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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 301"
COURSE NAME: "Intermediate Microeconomics"
SEMESTER & YEAR:
Spring 2017
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SYLLABUS
INSTRUCTOR:
Francesco Ruscitti
EMAIL: [email protected]
HOURS:
TTH 6:00 PM 7:15 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.
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COURSE DESCRIPTION:
This course delves deeper into the foundations of microeconomic theory, and analyzes the subject from a theoretical rather than practical point of view. Students will become familiar with the tools used by microeconomists in the analysis of consumer and producer behavior. The first part of the course reviews consumer theory and discusses budget constraints, preferences, choice, demand, consumer’s surplus, equilibrium, externalities, and public goods. The second part of the course reviews producer theory: technology, profit maximization, cost minimization, cost curves, firm and industry supply, and monopoly.
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SUMMARY OF COURSE CONTENT:
Note: Calculus and Principles of Microeconomics are prerequisites for this course. Hence, knowledge of them will be assumed.
Note: This is a preliminary draft of the syllabus. I will post (and hand out in class) the official version of the syllabus that will be much more detailed than this.
The course covers
mainstream Microeconomic Theory at an intermediate level with the aid of
analytical tools (algebra, calculus and graphs) and models. Time
permitting, we will study the theory of consumer choice, asset markets, choice
under uncertainty with applications to portfolio-choice with risky assets, the
functioning of markets with incomplete information. Time permitting, we will
examine recent developments in economic analysis, such as asymmetric
information (and its implications in terms of market outcomes and efficiency), principal-agent models and optimal contracts.
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LEARNING OUTCOMES:
First and foremost, this course aims at fostering students’ ability to
think and reason in a rigorous and analytical fashion. The objective is that students learn to apply basic tools of microeconomic analysis in a rigorous fashion.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. Note that this course serves as a baseline and
building-block for more advanced studies in Economics and in any fields of Social
Sciences.
Referring to the learning outcomes (LOS) for the Economics and Finance major (that are posted online), by taking this course students
will:
LOS 1: Build a solid understanding of and knowledge base in microeconomics.
LOS 2: Develop critical-thinking skills and learn to apply microeconomic analysis to understand economic events and everyday problems.
LOS 5: Develop adequate training in mathematical methods to develop problem-solving skills, perform proofs and prepare for further graduate studies in the areas of economics and finance.
LOS 6: Master solid communication skills that enable them to formulate a well-organized argument and communicate effectively in written and graphical form about specific economic and financial issues.
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TEXTBOOK:
Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
Intermediate Microeconomics. A Modern Approach (International student edition, 9th edition). | Hal R. Varian | WW Norton & Company | ISBN: 978-0-393-12396-8 | | | | | |
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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% |
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-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 theoretical course and, based on my experience, there is quite big of a gap between Principles of Microeconomics and Intermediate Microeconomics. This course can prove fairly challenging. If you miss too many classes, you will get lost and that would undermine your performance. Hence,
attendance is STRONGLY ENCOURAGED and very beneficial.
EXAMS AND POLICY ON ABSENCES: Prior to the beginning of the semester, I will post on MyJCU and circulate the official version of the syllabus (very detailed) with the exact exam dates and all of the policies. There are no make-up for missed exams. If you happen to miss a midterm exam for a compelling reason (e.g., you are sick), I want you to notify me ahead of time (if possible) and I will ask you to provide me with a formal justification for your absence. You have to prove your claim about the cause of your absence. If I deem the justification is formal and legitimate, then I would let you take a make-up exam. Note: regarding the final exam, there are specific policies 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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TOPICS AND TENTATIVE SCHEDULE
(Please note that the list and schedule of the topics covered is tentative and 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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THEORY OF CONSUMER CHOICE
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Weeks 1,2, 3, 4, 5
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Budget constraint, preferences, utility, choice, demand
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Chapters 2, 3, 4, 5, 6. Lecture notes and PowerPoint slides
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ASSET MARKETS
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Weeks 6 and 7
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Asset markets
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Chapter 11. Lecture notes and PowerPoint slides
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CHOICE UNDER UNCERTAINTY AND PORTFOLIO CHOICE
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Weeks 8, 9, 10, 11
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Uncertainty, Risky assets
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Chapters 12, 13. Lecture notes and PowerPoint slides
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ASYMMETRIC INFORMATION
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Weeks 12 and 13
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Asymmetric information and adverse selection
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Chapter 38. Lecture notes and PowerPoint slides
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GAME THEORY AND SOME APPLICATIONS
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Week 14
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Game theory, Auctions
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Chapters 18, 29. PowerPoint slides
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