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Regular version of the site
Bachelor 2021/2022

Microeconomics

Type: Compulsory course
Area of studies: Business Informatics
When: 1 year, 1, 2 module
Mode of studies: offline
Open to: students of one campus
Language: English
ECTS credits: 5
Contact hours: 80

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

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

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

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

Assessment Elements

  • blocking 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.
  • non-blocking 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.
  • non-blocking 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

Interim Assessment

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

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