Bachelor
2021/2022
Microeconomics 1
Type:
Compulsory course
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
2 year, 1-4 module
Mode of studies:
distance learning
Open to:
students of one campus
Instructors:
Попова Валерия Сергеевна,
Дашаев Муслим Исаевич,
Попова Валерия Сергеевна,
Albert Belkov,
Steven Kivinen,
Natalya Rakuta,
Elizaveta Tatarinova,
Andrey Vorchik,
Векилян Армине Вагенаковна
Language:
English
ECTS credits:
5
Contact hours:
78
Course Syllabus
Abstract
Microeconomics-1 is a two-semester course for second year students. The first part covers all topics of the syllabus and the second part is devoted to supporting lectures. In the course of Microeconomics-1 students are expected to deepen their understanding of basic concepts, add further tools of analysis and develop their skills in applying theory to economic problems. Intermediate Microeconomics is a core discipline under world standards. It forms the basis of further economic studies in applied disciplines such as: industrial organisation, public sector economics, labour economics, international economics, corporate finance, development economics, etc. The course is taught in English. The students are also studying for a Russian degree in Economics, and knowing Russian terminology through reading in Russian is also required. Pre-requisites: Students are supposed to be competent in basic economic analysis and calculus. The course itself provides a basis (and so serves as a prerequisite) for Microeconomics 2.
Learning Objectives
- to expand the students’ knowledge in the field of microeconomics and develop skills for analysis of real economic situations
- to provide students with the knowledge of basic microeconomic models' assumptions, internal logic and predictions, grounding the explanations on intuitive and graphical approach with addition of some algebra and calculus studied simultaneously in the course of Mathematics for Economists
- to develop the students' ability to apply the knowledge acquired to the analysis of specific economic cases, recognising the proper framework of analysis and constructing the adequate economic models within this framework
Expected Learning Outcomes
- Ability to analyse the consumer’s problem. Understanding income and substitution effects.
- Ability to analyse the firm’s profit maximisation problem in the short-run and the long-run, including cost minimisation. Ability to assess the effects of taxes and subsidies.
- Recollection of basic concepts, such as opportunity cost.
- Understanding how externalities and public goods create inefficiencies. Ability to analyse government interventions to correct inefficiencies
- Understanding issues with analysing multiple markets simultaneously, and the fundamental welfare theorems. Ability to solve for general equilibrium
- Understanding market behaviour under perfect competition. Ability to analyse efficiency, including economic surplus
- Understanding monopolistically competitive and oligopolistic markets. Ability to analyse simple games, and determine their Nash equilibrium.
- Understanding the difference between input and output markets. Ability to analyse perfectly competitive and monopsonistic labour markets.
- Understanding the monopolist’s problem, and how it differs from perfect competition. Ability to analyse equilibrium, efficiency, and policy in a monopolistic market
Course Contents
- Introduction to microeconomics.
- Consumer choice.
- The firm.
- Perfect competition.
- Monopoly.
- Market structure and imperfect competition.
- Inputs to production: the labour market.
- General equilibrium and welfare economics.
- Missing markets and the role of government.
Assessment Elements
- written home assignments in Fall term
- midterm test in the middle of Fall semester
- exam at the end of the Fall semesterOnline format
- midterm test in the middle of the Spring semester
- final exam by the end of the Spring semesterUniversity of London exam grade for the students studying the course for both Internal and International degrees are available at https://london.ac.uk/sites/default/files/regulations/progregs-emfss-2021-2022.pdf; Internal exam grade for the students studying the course for HSE degree only
Interim Assessment
- 2021/2022 2nd module0.2 * written home assignments in Fall term + 0.55 * exam at the end of the Fall semester + 0.25 * midterm test in the middle of Fall semester
- 2021/2022 4th module0.4 * final exam by the end of the Spring semester + 0.25 * midterm test in the middle of the Spring semester + 0.35 * 2021/2022 2nd module
