Course Syllabus

JOHN CABOT UNIVERSITY

COURSE CODE: "EC 201-3"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR: Fall 2014

SYLLABUS

INSTRUCTOR: Majlinda Joxhe
EMAIL: [email protected]
HOURS: MW 3:00 PM 4:15 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:

COURSE DESCRIPTION:

The purpose of this course is to provide a basic understanding of Microeconomics, where the students will achieve a basic economic knowledge that is important for any career they may want to pursue. Students that will take the Microeconomics class will be able to:
- Use basic economic tools when making decisions and interpreting facts and events;
- Assess the economic consequences of any economic policy and business strategies.

SUMMARY OF COURSE CONTENT:

Microeconomics focuses on the analysis of economic phenomena, analyzing the behaviours of the single “individuals”, like consumers and firms. The very first lectures will explained how consumers and producers together determine the prices and quantities of goods available in the marketplace.

After that, we will discuss the underlying incentives of consumers to buy output and of firms to produce commodities and services in a world that is characterized by the scarcity of resources.

In addition, the functioning of competitive markets will be analyzed. We will discuss and assess how well the markets perform in allocating goods and services among people.

Topics such as the determinants of demand and supply, market equilibrium, the concept of efficiency, and the issue of market failures and government intervention and regulation will be discussed. From the other part, we will study also the cost structure and production technology of a firm, firm behaviour on the marketplace, various market structures, such as perfect competition, monopoly, and oligopoly.

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.

ADVICE TO STUDENTS ON HOW TO STUDY FOR THIS CLASS.

1-Please try to attend all classes and take your own notes

2-Study the textbook and then make other notes.

3-After you master the material on the book and your notes, practice with the sample questions (there may be additional practice problems also in the lecture notes).

4-Please bear in mind that I want you first to do the questions on your own at home (I expect you to make a serious attempt to answer the questions, I would ask you to show me your work when you show up at my office hours), before you ask me for clarifications.

5-Avoid studying for an exam last minute or just a few days before. It is highly recommended that you study and practice steadily. The midterm exams dates are already specified below.

6- So, please make your plans and practice ahead of time

TEXTBOOK:

Book Title	Author	Publisher	ISBN number	Library Call Number	Comments	Format	Local Bookstore	Online Purchase
Principles of Microeconomics (International edition, 6th edition)	N. Gregory Mankiw	South-Western Cengage Learning	ISBN-13: 978-0538453042		NOTE: You must get the textbook. Please make sure to get it right away and let me know if you have troubles getting the textbook. If you have troubles getting the textbook, let me know and we will figure something out. REMARK: Please be informed that, due to international copyright restrictions, the publisher might have sent to the bookstore a textbook slightly different from the one specified above. In that case, the book you find in the bookstore is fine, and you can purchase it.

REQUIRED RESERVED READING:

NONE

RECOMMENDED RESERVED READING:

Book Title	Author	Publisher	ISBN number	Library Call Number	Comments
The textbook, will be enough for the preparing of the exam. Notes taken in class (strongly recommended). Also, I will post on MYJCU (log on to MYJCU, then click on “course post-it” and then on “shared files”) PDF. slides based on the textbook. I will also post sample questions for each chapter of the textbook.	.	.	.

GRADING POLICY
-ASSESSMENT METHODS:

Assignment	Guidelines	Weight
Midterm 1	The questions I ask will be multiple-choice questions and also open-ended questions. Regardless of the format, the nature of the questions will be analytical.	30%
Midterm 2	The questions I ask will be multiple-choice questions and also open-ended questions. Regardless of the format, the nature of the questions will be analytical.	30%
Final	The questions I ask will be multiple-choice questions and also open-ended questions. Regardless of the format, the nature of the questions will be analytical. The score obtained by each student (which is a number) will be the weighted average of the points earned by the student on each exam (midterm 1, midterm 2, and the final exam). That is, it will be given by the sum of the points each multiplied by the respective weight.	40%

-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 cours
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:

REMARK (1): I will provide specific instructions on the front page of the exam sheet. Students must read the instructions carefully. I will not give credit to students who do not comply with the instructions Both midterm exams are in-class exams. Please come in sharp on time. I will give the whole class time (75 minutes). I might want to make remarks and clarifications before I hand out the exam. Therefore, again, I want students to come on time. If you miss my eventual remarks/clarifications because you are late, you would delay the beginning of the exam and I might not be willing to repeat.

REMARK (2) : I explain the solution key of the exams in class and during the explanation I hand out the graded exams. When I am done, I collect your exams and keep them with me. Please make sure to attend class on the day when I return the exams to the students and I explain on the board the correct answers to the exam questions. Since will not let students to keep the exams and I will not post grades on-line. Hence, it is very important that you view your exams and take note of your grades (write them down and store them, as you need to remember them to monitor your performance). If you want to view the exams it will be on request. Please remember that a graded exam constitutes an official document and, should a student contest her/his grade and the like, the original version of it must be preserved to settle any potential grade-related dispute raised by the student. When I get back the graded exams, if it turns out that there is a discrepancy between the grade assigned in the first place and the corrections made as well as the topics/parts of the exam you got wrong, then the burden of the proof that the instructor has made a mistake when grading is on the student (consider the case, for example, of a multiple-choice question that the instructor has marked as wrong. However, after the instructor collects the exam previously handed out to the student, it turns out that the correct answer is circled….). I have a copy of your exam! Thanks for your collaboration.

REMARK (3): The exams will consist of a few multiple-choice questions and open-ended problems. The exam questions will certainly be very similar to the sample questions uploaded on line.

POLICY ON ABSENCES: In general, there will be no make-up for missed exams. If, for any compelling reason, you happen to miss an exam, I want you to notify me ahead of time (if possible) and I will ask you to provide me with a formal justification for the absence (i.e., the original of a doctor`s note....). If I deem the justification is valid and deserves attention, then I would let the student take a make-up exam. Note: Specific policies for the final exam are put in place by the School and I shall comply with them

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

ACADEMIC INTEGRITY:

As stated in the university catalogue, any student who commits an act of academic dishonesty will receive a failing grade on the work in which dishonesty occurred. In addition, acts of academic dishonesty may result in the student receiving a failing grade in the course. Episodes of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice because of academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will make a recommendation to the President, who will then make the final decision.

Below I give some recommendations and I do appreciate your cooperation:

Exams will be closed-books exams (no books, no notes....). I will prepare different versions of the exam.
Clarification questions during exams are welcome. However, the student asking the question must raise his/her hand and remain seated. I would walk up to the student and take his/her question. Should you have any doubts about the phrasing/wording/spelling of the questions, please raise your hands and ask me for clarifications. Please, do not improvise unless you are sure to understand the question. No acceptance from students’ complaints about phrasing/wording/spelling after the grades are out.
If any student attempts to communicate with other students or to glance at other students exam sheet while I take questions, I stop taking questions altogether and no longer allow students to ask questions. I might also take disciplinary actions. The same goes for attempts to copy and all other forms of cheating.
Buy a basic calculator and always bring it with you. Do not forget it. When using the calculator, I want students to take the calculator out of its case and to put the case away. I will not let students borrow calculators from one another.
I will not allow the use of mobile phones and devices during exams. I want students to put everything away and leave bags, mobile phones and all belongings at the front or back of the classroom and not by the student's chair.
I want students to remain quiet and silent throughout the duration of the exam; students must refrain from looking around and glancing at each other exam sheet/booklets. Students must refrain from attempting to copy or communicate with one another. If possible, keep your exam sheet flat and folded up (please do not bring up or wave the exam sheet in front of other students).
Please, be advised that no bathroom breaks will be allowed during the exams, so make sure to use the restroom before the exam begins.
I want students to remain seated: please do not stand up and do not walk up to my desk.

I will provide further instructions in class, if needed. Thanks for your cooperation.

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.

REMARK: In order to be fair to your classmates, please make sure that the documents you provide me with spell out clearly the type of accommodations you need. Thanks.

TENTATIVE SCHEDULE

(Please note that the schedule and timing of the topics covered 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).

Weeks	Topics	Chapters In the book
	HOW MARKETS WORK:
Weeks 1 and 2	The market forces of supply and demand	Chap: 1, 2, 3,4

Week 3	Supply, demand, and government policies	Chap: 5, 6

	MARKETS AND WELFARE.
Week 4	Consumers, producers, and the efficiency of markets	Chapter 7
Week 5	The costs of taxation	Chapter 8

	THE ECONOMICS OF THE PUBLIC SECTOR:
Week 6	Externalities	Chapter 10
Week 6	Public goods and common resources	Chapter 11

	FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY
Week 7	The costs of production	Chapter 13
Week 8	Firms in competitive markets	Chapter 14

Week 9	Monopoly	Chapter 15

Weeks 10-11	Oligopoly	Chapter 16
Week 11	The markets for the Factors of Production	Chapter 18
Week 12	Inequality and Poverty	Chapter 20
Week 13	The Theory of Consumer Choice, Frontiers of the Microeconomics	Chapter 21, 22
Week 14	Review for the Final Exam

Ø Midterm 1 (Wednesday , October 1). It will cover all the material taught up until Monday 29 of September.

Note: office hours for Midterm exam are likely to be scheduled on Monday September 29 from 4.30-5.30

Ø Midterm 2 (Monday , November 3). It will cover all the material taught from October 6 up until Wednesday October 29.

Note: office hours for midterm exam 2 are likely to be scheduled on Monday October 27 from 4.30-5.30

Ø Final exam (comprehensive, that is cumulative. It will cover the whole material taught in this course) see the university schedule for date and time.

Note: office hours for the final exam will be announced to students by email. I will fix office hours for the final exam on the two days right before the final exam day.