Course Title

Мicroeconomics

Code

ECN 220

Professor

Daniela Bojadzieva, PhD (Associate Professor)

Course objectives (competencies): After completing the teaching and passing this course, students should be able to:

• Master the necessary microeconomics terminology;
• Use supply and demand theory to analyze and explain the effects of changes in supply and demand on prices and quantities of goods and services offered;
• Understand consumer behavior and their optimism in certain conditions and in conditions of risk; Understand the behavior of companies in perfectly competitive conditions in the short and long term;
• Analyze the behavior of companies in conditions of monopoly or oligopoly and to determine the changes in the consumer and production surplus;
• Understand the domains of market failure and the need for active policies to address the negative consequences of market imperfection;
• Diagnose the real market developments and the tendencies of those developments;
• To analyze the effects of the undertaken economic policy measures.

Course content:

The teaching of this subject is conceived as a logical continuation of the microeconomics knowledge acquired from the course Fundamentals of Economics, and by enriching the already mastered categorical approach with the analytical time aspects of microeconomics issues. Given this idea, the subject is exposed as Microeconomics – second level. It studies: the optimum, i.e., the behavior of consumers and producers in certain and uncertain situations by applying marginal analysis; determining the partial balance and the formation of prices of consumer goods and services; formation of prices of production factors; the behavior of firms in different market structures and the theory of general equilibrium. Furthermore, the course also pays attention to the study of market defects and ways to reduce them, i.e., elimination, as well as state intervention in the field of relative prices (price micro-politics).