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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 301"
COURSE NAME: "Intermediate Microeconomics"
SEMESTER & YEAR: Spring 2015
SYLLABUS

INSTRUCTOR: Francesco Ruscitti
EMAIL: [email protected]
HOURS: MW 4:30 PM 5:45 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS:
PREREQUISITES: Prerequisites: EC 201, EC 202, MA 198
OFFICE HOURS: Before class (after class as well, whenever possible) and by appointment. To make an appointment, just approach me in class 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. This course serves as a baseline and building-block course for more advanced studies in Economics and in any fields of Social Sciences. This course also aims at enhancing students’ ability to reason in a rigorous manner. Note: Calculus is a prerequisite for this course. Knowledge of Calculus will be assumed. Keep in mind that Intermediate Microeconomics is a theory course and the material and approach are fairly abstract. Fluency with calculus, analysis of graphs and abstract reasoning are nearly indispensable.
REMARK: Please note that this syllabus is somewhat preliminary. Later on, before the semester starts, I will post on MyJCU (and attach to a message on MyJCU) the definitive version of the syllabus which will be much more detailed than this and will spell out accurately all of my policies. Also, the exams dates will be specified in the definitive version of the syllabus.
SUMMARY OF COURSE CONTENT:
The course covers mainstream Microeconomic Theory at an intermediate level. The approach will be rigorous and the analysis will be carried out by means of 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, basic game theory, the functioning of markets when there is incomplete information. Time permitting, we will examine important developments in economic analysis, such as asymmetric information and its impact on market outcomes and efficiency. We will study remedies to market failure in the presence of asymmetric information.
LEARNING OUTCOMES:

First and foremost, development of analytical skills and ability to reason in a rigorous fashion.
Students will learn to:
Master and apply the tools of economic analysis.
Set-up and solve models about 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.
Assess the impacts of public policies on competitive and non-competitive markets.

Evaluate the welfare implications of departures from perfect competition.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Intermediate Microeconomics. A Modern Approach (International student edition, 8th edition)Hal R. VarianWW Norton & CompanyISBN: 978-0-393-93424-3     
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Midterm exam 1The exam will be worth 100 points. It will cover all the material taught up until the class before the exam day. Multiple-choice questions and also open-ended questions. Regardless of the format, the nature of the questions will be analytical. 18%
Midterm exam 2The exam will be worth 100 points. It will cover all the material taught from Midterm exam 1 onward. Multiple-choice questions and also open-ended questions. Regardless of the format, the nature of the questions will be analytical. 34%
Final examThe exam will be worth 100 points. It will be cumulative, that is it will be about all the material covered throughout the course. Multiple-choice questions and also open-ended questions. Regardless of the format, the nature of the questions will be analytical. 48%

-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 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. 93-100: A 90-92.99: A-
BThis 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. 86-89.99: B+ 83-85.99: B 80-82.99: B-
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. 75-79.99: C+ 70-74.99: C 65-69.99: C-
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. 60-64.99: D+ 55-59.99: D 50-54.99: D-
FThis work fails to show any knowledge or understanding of the subject matter. Most of the material in the answer is irrelevant. Below 50: F

-ATTENDANCE REQUIREMENTS:
Intermediate Microeconomics is a theory course and, based on my experience, there is quite big of a gap between Principles of Microeconomics and Intermediate Microeconomics. This course is usually fairly challenging to several students. Hence, attendance is STRONGLY ENCOURAGED and very beneficialPOLICY ON ABSENCES: Later on I will post on MyJCU and circulate a much more detailed draft of the syllabus with the exact exam dates. In general, there will be no make-up for missed exams. If, for any compelling reasons, you happen to miss a midterm exam, I want you to notify me ahead of time (if possible) and I would ask you to provide me with a formal and valid justification for the absence. If I deem the justification is legitimate and deserves attention, then I would let you take a make-up exam. Note: Specific policies for the final exam are put in place by the University 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

Weeks

             Topics

                       Reading    Assignment

                    Exam Dates and topics covered

 

                      CONSUMER CHOICE:

 

 

Weeks 1 and 2

            From budget constraint to demand 

         Chapters 2-6

 

 

 

 

 

 

 

                      ASSET MARKETS:

 

 

Weeks 3 and 4

                            Asset markets

         Chapter 11

 

 

 

 

.

 

    CHOICE UNDER UNCERTAINTY:

 

 

Weeks 4 and 5

                   Uncertainty, Risky assets

        Chapters 12, 13

                           Midterm 1. Date: TBA

 

      ASYMMETRIC INFORMATION:

 

 

Weeks 6 and 7

                  Asymmetric information

         Chapter 37

 

 

 

 

 

 

                MARKET STRUCTURE:

 

 

Weeks 8 and 9

             Monopoly behavior, Oligopoly

        Chapters 25, 27

 

 

 

 

 

 

                   GAME THEORY:

 

 

Weeks 10 and 11

     Game theory, applications, auctions

  Chapters 17, 28, 29

                            Midterm 2. Date: TBA

 

 

 

 

 

     EQUILIBRIUM AND WELFARE:

 

 

Weeks 12 and 13

          Exchange, Production, Welfare

        Chapters 31-33

 

 

 

 

 

 

              MARKET FAILURE AND  GOVERNMENT INTERVENTION:

 

 

Week 14

                 Externalities, Public goods

        Chapters 34, 36

 

Week 14

                 Review for final exam

 

 

 

 

 

              Final exam (comprehensive, that is  cumulative): see the university schedule for date and time.