Lecturer:
dr Adrian Solek
Method of instruction:
Lectures & tutorials. Each lecture is followed by a tutorial session, where students are provided with the relevant practical and/or mathematical tuition and exercises, including real-life case studies.
Length of the course:
60 hours for international business and English track students
Course book:
- Samuelson, W. Nordhaus, Microeconomics, McGraw-Hill/Irwin, New York 2009.
P.S. Pindyck, D.L. Rubinfeld, Microeconomics, Pearson Education, New York, 2005.
Further materials are supplied by lecturer
Course description:
Microeconomics studies how scarce resources, used to satisfy human needs, are allocated within the market (or price) system. Within this system, we consider the actions and the interactions of three economic agents: consumers, firms and the government. In this course, students are introduced to models of their behavior, used to analyze the outcomes when these agents interact in the marketplace. Later some of the restrictive assumptions of the idealized models will be relax to develop models that reflect the real world better.
Course content:
Introduction to economics
Market
Elasticity of demand and supply and its applications
Consumer behaviour
Production, costs and revenues
Profit maximization
Market structures
Labour market
International trade
Market failures and role of government
Learning outcomes:
Students are expected to learn the following:
1) the language and terminology of microeconomics,
2) the basic methodology and models used in this area and their application to real-world situations,
3) by using these models, the ability to analyze and interpret hypothetical and/or real-world situations that occur in the economy,
4) the ability to assess the rationality of households’, firms’ and government decisions