Bachelor
2022/2023
Microeconomics II
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type:
Elective course (Economics)
Area of studies:
Economics
Delivered by:
Department of Economics
When:
2 year, 2, 3 module
Mode of studies:
offline
Open to:
students of one campus
Language:
English
ECTS credits:
4
Contact hours:
114
Course Syllabus
Abstract
The compulsory course is taught to the undergraduate students. The learning goals for this course include: 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. It is assumed that students know the basics of differential calculus, optimization theory, and probability theory studied before.
Learning Objectives
- On completion of the course 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 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.
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 explain economic outcomes using the basic theories of risk, externalities, public goods, and oligopoly
- to know the behavioral assumptions economics makes about consumers and firms
- 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 differ sequential and simultaneous games, and define Nash equilibrium
Course Contents
- Budget Constraint
- Preferences and Utility
- Consumer Choice and Demand
- Revealed Preference
- Income and Substitution Effects, and Slutsky Equat
- Consumer Surplus
- Endowment: Buying and Selling
- Production Functions
- Cost Functions
- Profit Maximization
- Partial Equilibrium Competitive Model
- General Equilibrium and Welfare
- Monopoly
- Oligopoly and Imperfect Competition
- Factor Markets
Assessment Elements
- Final examThe assessment criteria for the mid-term and final exams are detailed solution that includes all the necessary formulas and calculations; graphs illustrating the problem with all the symbols; correct choice of the model for analysis; correct answer; interpretation of the results. The maximal grade for the final exam and each mid-term is 10 points.
- Mid-term exam
- Seminar participation
Interim Assessment
- 2022/2023 3rd module0.2 * Mid-term exam + 0.2 * Seminar participation + 0.4 * Final exam
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
- Intermediate microeconomics with calculus, Varian, H., 2014
- Microeconomic theory: basic principles and extensions, Nicholson, W., 2016
Recommended Additional Bibliography
- Microeconomics: theory and applications with calculus, Perloff, J.M., 2017
- 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