Microeconomics I

the nature and methods of economics; supply and demand; market equilibrium; supply and demand elasticity; total and marginal utilities; consumer equilibrium; indifference curve and budget line; substitution and income effect; consumer's supply; determinates of consumer choice; production function; isoquant; production costs; firm's production costs; short run and long run; market structure: perfect competition, monopoly, monopolistic competition and oligopoly; optimization in different market models; resource market; perfect competition and monopsony model.

NB! This course will take place in autumn semester 2024/2025 which starts on 2nd of September and ends 26th of January (you can find that information under Start date section). The real course start and end dates will be announced at the beginning of September at the latest.

Student:

1. describe the nature of economics in dealing with the issue of scarcity;
2. analyse, apply, and communicate basic economic principles, policies, theories, models, and analytical methods in microeconomics;
3. perform supply and demand analysis to analyze the impact of economic events on markets;
4. analyze the behavior of consumers in terms of the demand for products;
5. evaluate the factors affecting firm behavior, such as production and costs;
6. analyze the performance of firms under different market structures;
7. recognize market failure and the role of government in dealing with those failures;
8. use economic analysis to evaluate controversial issues and policies;
9. can express themselves within the framework of the above-mentioned topics, being familiar with latest scholarly literature (having studied at least some sources) and terminology in English;
10. Recognize economics as inextricably intertwined with politics and history, business and markets, governments and global economies, as well as social and cultural institutions.

Final assessment can consist of one test/assignment or several smaller assignments completed during the whole course. After declaring a course the student can re-sit the exam/assessment once. Assessment can be graded or non-graded. For specific information about the assessment process please get in touch with the contact person of this course. For specific information about grade transfer please contact your home university

Basic mathematics.

• Pindyck-Rubinfeld – Microeconomics (9th edition)
• Mankiw, Principles of Economics

lectures, exercises