Microeconomics I

The course presents to students the key methodological tools of modern microeconomic analysis brings them into contact with the main approaches and the corresponding conclusions and gives them the possibility to predict the effects of specific economic policy measures.

Objectives

The course aims to give students the key methodological tools of modern microeconomic analysis, to bring them into contact with the main approaches and the corresponding conclusions and give them the possibility to predict the effects of specific economic policy measures.

Prerequisites

Principles of Economic Theory - 3rd class of High School.

Syllabus

Introduction, basic tools, demand and supply. Factors affecting demand elasticities and theory of consumer choice. Organization and conduct of business: revenues, costs and maximize profits. Theory of supply in the short and the long run. Market structure: perfect competition, monopoly, oligopoly and monopolistic competition. Identification of game theory. Purchases of inputs I. Labour market, human capital theory and the role of unions. Shopping factor II. Purchases of capital and land. Uncertainty, risk and asset markets. Economic prosperity. Pareto efficiency, distortions and market failures. Taxes, government spending and regulatory policies. Introduction to general equilibrium.