Course Details
Course Information Package
Course Unit Title | MICROECONOMIC ANALYSIS | ||||||||||
Course Unit Code | ABSE203 | ||||||||||
Course Unit Details | |||||||||||
Number of ECTS credits allocated | 5 | ||||||||||
Learning Outcomes of the course unit | By the end of the course, the students should be able to:
| ||||||||||
Mode of Delivery | Face-to-face | ||||||||||
Prerequisites | ABSE101 | Co-requisites | NONE | ||||||||
Recommended optional program components | NONE | ||||||||||
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: | |||||||||||
Textbooks |
| ||||||||||
References |
| ||||||||||
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 |
| ||||||||||
Language of instruction | English | ||||||||||
Work placement(s) | NO |