• A
• A
• A
• ABC
• ABC
• ABC
• А
• А
• А
• А
• А
Regular version of the site
Bachelor 2021/2022

# Introduction to Microeconomics

Type: Compulsory course
Area of studies: Economics
When: 1 year, 1, 2 module
Mode of studies: offline
Open to: students of one campus
Language: English
ECTS credits: 7
Contact hours: 64

### Course Syllabus

#### Abstract

The Introductino to Microeconomics is a one semester course designed to teach students the main concepts of economics. The course is taught in English, but the main ideas and concepts can be explained in Russian as well during class work. Pre-requisites: good understanding of high school mathematics, including basic calculus.

#### Learning Objectives

• Provide an analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures.
• Explain the core concepts of microeconomics. Students should be able to understand the fundamental concepts and evaluate them using analytical tools.
• Develop students ability to critically evaluate and understand how individual decision-makers behave, microeconomists build models, use data and conduct experiments.
• Enable students to participate in debates on microeconomic issues and policies.
• Creating an academic atmosphere in which students may develop their intellects and skills.

#### Expected Learning Outcomes

• Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue. 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.
• 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.
• Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production, Accounting and Economic Profit, define Explicit and Implicit Costs. Calculate and graph short-run and long-run costs of production.
• Determine structural characteristics of Monopoly and Monopolistic competition, Monopoly Demand, Profit Maximization, Efficiency Analysis, solve problems on Price Discrimination.
• Determine structural characteristics of Oligopoly, Industry Concentration, Prisoners’ Dilemma, Collusion.
• Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis. Define structural characteristics of competitive markets, Marginal Revenue Product, Profit Maximizing Employment, Derived Demand, Determinants of Resource Demand.
• Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making. Ability to use theoretical concepts of Scarcity, trade-offs, find Opportunity cost, and apply Marginal analysis
• Identify the benefits of free trade using the concept of comparative advantage. Ability to use theoretical notions, concepts of Absolute and Comparative advantage and interpret results.
• Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output, define equilibrium, solve equations.
• Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis. Ability to define structural characteristics of Perfect competition, Demand, Profit Maximization, Short-Run Profits, Decision to Shut Down, Long-Run Adjustment.
• Summarize the law of diminishing marginal utility; describe the process of utility maximization. Construct Budget Constraint and Utility, Total and Marginal Utility, define Unconstrained Choice, Law of Diminishing Marginal Utility, Constrained Choice, Utility Maximizing Rule.

#### Course Contents

• Introduction to Economics
• Supply and Demand
• Elasticity
• Consumer Choice
• Producer Theory: Revenues and Costs
• Short-Run and Long-Run. Perfect competition
• Monopoly and Monopolistic Competition
• Oligopoly
• Factor Markets: Labor Market
• Market Failures. Externalities and Public Goods

#### Assessment Elements

• final exam
Online format.
• Midterm test
All assignments are in written form.
• Homework assignments
All assignments are in written form.
• Class performance
All assignments are in written form. Class performance includes attendance (5%) and class assignments (5%) at the beginning of each class. Class assignments are graded out of 10. Class assignments may be provided in class or via https://www.socrative.com, all additional information will be provided by the class teacher.

#### Interim Assessment

• 2021/2022 2nd module
0.29 * Midterm test + 0.51 * final exam + 0.1 * Homework assignments + 0.1 * Class performance

#### Recommended Core Bibliography

• Principles of economics, Case, K. E., 2016