Microeconomic Theory I.
CORE: for MA Economics 1st year; MANDATORY: for 1st year PhD with no credits earned
Microeconomic Theory I is the first course in the microeconomic theory series for the students enrolled in the MA in economics. The objective of this course is to provide students with standard graduate-level microeconomic tools. Topics that will be analyzed include theory of choice, consumer theory, producer theory, competitive markets, monopoly, general equilibrium, public goods, externalities, elements of social choice.
Successful completion of the course enables students to:
- possess a comprehensive knowledge of the building blocks of modern economics;
- master the mathematical tools used to formalize economic concepts and ideas;
- set up mathematical models describing specific economic problems;
- understand the modern microeconomic literature;
- perform high-level microeconomic analysis, irrespective of whether they aim to pursue a professional or an academic career.
A student's grade in this course will be a weighted average of his/her performance on the homework assignments and the exams. The weights are as follows:
a) performance on the homework assignments: 20%;
b) performance on the midterm exam: 30%;
c) performance on the final exam: 50%.
The number of homework assignments is yet to be determined. The assignments will be available on the course webpage. Students are encouraged to work in groups. Solutions to the homework assignments must be handed in to the teaching assistant (or uploaded to the course webpage) before the seminar and will be graded. During the seminars, the solutions will be presented.
There will be two exams: a midterm exam and a final exam. Both exams will be closed-books and students cannot bring any personal notes.
Regular class attendance is required to pass the exam. Active class participation is highly recommended.
- Knowledge of basic calculus and real analysis is required. Having taken an undergraduate-level course in microeconomics is desirable.