Microeconomics 2

Bachelor 2023/2024

Type: Compulsory course (International Programme in Economics and Finance)

Area of studies: Economics

Delivered by: International College of Economics and Finance

Where: International College of Economics and Finance

When: 3 year, 1-3 module

Mode of studies: offline

Open to: students of one campus

Instructors: Попова Валерия Сергеевна, Богородицкая Нина Владимировна, Попова Валерия Сергеевна, Alla Fridman, Polina Koroleva

Language: English

ECTS credits: 8

Contact hours: 92

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Abstract

In the course of Microeconomics-2 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. The course pays special attention to problems of uncertainty, intertemporal choice, general equilibrium and efficiency, asymmetric information and public goods. 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 Russian degree in Economics, and knowing Russian terminology through reading in Russian is also required. Course prerequisites Students are supposed to be competent in basic economic analysis up to the level of the Introductory Microeconomics and in calculus taught in the first year of studies. Students are also expected to be familiar with constrained optimisation studied in the course of Mathematics for Economists during the second year. The course itself provides a basis (and so serves as a prerequisite) for such courses as Industrial Economics, Labour Economics, Public Sector Economics, International Economics.

Learning Objectives

 to expand the students’ knowledge in the field of microeconomics and to make them ready to analyze real economic situations
 to provide students with the knowledge of basic microeconomic models' assumptions, internal logic and predictions, grounding the explanations on intuitive, graphical and analytical approaches;
 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

Students should be able 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, grounding the explanations on intuitive, graphical and analytical approaches; be capable to work in a team
Students should be able 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, grounding the explanations on intuitive, graphical and analytical approaches; be capable to work in a team

Course Contents

Consumer behaviour under fixed income.
Consumer behaviour under in-kind income
Choice under uncertainty
Game theory
Production, costs and profit maximization (covered in year 2)
Perfect competition in a single market (covered in year 2)
General Equilibrium and Welfare
Monopoly and price discrimination
Oligopoly
Asymmetric Information
Externalities and Public Goods

Assessment Elements

Spring exam
Unseen written closed book exam
Group project
Fall exam
Midterm exam is expected to take place by the end of module 1
Winter test
Home assignmets of module 1
Average grade for all home assignments of module 1. Please, take into account that lecturee/clasteachers will conduct interviews on the submitted home assignments and may nullify the student's mark for some home assnment/s if the student is unable to answer the questions on his/her solution.
Home assignments of module 2
Average mark for home assignments of module 2
Quiz

Interim Assessment

2023/2024 1st module
0.7 * Fall exam + 0.25 * Home assignmets of module 1 + 0.05 * Quiz
2023/2024 3rd module
0.2 * 2023/2024 1st module + 0.1 * Group project + 0.05 * Home assignments of module 2 + 0.45 * Spring exam + 0.2 * Winter test

Bibliography

Recommended Core Bibliography

Theory and application of intermediate microeconomics, Nicholson, W., 2010
Микроэкономика. Принципы и анализ : учебник, Коуэлл, Ф., 2011

Recommended Additional Bibliography

Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.CAA2734F
R. H. Coase. (2013). The Problem of Social Cost. Journal of Law and Economics, (4), 837. https://doi.org/10.1086/674872
Schmalensee, R., & Stavins, R. N. (2013). The SO2 Allowance Trading System: The Ironic History of a Grand Policy Experiment. Journal of Economic Perspectives, 27(1), 103–122. https://doi.org/10.1257/jep.27.1.103
Spence, M. (1973). Job Market Signaling. https://doi.org/10.2307/1882010
Stavins, R. N. (2011). The Problem of the Commons: Still Unsettled after 100 Years. American Economic Review, 101(1), 81–108. https://doi.org/10.1257/aer.101.1.81

Authors

Fridman Alla Aleksandrovna

Course Syllabus