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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Summer Session I 2016
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SYLLABUS
INSTRUCTOR:
Kevin Callison
EMAIL: [email protected]
HOURS:
MTWTH 9:00 AM 10:45 AM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
MTWTH 10:45am-11:45am
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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:
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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LEARNING OUTCOMES:
After completion of the course, students should be able to demonstrate working knowledge of the following concepts:
-Comparative advantage, opportunity cost, and the gains from specialization and trade
-The fundamentals of supply, demand, and market efficiencies
-Firm production costs and optimization
-Firm behavior in competitive, imperfectly competitive, and monopolistic markets
-The impacts of government intervention, imperfect information, and market externalities
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Principles of Microeconomics | N. Gregory Mankiw | Cengage Learning | 978-0538453042 | | The textbook is required for class, but it is perfectly acceptable to buy older and cheaper editions. | | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Reading Quizzes | Multiple choice quiz over daily reading assignment; two lowest grades will be dropped at the end of the semester. | 33 |
| Midterm | Exam consisting of true/false/explain, short answer, and long answer problems | 33 |
| Final Exam | Exam consisting of true/false/explain, short answer, and long answer problems | 33 |
-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:
There is no formal attendance component of the course grade. However, since reading quizzes are administered at the beginning of each class, any unexcused absence will result in a score of zero for that day's quiz.
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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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| Session | Session Focus | Reading Assignment | Other Assignment | Meeting Place/Exam Dates |
| 5/23 | Scarcity and the Budget Constraint / Consumer Choice, Indifference Curves and the Law of Demand. | Mankiw: Ch 21, pp. 439-449 | | |
| 5/24 | Income and Substitution Effects | Mankiw: Ch. 21, pp. 450-462 | | |
| 5/25 | Market Supply and Demand | Mankiw: Ch. 4, pp. 65-84 | | |
| 5/26 | Market Supply and Demand / Elasticities | Mankiw: Ch. 5, pp. 89-106 | | |
| 5/30 | Market Efficiency, Consumer and Producer Surplus | Mankiw: Ch. 7, pp. 135-151 | | |
| 5/31 | Taxes | Mankiw: Ch. 6, pp. 121-128 | | |
| 6/1 | Costs of Taxation | Mankiw: Ch. 8, pp. 155-167 | | |
| 6/2 | No class | | | |
| 6/6 | Government Intervention / Externalities | Mankiw: Ch. 6, pp. 111-120 | | |
| 6/7 | Problems of Scarcity: Public Goods and Common Resources | Mankiw: Ch.11, pp. 217-229 | | |
| 6/8 | Review for Midterm | None | | |
| 6/9 | Midterm | None | | |
| 6/10 | Production Possibilities Frontier / Comparative Advantage and the Gains from Trade | Mankiw: Ch. 2, pp. 26-28 & Ch. 3, pp. 49-60 | | |
| 6/13 | The Production Function and Costs of Production | Mankiw: Ch. 13, pp. 259-265 | | |
| 6/14 | Cost Curves of the Firm | Mankiw: Ch 13, pp. 266-274 | | |
| 6/15 | Competitive Industry / Entry and Exit | Mankiw: Ch. 14, pp. 279-289 | | |
| 6/16 | Competitive Industry / Short-run and Long-run Supply | Mankiw: Ch. 14, pp. 290-295 | | |
| 6/20 | Monopoly Behavior | Mankiw: Ch. 15, pp. 299-310 | | |
| 6/21 | Welfare Implications of Monopoly / Price Discrimination | Mankiw: Ch. 15, pp. 311-324 | | |
| 6/22 | Oligopoly | Mankiw: Ch. 17, pp. 349-368 | | |
| 6/23 | Review for Final Exam | None | | |
| 6/24 | Final Exam | None | | |
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