| 1 |
Review of course syllabus |
Introduction to Economics and Fundamental Concepts I: Scarcity, needs, goods and services, utility, value, price, production, income and consumption, microeconomic and macroeconomic analysis, and rationality in economic decision-making. |
Lecture, question and answer |
| 2 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Fundamental Economic Concepts II: Basic economic questions, factors of production, opportunity cost and the production possibilities curve, economic systems, decision-making units, positive and normative economics, and different types of markets. |
Lecture, question and answer |
| 3 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Theory of Demand: The definition and determinants of demand, the demand function and the law of demand, movements along the demand curve, and shifts in demand and market demand. |
Lecture, question and answer |
| 4 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Theory of Supply: The definition and determinants of supply, the supply function and the law of supply, movements along the supply curve, and shifts in supply. |
Lecture, question and answer |
| 5 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Market Equilibrium: Equilibrium price and quantity, surplus and shortage, and the effects of changes in supply and demand on market equilibrium. |
Lecture, question and answer |
| 6 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Elasticity: Price, income, and cross elasticity of demand, together with the price elasticity of supply, determinants of elasticity, and its significance for firm revenue and market behavior. |
Lecture, question and answer |
| 7 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Consumer Theory I: Cardinal and ordinal approaches to utility, total and marginal utility, the law of diminishing marginal utility, budget constraints, indifference curves, and the marginal rate of substitution. |
Lecture, question and answer |
| 8 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Consumer Theory II: Consumer equilibrium and the effects of changes in income and prices on consumer choice, income and substitution effects, inferior goods, the Giffen paradox, and the paradox of value. |
Lecture, question and answer |
| 9 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Producer Theory I: The production function, factors of production and the input-output relationship, total, average, and marginal product, and the law of diminishing returns. |
Lecture, question and answer |
| 10 |
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MID-TERM EXAM |
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| 11 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Producer Theory II: Isoquants, the marginal rate of technical substitution, and isocost lines, the determination of the optimal input combination and producer equilibrium. |
Lecture, question and answer |
| 12 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Cost Theory: Explicit, implicit, and economic costs, short-run and long-run costs, average and marginal cost curves, economies of scale and returns to scale. |
Lecture, question and answer |
| 13 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Perfect Competition: The main characteristics of perfectly competitive markets, the firm’s demand curve and profit maximization, and short-run and long-run equilibrium of the firm. |
Lecture, question and answer |
| 14 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Imperfect Competition I: Monopoly: Monopoly and monopsony, barriers to entry and price-setting power, the monopolist’s demand structure, profit maximization, and comparison with perfect competition. |
Lecture, question and answer |
| 15 |
Preparation of questions for past week subjects |
Imperfect Competition II: Monopolistic Competition and Oligopoly: Product differentiation and firm equilibrium under monopolistic competition, interdependence, strategic behavior, price rigidity, and cooperation in oligopolistic markets. |
Lecture, question and answer |
| 16 |
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FINAL EXAM |
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| 17 |
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FINAL EXAM |
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