Course Details

Course Information Package

Course Unit CodeABSE203
Course Unit Details
Number of ECTS credits allocated5
Learning Outcomes of the course unitBy the end of the course, the students should be able to:
  1. Identify the goals of the firm and basic determinants of producer decision-making.
  2. Examine the dynamics and structure of short run and long run costs
  3. Analyze the determinants of industrial organization
  4. Compare and contrast firm’s conduct and performance under different market structures.
  5. Evaluate the determinants of factor income.
  6. Interpret empirical evidence and critically assess the effectiveness of microeconomic policies.
Mode of DeliveryFace-to-face
Recommended optional program componentsNONE
Course Contents

Producer Decision Making

Economic analysis of costs and profit

Long run vs. short run decisions

Quantifying costs and revenues

Profit maximization/loss minimization decision. Graphical and functional analysis


Analysis of perfectly competitive markets

Assessment of the determinants of industry’s structure

Graphical and functional analysis of price-taking behaviour

Critical analysis of performance of the perfectly competitive markets


Decision making of the pure monopoly

Identification and analysis of sources of market imperfection; natural vs. institutional monopoly

Structural conditions for the pure monopoly

Profit maximization under the pure monopoly and performance of the pure monopoly

Comparative analysis of perfect competition and pure monopoly

Key concepts of price discrimination


Market power and market rivalry

Examination of monopolistic competition: structure, conduct, performance

Appraisal of basic types of oligopoly and pricing

Critical assessment of oligopoly; the Austrian approach to the analysis of the big firm


Factor markets

Determinants of profit maximization in the production factor markets

The labor market and wage differentials; key concepts of discrimination

Capital and interest

The land market variables


General market equilibrium and microeconomic policy

Partial vs. general market equilibrium

Definition and classification of microeconomic policies

Empirical evidence on the effectiveness of microeconomic policies

Recommended and/or required reading:
  • Violaris Ioannis, Economics a bilingual approach, Epiphaniou editins, 2008
  • Samuelson & Nordhaus, Economics, McGraw Hill, 19th edition, 2008, or more recent one
Planned learning activities and teaching methods

Ex cathedra lectures and discussions in class, by means of traditional tools or using computer demonstrations. Some of the key issues are be revealed on the basis of simulation games.

Auditory exercises, where examples regarding matter represented at the lectures, are solved and further, questions related to particular open-ended topic issues are compiled by the students and answered, during the lecture or assigned as homework.

Topic notes are compiled by students, during the lecture which serve to cover the main issues under consideration and can also be downloaded from the lecturer’s webpage. Tutorial problems are also submitted as homework and these are solved during lectures or privately during lecturer’s office hours.

Assessment methods and criteria
Final Exam60%
Homework assignments and participat10%
2 Quizzes16%
Language of instructionEnglish
Work placement(s)NO

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