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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-1"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Fall 2015
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SYLLABUS
INSTRUCTOR:
Francesco Ruscitti
EMAIL: [email protected]
HOURS:
MW 6:00 PM 7:15 PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
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.
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COURSE DESCRIPTION:
This course introduces the students to the basic principles of microeconomics and the study of the behavior of individual agents, such as consumers and producers. The first part of the course reviews the determinants of supply and demand, the characteristics of market equilibrium, the concept of social welfare, and the consequences of price controls, taxation, and externalities on social welfare. The second part of the course deals with market theory, with a review of cost concepts and market structures: competition, monopoly, oligopoly, and imperfect competition.
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SUMMARY OF COURSE CONTENT:
Microeconomics focuses
on the analysis of economic phenomena from the perspective of “individuals”,
consumers and firms. The course examines how consumers and producers together determine the prices and
quantities of goods available in the marketplace. We will investigate the underlying incentives
of consumers to buy output and of firms to produce commodities and services. The course will cover the basic concepts and tools
needed to undertake the analysis of those issues that arise from scarcity of
resources. In addition, the functioning of competitive markets will be
analyzed. We will assess how well the markets perform in allocating goods and
services, and scarce resources among competing uses. We will be dealing with such topics as the
determinants of demand and supply, market equilibrium, the concept of
efficiency, and the issue of market failures and government regulation. Time permitting, we will study the cost structure and
production technology of the firm, firm behavior, various market
structures, such as perfect competition, monopoly, and oligopoly.
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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 to analyze an economic issue
rigorously and with analytical precision.
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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: 978-0-538-45336-3. ISBN-10: 0-538-45336-2 | | | | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Midterm exam 1 | The 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 2 | The 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 exam | The 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:
Given the nature of the subject matter (fairly abstract and analytical), attendance is STRONGLY
recommended and very beneficial. Ahead of the beginning of the semester, I will post on MYJCU and circulate a much more detailed syllabus with the exact exam dates. POLICY ON ABSENCES: In general, there will be no make-up for missed exams. If, for any compelling reason, 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 merits attention, then I would let you take a make-up exam. Note: Specific policies for the final exam are put in place by JCU and I shall comply with them.
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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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| Weeks
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Topics
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Reading
Assignment
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Exam Dates and topics covered
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HOW MARKETS WORK:
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Weeks 1 and 2
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The market
forces of supply and demand
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Chapter 4
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Week 3
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Supply,
demand, and government policies
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Chapter 6
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MARKETS AND WELFARE:
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Weeks 3-6
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Consumers,
producers, and the efficiency of markets
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Chapter 7
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Week 6
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The costs
of taxation
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Chapter 8
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Midterm
1. Date: TBA
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THE ECONOMICS OF THE PUBLIC SECTOR:
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Week 7
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Externalities
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Chapter 10
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Week 7
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Public
goods and common resources
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Chapter
11
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FIRM BEHAVIOR AND THE ORGANIZATION OF
INDUSTRY:
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Weeks 8
and 9
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The costs of production
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Chapter 13
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Week 10
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Firms in competitive markets
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Chapter 14
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Week 11
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Monopoly
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Chapter 15
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Midterm
2. Date: TBA
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Weeks 12-13-14
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Oligopoly
and basic introduction to Game Theory
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Chapter 17
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Week 14
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Review for final exam
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Final
exam (cumulative.): see the university
schedule for date and time.
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