Microeconomics I

    Course Code: 
    4101
    Semester: 
    1st
    Compulsory Courses
    Professor: 

    MILLIOU CHRYSOVALANTOU VASILIKI

    Number of credits allocated: 6 ECTS Credits

    Objective of the course (expected learning outcomes and competences to be acquired)

    Understanding the basic methodological tools of modern microeconomic analysis
    Application of these tools in the solution of practical problems in the field of Microeconomics
    Understanding quantitative economic data
    Predicting the outcomes of specific economic policies
    Elementary comparative evaluation of alternative economic policies
    Development of analytical and synthetic skill through the writing of short essays

    Prerequisites: -

    Course contents

    1. Basic concepts, demand and supply.
    2. Determinants of demand, elasticities and consumer choice theory
    3. Firm behaviour. Revenues, costs and profit maximization.  Supply in the short- and the long-run.
    4. Market structure: Perfect competition, monopoly, oligopoly (Cournot, Bertrand, Stackelberg), cartel, monopolistic competition.  Introduction to game theory.
    5. Factor Markets I.  Labour markets, human capital theory, trade unions.
    6. Factor Markets II.  Capital and Land.  Uncertainty, risk and asset markets.
    7. Introduction to welfare economics. Edgeworth box and Pareto efficiency.  Market failure.  Taxes, transfers and regulation.  Introduction to general equilibrium.

    Recommended reading

    • Begg D., Vernasca G., Fischer S. και Dornbusch R. “Economics”, (11th ed., McGraw-Hill, 2014).
    • McConnell C.R., Brue S.L. και Flynn S. “Economics: Principles, Problems and Policies”, (20th ed., McGraw-Hill, 2014).

    Teaching methods: Lectures and tutorials.

    Assessment methods: Final written exam (100%) or final written exam (70%) and tutorials (30%).

    Language of instruction: Greek