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Regular version of the site

Microeconomics II

2021/2022
Academic Year
ENG
Instruction in English
4
ECTS credits
Course type:
Compulsory course
When:
2 year, 2, 3 module

Instructors

Course Syllabus

Abstract

TThe 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. It is assumed that students know the basics of differential calculus, optimization theory, and probability theory studied before.
Learning Objectives

Learning Objectives

  • On completion of the course 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 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.
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

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

Assessment Elements

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

Interim Assessment

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