IER 201 – Microeconomics

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IER 201 – Microeconomics; Weekly hours: 2+1, ECTS: 6
Microeconomics studies the economic companies and individuals. This course is aimed at the advanced study of some topics already studied in the basics of economics. Topics covered in this course are theory of consumer choice (ex, as an individual, a consumer who makes the choice and what products to consume, how much money to spend) and name (ex, how the company decides what to produce and inputs that will be used), balance the market and the market forms (ex, perfect competition, monopoly, oligopoly). Additional attention will be paid to the standard theories and concepts of welfare economics and game theory. Analyze issues related to market failure (ie, what happens when the market does not perform its function of allocating resources of society in the most efficient way). The curriculum for this subject contains the following topics: Basics of supply and demand; Consumer behavior; Individual and market demand; Choice under uncertainty; Production; The cost of production; Profit maximization; Market power: Monopoly and monopsony; Game theory and competitive strategy; Pricing with Market power; The analysis of competitive markets.