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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 201-1"
COURSE NAME: "Principles of Microeconomics"
SEMESTER & YEAR:
Fall 2016
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SYLLABUS
INSTRUCTOR:
Adrian Stoian
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 (whenever possible), and by appointment. To make an appointment, just approach me 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:
Note: This is a preliminary version of the syllabus.
Microeconomics focuses on the analysis of economic phenomena from the perspective of “single agents”, consumers and firms. It will be explained 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 among people, 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 intervention and regulation. Moreover, time permitting we will study the cost structure and production technology of the firm, and the firm`s behavior on the marketplace.
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LEARNING OUTCOMES:
The purpose of this course is to provide a basic understanding of Microeconomics, the entire Economics discipline is based upon. This course will equip students with a basic economic knowledge valuable for any career students may elect to pursue. In addition, the goal of this course is that students develop basic knowledge and, above all, analytical skills. Students will be able to:
Use basic economic tools when making decisions and interpreting facts and events;
Critically assess the economic consequences of economic policy and business strategies.
Students will learn how to use and apply economic tools analytically and rigorously. 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.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Microeconomics (3rd revised edition, 2014). | N. Gregory Mankiw and Mark P. Taylor | Cengage Learning | ISBN: 1408081989; ISBN 13: 9781408081983 | | | | | |
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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 to 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 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+ 83-85.99: 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 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 matter (fairly abstract and analytical), Principles of Microeconomics is a course that can be challenging. Therefore, attendance is STRONGLY recommended and very beneficial. Ahead of the beginning of the semester, I will post on MYJCU and circulate the definitive version of the syllabus (much more detailed) with the exact exam dates and all the policies. 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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TENTATIVE SCHEDULE
(Please note that the schedule of the topics covered might be subject to change. More details will be provided in class).
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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 (TBA)
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Weeks 1 and 2
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The market forces of supply and demand
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Relevant chapter in the book
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Week 3
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Supply, demand, and government policies
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Relevant chapter in the book
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Weeks 3-6
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Consumers, producers, and the efficiency of markets
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Relevant chapter in the book
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Weeks 6 and 7
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The costs of taxation. Externalities.
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Relevant chapters in the book
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Weeks 7, 8, and 9
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Public goods and common resources. The costs of production.
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Relevant chapters in the book
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Week 10
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Firms in competitive markets.
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Relevant chapter in the book
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Weeks 11
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Monopoly.
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Relevant chapter in the book
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Weeks 12, 13 and 14
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Oligopoly and basic introduction to Game Theory.
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Relevant chapter in the book
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Week 14
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Review for final exam
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