ECON-2107 Introduction to Microeconomics
The course introduces students to the most important issues of the modern microeconomic theory based on an intuitive, critical and applied approach. The following topics are addressed: market theory and concept of equilibrium between demand and supply, household and consumer theory, theory of the firm and production, industrial organization, markets, perfect and imperfect competition, game theory, public goods, inefficiencies and free-riding, regulation, State and institutions, social preferences, moral risk, adverse selection, auctions and information disclosure. The student is expected to develop basic economic intuition geared to gain an insight into economics, based on concepts as supply and demand, incentives, market strategy, market faults, the concept of equilibrium and welfare. The course is targeted to elaborate on the basic functioning of markets and their conditions, as well as on how to determine when markets yield socially expected results.
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