Master
2024/2025
Microeconomics (Advanced Level)
Type:
Elective course (Economics and Economic Policy)
Area of studies:
Economics
Delivered by:
Department of Theoretical Economics
Where:
Faculty of Economic Sciences
When:
1 year, 1, 2 module
Mode of studies:
offline
Open to:
students of one campus
Master’s programme:
Economics and Economic policy
Language:
English
ECTS credits:
6
Contact hours:
82
Course Syllabus
Abstract
The course explores classical tools of microeconomic analysis. It examines how economic decisions are made by households and firms, and how they interact to determine quantities and prices of goods and the allocation of resources. Prerequisites: • Multivariable calculus, constraint optimization (method of Lagrange multipliers and Karush-Khun-Tucker conditions); • Basic algebra.
Learning Objectives
- to provide students with the knowledge of core concepts and models in the field of microeconomics
- to provide students with the knowledge of basic microeconomic models' assumptions, internal logic and predictions
- to develop students' ability to apply the knowledge acquired to the analysis of specific economic cases
Expected Learning Outcomes
- be able to solve and interpret a standard utility maximization problem and to analyze consumer's choice microlevel models
- be familiar with the duality concept in consumption and be able to evaluate issues of microeconomic policy on consumer welfare
- be able to solve and interpret a standard expected utility maximization problem and to analyze consumer's choice under the presence of uncertainty
- be familiar with the main market structures and be able to analyze the welfare implications
Course Contents
- Preferences. Utility function. Consumer's choice problem.
- Indirect utility. Duality in consumption. Income and substitution effects.
- Preferences over lotteries.
- Technologies. Returns to scale. Competitive firm problem. Cost minimization. Short run and long run in production.
- Perfect competition. Monopoly. Monopolistic competition.
- Price Discrimination
- Game Theory, Static Models, and Dynamic Models
- Imperfect Competition Models
- General equilibrium
- Externalities
- Asymmetric Information
Assessment Elements
- Problem Sets (Module 1)
- Midterm
- Problem Sets (Module 2)
- Weekly Exercise (Module 2)
- Final Test
Interim Assessment
- 2024/2025 2nd module0.46 * Final Test + 0.29 * Midterm + 0.1 * Problem Sets (Module 1) + 0.1 * Problem Sets (Module 2) + 0.05 * Weekly Exercise (Module 2)
Bibliography
Recommended Core Bibliography
- Advanced microeconomic theory, Jehle, G. A., 2011
- Intermediate microeconomics : a modern approach, Varian, H. R., 2014
Recommended Additional Bibliography
- Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic Theory. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780195102680