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Course Syllabus

Bachelor 2024/2025

Microeconomics

Type: Compulsory course (International Business)
Area of studies: Management
Delivered by: Department of Strategic and International Management
Where: Graduate School of Business
When: 1 year, 1, 2 module
Mode of studies: offline
Open to: students of one campus
Instructors: Danil Fedorovykh
Language: English
ECTS credits: 5

Course Syllabus

Full Syllabus

Abstract

Microeconomics is a field that tries to understand, explain, and predict the behaviour of consumers and producers under different market circumstances. Covering major topics of standard undergraduate Microeconomics courses, this course focuses on Market Theory (theory of Industrial Organisation), which is a necessity for future managers. This field is concerned with the study of competition, strategic interaction in setting prices and outputs, investing in capacities, R&D, advertisement etc. We will discuss pricing strategies, non-price competition, entry, network effects, innovations, antitrust policies.
Learning Objectives

Learning Objectives

  • The main objective of taking this course for a student should be receiving basic understanding of Microeconomics, in particular market theory and its main developments. The course doesn’t offer any advanced material, but students will learn where to get it from if they need to. Market theory is essential for understanding competition, innovation races, mergers and acquisitions, firms’ entry and exit.
Expected Learning Outcomes

Expected Learning Outcomes

  • Solve a perfectly competitive firm optimisation problem
  • Solve for equilibrium at a perfectly competitive market
  • Understand the basics of the economic approach to human decision-making
  • Be aware of the basics of market structures theory: competition, monopoly, oligopolies
  • Make a market analysis using the theoretical background
  • Participate in basic debates about competition and pricing
  • Solve theoretical economic questions regarding perfect and imperfect competition
  • Understand firms’ pricing strategies
  • Use basic analytical tools of market analysis
Course Contents

Course Contents

  • Economics Principles
  • Producer Theory: Revenues and Costs
  • Perfect Competition
  • Monopoly
  • Game Theory
  • Basic Oligopoly Models
  • Differentiation
  • Anticompetitive Behaviour
  • Mergers
  • Non-Price Competition
  • Network Effects
  • Consumer Choice
  • Market Failures. Externalities and Public Goods
  • Information Asymmetries
  • Projects in Market Analysis
Assessment Elements

Assessment Elements

  • non-blocking Group presentations
    4 seminar classes at the end of the course will be comprised of student group presentations. Students will be given some topic or case (e.g., of antitrust regulation enforcement) and will be expected to study them carefully in groups and present in class. The grade will be given to each group and will be equal for each student in a group.
  • non-blocking Final Exam
  • non-blocking Quizzes
    Homework will be provided after the seminar classes devoted to solving theoretical questions. Students may solve the questions individually or in groups, nothing must be submitted for grading. Some seminar classes will start with quizzes which will be similar to questions from the latest homework. Students will have to provide solutions which will be graded.
  • non-blocking Midterm exam
    Midterm exam will consist of a few questions, both theoretical and applied. In some questions, students will be required to rigorously solve theoretical problem, in other they will have to provide verbal explanation of come phenomenon using the concepts studied in the course.
Interim Assessment

Interim Assessment

  • 2024/2025 2nd module
    0.3 * Final Exam + 0.21 * Group presentations + 0.2 * Midterm exam + 0.29 * Quizzes
Bibliography

Bibliography

Recommended Core Bibliography

  • Belleflamme, P., & Peitz, M. (2010). Industrial Organization : Markets and Strategies. Cambridge, UK: Cambridge eText. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=324082
  • Game theory for applied economists, Gibbons, R., 1992
  • Industrial organization : markets and strategies, Belleflamme, P., 2016
  • Industrial organization : theory and applications, Shy, O., 2001
  • Intermediate microeconomics : a modern approach, Varian, H. R., 2014
  • Pindyck, R. S., & Rubinfeld, D. L. (2015). Microeconomics, Global Edition (Vol. Global edition, Eighth edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1419566

Recommended Additional Bibliography

  • Oz Shy. (1996). Industrial Organization: Theory and Applications. The MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.mtp.titles.0262691795

Authors

  • Русева Виктория Викторовна
  • Fedorovykh Danil Aleksandrovich