Bachelor
2017/2018
Microeconomics
Type:
Compulsory course (Economics)
Area of studies:
Economics
Delivered by:
Department of Economics
When:
2 year, 2-4 module
Mode of studies:
offline
Language:
English
ECTS credits:
13
Course Syllabus
Abstract
The compulsory course is taught to the undergraduate students. It is assumed that students 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.
Learning Objectives
- 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.
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
- Budget Constraint
- Utility Maximization and Choice
- Demand Elasticities
- Consumer Surplus, Compensating and Equivalent Variations
- Revealed Preference
- Production Functions
- Cost Functions
- Profit Maximization
- Partial Equilibrium Competitive Model
- General Equilibrium and Welfare
- Monopoly
- Oligopoly and Imperfect Competition
- Labor Markets
- Intertemporal Choice and Pricing in Asset Markets
- Choice under Uncertainty
- Asymmetric Information
- Externalities and Public Goods
Interim Assessment
- Interim assessment (4 module)0.4 * Exam + 0.18 * Mid-term1 + 0.18 * Mid-term2 + 0.24 * Mid-term3
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