Bachelor
2024/2025
Microeconomics 2
Type:
Compulsory course (International Programme in Economics and Finance)
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
3 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
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
- Winter examA written paper comprised of several tasks covering the entire syllabus. In order to get a passing grade for the course, the student must sit (all parts) of the final examination
- Midterm test
- Home assignmentsStudents should expect at least one home assignment every two weeks. Average grade for all home assignments is included in the final grade.
Interim Assessment
- 2024/2025 2nd module0.12 * Home assignments + 0.28 * Midterm test + 0.6 * Winter exam
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