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Regular version of the site

Microeconomics II

2022/2023
Academic Year
ENG
Instruction in English
5
ECTS credits
Course type:
Elective 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 explain economic outcomes using the basic theories of risk, externalities, public goods, and oligopoly
  • to know the behavioral assumptions economics makes about consumers and firms
  • 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 differ sequential and simultaneous games, and define Nash equilibrium
Course Contents

Course Contents

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

Assessment Elements

  • non-blocking Final exam
    The assessment criteria for the mid-term and final exams are detailed solution that includes all the necessary formulas and calculations; graphs illustrating the problem with all the symbols; correct choice of the model for analysis; correct answer; interpretation of the results. The maximal grade for the final exam and each mid-term is 10 points.
  • non-blocking Mid-term exam
  • non-blocking Seminar participation
Interim Assessment

Interim Assessment

  • 2022/2023 3rd module
    0.2 * Mid-term exam + 0.2 * Seminar participation + 0.4 * Final 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
  • Intermediate microeconomics with calculus, Varian, H., 2014
  • Microeconomic theory: basic principles and extensions, Nicholson, W., 2016

Recommended Additional Bibliography

  • Microeconomics: theory and applications with calculus, Perloff, J.M., 2017
  • 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