Course details
Microeconomics
IMIE Acad. year 2011/2012 Summer semester 5 credits
The course familiarises students with the basic tools of microeconomics. Economics is the study of how the society allocates its scarce resources, and microeconomics is the study of the behaviour of households and firms, whose collective decisions determine how the resources are allocated in a free market economy.
Guarantor
Language of instruction
Completion
Time span
- 26 hrs lectures
- 13 hrs exercises
Department
Subject specific learning outcomes and competences
Student will be made familiar with the theoretical approaches in the area of microeconomics, and he/she will understand the role of market in relation to other microeconomics entities and will be able to make a critical analysis of real features from the microeconomics area.
Learning objectives
The goal of the course is to teach students to "think as an economist," which will help them to understand the world around, make better economic decisions in own lives, and be better informed citizens and voters. The course focuses on the economic theory and therefore will often rely on abstract concepts. However, the course will emphasize the application of these concepts to the real world situations through frequent in-class discussions of current events and interactive learning exercises.
Prerequisite knowledge and skills
The course does not require any prior knowledge of economics.
Syllabus of lectures
- Introduction to economics
- The basics of supply and demand
- Consumer behaviour
- Individual and market demand
- Production. The cost of production
- Profit maximization and competitive supply
- The analysis of competitive markets
- Imperfect competition: monopoly and monopsony
- Pricing with market power
- Monopolistic competition and oligopoly
- Markets for factor inputs
- Impact of governments decision
- Externalities and public goods
Syllabus of numerical exercises
Selected problems from lectures.
Progress assessment
A student has to achieve at least 21 out of 35 points which are given for seminars and to attend the seminars in 80%. Points will be given for a semester work, its presentation, and for a midterm test.
Controlled instruction
A semester work, its presentation, and a midterm test earn 35 points.
The final exam consists of:
Written and oral parts of exam: Student has to achieve at least 35 points out of 65 (approximately 12 - 15 exam questions).
Final grading scheme (a student can achieve max. 35 points for seminars, 65 points for the final, i.e. 100 points in total).