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Regular version of the site

Microeconomics

2019/2020
Academic Year
ENG
Instruction in English
8
ECTS credits
Course type:
Compulsory course
When:
2 year, 2-4 module

Instructors

Course Syllabus

Abstract

The compulsory course is taught to the undergraduate students. The learning goals for this course include: familiarizing students with basic concepts of the microeconomic theory, development skills of formal analysis of economic processes and phenomena at the micro level using models of the behavior of economic agents (consumers, firms, government), and using economic theory to understand and evaluate policy proposals
Learning Objectives

Learning Objectives

  • know the basics of differential calculus, optimization theory, and probability theory studied before. Evaluation activities consist of three control works, mid-term exams, and final exam.
Expected Learning Outcomes

Expected Learning Outcomes

  • student will be able to formulate basic theories and models of microeconomics; to apply the various general equilibrium and trade theorems in order to predict the consequences of policy changes
  • to differ sequential and simultaneous games, and define Nash equilibrium
  • to explain economic outcomes using the basic theories of risk, externalities, public goods, and oligopoly
  • to use a Lagrange method, solve the system of first-order conditions to get a solution to a model, and analyze properties of the solution
  • to know the behavioral assumptions economics makes about consumers and firms
Course Contents

Course Contents

  • Budget Constraint
  • Preferences and Utility
  • Revealed Preference
  • Production Functions
  • Consumer Choice and Demand
  • Cost Functions
  • Profit Maximization
  • Income and Substitution Effects, and Slutsky Equation
  • Consumer Surplus
  • General Equilibrium and Welfare
  • Endowment: Buying and Selling
  • Oligopoly and Imperfect Competition
  • Asymmetric Information
  • Externalities and Public Goods
  • Choice under Uncertainty
  • Partial Equilibrium Competitive Model
  • Factor Markets
  • Monopoly
Assessment Elements

Assessment Elements

  • non-blocking Control work (mid-term) 1
  • non-blocking Control work (mid-term) 2
  • non-blocking Control work (mid-term) 3
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.2 * Control work (mid-term) 1 + 0.2 * Control work (mid-term) 2 + 0.2 * Control work (mid-term) 3 + 0.4 * Exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Hugh Gravelle, & Ray Rees. (2004). Microeconomics. Harlow: Financial Times/ Prentice Hall. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1417798

Recommended Additional Bibliography

  • Schwartz, R. A., Maksimenko, T., & Carew, M. G. (2010). Micro Markets Workbook : A Market Structure Approach to Microeconomic Analysis. Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=319450