Microeconomics I

Course Code: 
Compulsory Courses

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