SEMESTER & YEAR:
Spring Semester 2013
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SYLLABUS
INSTRUCTOR:
Ruscitti Francesco
EMAIL: [email protected]
HOURS:
TTH 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
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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 reason in a rigorous manner.
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SUMMARY OF COURSE CONTENT:
The course covers
mainstream Microeconomic Theory at an intermediate level with analytical
tools (algebra, calculus and graphs). Time permitting, 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 frequently 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 preliminary as it lacks my policy on academic integrity and it is vague about my grading policy). Also, the detailed version of the syllabus will specify the dates of tests and exams, and 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.
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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.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Intermediate Microeconomics: A modern approach (8th edition) | Hal R. Varian | WW Norton & Company | ISBN:0393934241. ISBN-13:9780393934243 | | 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 | More details and a numerical example illustrating my grading policy will be provided in class | 25% |
| Test 2 | More details and a numerical example illustrating my grading policy will be provided in class | 25% |
| Midterm exam | More details and a numerical example illustrating my grading policy will be provided in class | 25% |
| Final exam | Cumulative. More details and a numerical example illustrating my grading policy will be provided in class | 25% |
-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:
Intermediate
Microeconomics is a course that usually does not come easy to students. Hence,
attendance is STRONGLY ENCOURAGED 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 tests and the midterm exam 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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Other Assignment
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Tests/Exams dates
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THEORY OF CONSUMER CHOICE
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Weeks 1 and 2
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Budget constraint, preferences, utility, choice, demand
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Chapters 2, 3, 4, 5, 6
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Test 1 (date: TBA)
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ASSET MARKETS
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Week 3
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Asset markets
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Chapter 11
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CHOICE UNDER UNCERTAINTY
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Weeks 4 and 5
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Uncertainty, Risky assets
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Chapters 12, 13
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ASYMMETRIC INFORMATION
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Weeks 6 and 7
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Asymmetric information
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Chapter 37
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Test 2 (date: TBA)
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MARKET STRUCTURE
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Weeks 8 and 9
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Monopoly behavior, oligopoly
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Chapters 25, 27
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Midterm exam (date: TBA)
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GAME THEORY AND ITS APPLICATIONS
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Weeks 10 and 11
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Game theory, Game
applications, Auctions
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Chapters 17, 28, 29
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EQUILIBRIUM AND WELFARE
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Week 12
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Exchange, Production,
Welfare
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Chapters 31, 32, 33
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MARKET FAILURE AND GOVERNMENT INTERVENTION
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Week 13-14
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Externalities, Public goods
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Chapter 34, 36
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Final exam (cumulative): see the university schedule for date and time
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Week 14
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Review
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