Bachelor
2023/2024
Microeconomics 1
Type:
Compulsory course (International Programme in Economics and Finance)
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
2 year, 1-3 module
Mode of studies:
offline
Open to:
students of one campus
Language:
English
ECTS credits:
5
Contact hours:
78
Course Syllabus
Abstract
Microeconomics-1 is a one-semester course for second year students. 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 using graphical and algebraic analysis as well as intuitive explanation. 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
- define key concepts and describe the models and methods used in economic analysis
- formulate real world issues in the language of economic modelling
- apply and use the economic models to analyse these issues
- discuss the potential and limitations of the models and methods used in economic analysis
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
- autumn midterm test
- winter exam
- seminar activityIn the Fall semester students may earn up to 5 bonus points for seminar activity. In the base-100 scale, each of these bonus points is counted as 20 (i.e., 1 bonus point = 20 points, 2 bonus points = 40 points, ..., 5 bonus points = 100 points).
- home assignment
- final spring exam
Interim Assessment
- 2023/2024 2nd moduleTotal grade for the fall semester is computed according to the following formula: MIN{100; 0,2*HA + 0,25*MIDTERM + 0,55*WINTER_EXAM + BONUS}, where: HA - average grade for home assignments, rounded to the nearest integer. Each home assignment is graded from 0 to 100 pts. MIDTERM - grade for the autumn midterm test. WINTER_EXAM - grade for the winter exam, written at the end of the 2nd module. BONUS - bonus points, that a student's classteacher may award for productive seminar activity. During the fall semester, a student may earn up to 5 bonus points in total.
- 2023/2024 3rd module1 * final spring exam
