At the end of this course, the students; 1) Understand basic microeconomic concepts such as demand, supply, utility, externalities, public goods and regulation 2) Understand how microeconomic equilibrium is achieved through supply and demand 3) Understand operations of different types of markets 4) Understand the effects of the government's intervention in the market 5) Understand how market failures are solved.
MODE OF DELIVERY
Face to face
PRE-REQUISITES OF THE COURSE
No
RECOMMENDED OPTIONAL PROGRAMME COMPONENT
None
COURSE DEFINITION
This course covers the allocation of resources and the determination of prices in a market economy. The notions of utility, production, costs, and profit are introduced in this course to analyse how supply and demand are formed by the behaviour of economic agents, namely the consumers and the firms.
COURSE CONTENTS
WEEK
TOPICS
1st Week
Economics: Foundations and Models
2nd Week
Trade-offs, Comparative Advantage, and the Market System
3rd Week
Where Prices Come From: The Interaction of Demand and Supply
4th Week
Economic Efficiency, Government Price Setting
5th Week
Economic Efficiency, Government Price Setting Cont.
6th Week
Elasticity: The Responsiveness of Demand and Supply
7th Week
Taxes
8th Week
Midterm
9th Week
Consumer Choice
10th Week
Technology, Production, and Costs
11th Week
Firms in Perfectly Competitive Markets
12th Week
Monopoly and Antitrust Policy
13th Week
Oligopoly: Firms in Less Competitive Markets
14th Week
Externalities, Environmental Policy, and Public Goods
RECOMENDED OR REQUIRED READING
Main book: - R. Glenn Hubbard and Anthony Patrick O'Brien, Economics, 7th ed. Pearson, 2019.
Additional sources: - Paul Krugman and Robin Wells, Microeconomics, 4th edition, 2014. - Instructor's own notes
PLANNED LEARNING ACTIVITIES AND TEACHING METHODS
Lecture,Discussion
ASSESSMENT METHODS AND CRITERIA
Quantity
Percentage(%)
Mid-term
1
40
Quiz
2
15
Total(%)
55
Contribution of In-term Studies to Overall Grade(%)
55
Contribution of Final Examination to Overall Grade(%)
45
Total(%)
100
ECTS WORKLOAD
Activities
Number
Hours
Workload
Midterm exam
1
1,5
1,5
Preparation for Quiz
2
14
28
Individual or group work
14
3
42
Preparation for Final exam
1
35
35
Course hours
14
3
42
Preparation for Midterm exam
1
30
30
Laboratory (including preparation)
0
0
0
Final exam
1
1,5
1,5
Homework
0
0
0
Total Workload
180
Total Workload / 30
6
ECTS Credits of the Course
6
LANGUAGE OF INSTRUCTION
English
WORK PLACEMENT(S)
No
KEY LEARNING OUTCOMES (KLO) / MATRIX OF LEARNING OUTCOMES (LO)
