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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 301"
COURSE NAME: "Intermediate Microeconomics"
SEMESTER & YEAR: Spring 2014
SYLLABUS

INSTRUCTOR: Michele Crescenzi
EMAIL: [email protected]
 HOURS: TTH 6:00 PM 7:15 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS:
PREREQUISITES: Prerequisites: EC 201, EC 202, MA 198
OFFICE HOURS: After class.
COURSE DESCRIPTION:

The objec​tive of this course is to provide students with the basic tools necessary to study how markets work. We will develop a theoretical framework for understanding consumer and firm behavior and their interaction in both perfectly competitive and non-competitive markets. The approach will be analytic so as to enhance students’ ability to think in an abstract and rigorous manner. Proficiency in algebra, calculus, and graphical analysis is required.
SUMMARY OF COURSE CONTENT:

The course is divided into four parts:

1) Theory of consumer choice: budget constraint, preferences and utility, individual demand, market demand, choice under uncertainty. (Weeks 1-5)

2) Theory of production: technology, profit maximization, cost minimization, firm supply, market supply. (Weeks 6-9)

3) Competitive equilibrium: market outcomes, efficiency, welfare effects of policy interventions. (Week 10)

4) Departures from competitive equilibrium: monopoly, oligopoly, game theory, asymmetric information. (Weeks 11-14)
LEARNING OUTCOMES:

Students will learn to: Master and apply the analytical tools of economic analysis. Set up and solve models of rational decision-making. Evaluate the welfare effects of policy interventions. Analyze equilibrium allocations and welfare properties of both perfectly competitive and non-competitive markets. Solve non-cooperative games with complete information.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Intermediate Microeconomics: A Modern Approach. 8th edition.Hal R. VarianW.W. Norton & Company978-0-393-93424-3     
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Midterm exam 1Closed book exam with multiple choice questions, problems, and essay questions. The exam will be graded on a total of 100 points.20%
Midterm exam 2Closed book exam with multiple choice questions, problems, and essay questions. The exam will be graded on a total of 100 points.30%
Final examClosed book exam with multiple choice questions, problems, and essay questions. The final exam is comprehensive. It will be graded on a total of 100 points. 50%

-ASSESSMENT CRITERIA:
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 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. 93-100: A; 90-92.99: A-.
B This is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some 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. 86-89.99: B+; 83-85.99: B; 80-82.99: B-.
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. 75-79.99: C+; 70-74.99: C; 65-69.99: C-.
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. 60-64.99: D+; 55-59.99: D; 50-54.99: D-.
F This work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant. Below 50: F.
-ATTENDANCE REQUIREMENTS:
​Students are expected to attend all classes and to participate in the 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
SessionSession FocusReading AssignmentOther AssignmentMeeting Place/Exam Dates
Week 1Budget constraint; preferences.Chapters 2, 3.  
Week 2Utiliy; choice.Chapters 4, 5.  
Week 3Demand.Chapter 6.  
Week 4Consumer's surplus; market demand.Chapters 14, 15.  
Week 5Uncertainty.Chapter 12.  
Week 6Technology.Chapter 18. Midterm exam 1 (Tuesday, February 18). It will cover all the material taught in Weeks 1-5.
Week 7Profit maximization; cost minimization.Chapters 19, 20.  
Week 8Cost curves; firm supply.Chapters 21, 22.  
Week 9Industry supply.Chapter 23.  
Week 10Equilibrium.Chapter 16.  
Week 11Monopoly; monopoly behavior.Chapters 24, 25. Midterm exam 2 (Tuesday, April 1). It will cover all the material taught in Weeks 6-10.
Week 12Oligopoly; game theory.Chapters 27, 28.  
Week 13Game applications.Chapter 29.  
Week 14Asymmetric information.Chapter 37.  
    Final exam. It will cover all the material taught in this course. See the University schedule for date and time.