Microeconomics

General

• Code: 101
• Semester: 1st
• Study Level: Undergraduate
• Course type: General Background
• Teaching and exams language: Greek
• Teaching Methods (Hours/Week): Tutorials (Theory) & practice works (3)
• ECTS Units: 5
• Course homepage: https://elearning.cm.ihu.gr/course/view.php?id=488
• Instructors: Kourtesi Sofia

Course Contents

1. Objects and Methodology of Microeconomics
2. Theory of supply and demand and formation of an equilibrium condition in the goods market.
3. Concept and forms of elasticity. The effect of elasticity of demand on business spending.
4. Theory of the Household (Consumer) and derivation of the demand curve.
5. Business organization and theory of production.
6. Forms of production costs, relationships between them and cost theory.
7. Market forms analysis.
8. Profit maximization in the market of free (perfect) competition.
9. Equilibrium formation in the monopoly market.
10. Monopolistic competition and oligopoly.
11. Theories of income distribution.
12. Welfare economics.
13. State intervention.

Educational Goals

This is a basic introductory course in Microeconomics. The general aim is to introduce students to the systematic and rational understanding of basic economic and technical terms of modern Microeconomics and to explain how businesses and households try to maximize their financial goals through proper management of scarce resources. The student will understand the basic mechanisms of production and the various elements that shape production costs and the various forms of markets competition.

Upon successful completion of the course, the student will be able to know the behavior of economic subjects (households and businesses) and how to create a system (a model) from definitions, assumptions and principles based on the behavior of these subjects, which will satisfactorily explain the interdependencies of economic cause and effect. The student will also understand how to approach issues of a financial nature by citing a  significant number of exemplary exercises and will be able to decide between several alternative solutions to a problem, and choose the one that results to greatest overall utility. Finally, the student, knowing the operation of the market mechanism, will interpret economic phenomena, make rational decisions, and minimize the risks of uncertainty.

General Skills

• Working independently.
• Team work.
• Decision-making.
• Production of free, creative and inductive thinking.

Teaching Methods

• In the classroom, face to face.

Use of ICT means

• Basic software (windows, word, power point, the web, etc.).
• Support of learning process through the electronic platform / e-class.

Teaching Organization

Students Evaluation

Written final exams that may include:

• Judgemental questions.
• Short answer questions.
• Comparative evaluation of theory elements.
• True/False and multiple choice Questions.
• Application exercises.

In each question, corresponding evaluation points are specified.
Optional assignment (Essay writing) corresponds to 40% of the final grade.

Recommended Bibliography

1. Μαντζάρης Ι., Αλεξανδράκης Α., Μικροοικονομική θεωρία και ασκήσεις, Εκδόσεις Λογισμός,
   Θεσσαλονίκη, 2017.
2. Αθανάσαινας Α., Πασχαλούδης Δ., Συνοπτικές αρχές και εφαρμογές μικροοικονομικής ανάλυσης για διοίκησης επιχειρήσεων, Εκδόσεις Κριτικής Α.Ε., 2006.
3. Παπαηλίας Θ., Μικροοικονομικής Μέρος Α΄ Εισαγωγή στη θεωρία των τιμών και των παραγωγικών συντελεστών (Παραδόσεις Πολιτικής Οικονομίας), Εκδόσεις Σταμούλης, Αθήνα, 2006.