Microeconomics
About the course
What you will learn
At the end of the course students should be able to:
- Account for the method, paradigm, and core principles of economics.
- Apply basic analytical tools such as demand and supply curves, comparative statics, and elasticity calculation to show how you can calculate the effects of changes in market conditions or public policy on prices and quantities, the efficiency of production, and the distribution of benefits and costs among participants in the economic system.
- Describe and rationalize the essential prerequisites for microeconomic models such as models for supply and demand, incomplete competition. Graphically illustrate the contents of these models as well as perform simple analyzes.
- Algebraically solve simple economic issues such as utility and profit maximization, supply demand, and algebraically determine equilibrium values of economic variables such as price, quantity and profit.
- Account for alternative industry structures (monopoly, competition, etc.), the conditions that can give rise to them, their implication for welfare and efficiency, and the scope for public policy to regulate them.
- Explain at a basic level the concepts, tools, and insights from selected areas from “modern” microeconomics – e.g. game theory and behavioural economics–and analyze how they manifest in real-world situations.