Microeconomics
Microeconomics
Course outline
General Information:
School: Economics & Social Sciences
Department: Business Administration
Level of Studies: Undergraduate
Course code: 104
Semester: A
Course title: Microeconomics
ECTS: 4
Weekly teaching hours: 5
Type of course: mandatory/general background
Prerequisite courses: No
Language of instruction and exams: Greek
The course is offered to Erasmus students: No
Course URL: https://eclass.uth.gr/courses/DE_U_102/
Learning outcomes:
Upon the successful completion of the course, students will be able to:
- Be aware of the categories of the science of Economics and to understand the meaning of the term "mathematical modelling", the importance of economic models and the interactions of the various parts of the economy.
- Be aware of the concepts of rational choices, narrowness, opportunity cost, efficiency and marginal analysis in economics.
- Be able to determine the supply and demand curves of business products in competitive markets.
- Be able to understand and interpret price elasticity of demand, cross elasticity, income elasticity and price elasticity of supply and the relationship between taxes and elasticity.
- Be able to understand consumer choice and how utility maximization is determined. To understand the concept of indifference curves.
- Understand the alternative approach to economics: "Behavioral Economics”.
- Understand marginal physical product, marginal product and marginal cost, the relationship between Marginal Physical Product and marginal cost, the concepts of total, average and marginal cost, the determination of average marginal cost and marginal cost curves and the connection of production at cost
- Be able to distinguish the characteristics of perfect competition, monopoly, monopolistic competition, oligopoly and cartel.
- Be aware of the effects of state intervention by enforcing antitrust legislation in order to promote competition.
- Understand income inequality using the Lorenz Curve.
- Realize the importance and contribution of international trade to the prosperity of a country.
- Know the theory and practice of the Social and Solidarity Economy.
General Skills:
- Search, analysis and synthesis of data and information, using the necessary technologies
- Adaptation to new situations
- Decision making
- Autonomous work
- Teamwork
- Work in an international environment
- Work in an interdisciplinary environment
- Generating new research ideas
- Project planning and management
- Respect for diversity and multiculturalism
- Respect for the natural environment
- Demonstration of social, professional and ethical responsibility and sensitivity to gender issues
- Development of criticism and self-criticism
- Promotion of free, creative and inductive thinking
- Other skills
Moreover, the course aims to develop the following general skills:
- Critical ability and self-criticism
- Ability to cooperate
- Interpersonal skills
- Search data using the necessary technologies
Course Content:
- 1st Lecture: The Definition of economic, Microeconomic objectives, the maximization of efficiency, economic categories. The meaning of the term "mathematical modelling", the importance of economic models and the interactions of the various parts of the economy.
- 2nd Lecture: Economic activities. The Production Possibilities Curve and Trade.
- 3rd Lecture: Demand and supply. Exercises.
- 4th Lecture: The market: supply and demand.
- 5th Lecture: Elasticities of demand, supply, cross and income elasticity. Exercises.
- 6th Lecture: Consumer choice and utility maximization. Regional Finance. Indifference curves.
- 7th Lecture: Marginal cost, production and cost in the long run. Marginal physical product and marginal cost.
- 8th Lecture: Quantitative exercises on the theory of the 7th Lecture.
- 9th Lecture: Quantitative exercises on the theory of the 7th Lecture.
- 10th Lecture: Perfect competition in the short and long run.
- 11th Lecture: Monopoly, price policy and production level decisions.
- 12th Lecture: Monopolistic competition and oligopoly. The Cartel Theory. The state and the product market. Measuring income inequality.
- 13th Lecture: The markets of productive factors with an emphasis on the labor market. Interest, annuity, profit. Social and solidarity economy.
Teaching & Learning Methods - Evaluation
- Method of delivery: face-to-face & distance learning
- Use of information and communication technologies: Use of information and communication technologies in teaching, laboratory education, communication with students. Electronic communication with students, learning-process support through the “e-class” online platform.
Activities & Semester Workload
Lectures: 13
Laboratory practice: 26
Study of references: 40
Submission of assignments: 40
Exam preparation: 40
Final exams: 2
Total: 161
Evaluation of students:
- Multiple Choice Test or Written Exam or Oral Exam 90%
- Essay Development 10%
Recommended bibliography:
1. Μικροοικονομική, Arnold R. Εκδ. Broken Hill
2. Εισαγωγή στην Οικονομική: Μικροοικονομική, Sloman John, Wride Alison, Garratt Dean. Εκδ. Broken Hill
3. Μικροοικονομική. Daniel Rubinfield, Robert Pindyck. Εκδ. ΠΡΟΠΟΜΠΟΣ