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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-4"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Spring 2016
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SYLLABUS
INSTRUCTOR:
Virginia Silvestri
EMAIL: [email protected]
HOURS:
MW 4:30PM 5:45PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
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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:
- General introduction to economic analysis and microeconomics
- Theory of consumer
- Theory of producer
- Market equilibrium and public intervention
- Market structures with perfect competition and market power (monopoly, monopolistic competition, oligopoly)
- Basic introduction to game theory
- Market failures and externalities
REMARK: Please note that this syllabus is somewhat preliminary.
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LEARNING OUTCOMES:
After completion of the course, students should be able to demonstrate working knowledge of the following concepts:
- how to use and apply economic tools analytically
- the fundamentals of demand, supply and market inefficiencies
- firm production costs and optimisation
- firm behaviour in competitive, imperfectly competitive, and monopolistic markets
- the impacts of government intervention and market externalities
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Microeconomics | N. Gregory Mankiw & Mark Taylor | Cengage Learning | ISBN: 1408081989 - ISBN 13: 9781408081983 | | Older versions are acceptable. | | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Midterm Exam 1 | Exam may consist of multiple choice questions, true/false/explain, short answer, and long answer problems. It will cover all the material taught up until the class before the exam day. Regardless of the type of format, the nature of the question can be analytical. | 18% |
| Midterm Exam 2 | Exam may consist of multiple choice questions, true/false/explain, short answer, and long answer problems. It will cover all the material taught up until the class before the exam day. Regardless of the type of format, the nature of the question can be analytical. | 32% |
| Final Exam | Exam may consist of multiple choice questions, true/false/explain, short answer, and long answer problems. It will be cumulative, that is it will be about all the material covered throughout the course. Regardless of the type of format, the nature of the question can be analytical. | 50% |
-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 course. 93-100: A; 90-92.99:A-
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. 86-89.99: B+; 83-85: B; 80-82: 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 issues raised in the question. Most of the material in the answer is irrelevant. Below 50: F
-ATTENDANCE REQUIREMENTS:
Given the nature of the subject (fairly abstract), attendance is STRONGLY recommended and very beneficial. Later on 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 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 School and I shall comply with them.
POLICY ON EXAM:
- Exams will be closedbooks exams (no books, no notes....).
- There will be different versions of the exam.
- Clarification questions during exams are welcome. 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.
- The use of mobile phones and devices during exams is strictly forbidden.
- You will be required 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.
- Please, be advised that no bathroom breaks will be allowed during the exams, so make sure to use the restroom before the exam begins.
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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 1 and 2 |
The market forces of supply and demand |
Chap: 1, 2, 3, 4 |
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| Weeks 3 and 4 |
Consumer behaviour in markets and Demand Theory |
Chap: 5 and 7 until p. 175 |
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| Weeks 5 and 6 |
Technology, Production, Costs |
Chap: 6 - 7 (pp. 176-179) - 13 |
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| Week 7 |
Market Equilibrium with perfect competition and the role of the public sector |
Chap: 7 (pp. 179-185) - 8 |
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| Week 8 |
Profit maximisation and market power |
Chapter 14 |
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| Week 9 |
Market structures and monopolistic competition |
Chapter 15 |
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| Weeks 10-11-12 |
Market structures: Oligopoly and Introduction to game theory |
Chapter 16 |
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| Week 13 |
Market failures and Externalities |
Chap: 10-11 |
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| Week 14 |
Review for final exam |
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