Microeconomics

2021/2022

Учебный год

ENG

Обучение ведется на английском языке

5

Кредиты

Кто читает:

Образовательная программа «Управление цифровым продуктом»

Статус:

Курс обязательный

Когда читается:

1-й курс, 1, 2 модуль

Преподаватели

Верем Ирина Юрьевна

Коваленко Яна Алексеевна

Course Syllabus

Abstract

Microeconomics is a course designed to teach students the main concepts of economics. Microeconomics is a science of decision-making by individuals and firms. These decisions lead to market interactions which are also studied in this field. In this course, students will learn how economists think about people and firms responding to incentives and participate in transactions. Government interventions affecting these decisions and transactions are also discussed.

Learning Objectives

• The aim of a course is to give students an understanding of core concepts of microeconomics, develop students ability to critically evaluate and understand individual decision-making, provide an analysis of the consumer behavior, producer behavior, price and output decisions by firms under perfect competition, monopoly, oligopoly, monopolistic competition, factor markets, market failures.

Expected Learning Outcomes

• Calculate supply and demand elasticities, Ability to find and interpret price Elasticity of Demand, define Determinants of Elasticity, Total Revenue, Income Elasticity, Cross-Price Elasticity of Demand, Elasticity of Supply.
• Ability to use concepts of Absolute and Comparative advantage and interpret results.
• Ability to use theoretical concepts of Scarcity, trade-offs, find Opportunity cost, and apply Marginal analysis
• Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods. Ability to define Private and Public Goods, Spillover Benefits and Positive Externalities.
• Identify the four market structures by characteristics.

Course Contents

• Definition of Economics.
• Comparative advantage and exchange comparative advantage
• Supply and Demand
• Elasticity
• Consumer Choice
• Producer Theory: Revenues and Costs
• Perfect Competition
• Monopoly and Monopolistic Competition
• Game Theory
• Oligopoly Models
• Factor Markets: Labor market and Capital market.
• Market Failures. Externalities and Public Goods
• Intertemporal Choice
• International Trade

Assessment Elements

• Exam
  The final exam will consist of two parts: first part is the multiple choice questions and second part consist of a few theoretical and applied.
• Mid-term test
  The midterm exam will consist of two parts: first part is the multiple choice questions and second part consist of a few theoretical and applied.
• Class quizzes
  Classes will start with the short tests which will be similar to a question discussed in class. Students will have to provide solutions that will be graded.

Interim Assessment

• 2021/2022 2nd module
  0.25 * Class quizzes + 0.5 * Exam + 0.25 * Mid-term test

Bibliography

Recommended Core Bibliography

• Economics, , 2011
• Economics, , 2014
• Principles of economics, Case, K. E., 2016

Recommended Additional Bibliography

• Principles of economics, Mankiw, N. G., 1998