Microeconomics


Konstantin Kontor
Konstantin Kontor is Director and professor of finance and strategy at AIBEc.
In 2000 – 2009 Mr. Kontor also served as visiting professor of financial strategy at the Stockholm School of Economics in Riga, where he taught courses in finance, strategy, and M&A for BA and EMBA students.

Purpose of this Course
The purpose of microeconomics is to introduce and extend microeconomic concepts in order to develop an understanding of the ways in which firms and consumers interact, with particular emphasis on the firm's perspective.

The approach taken in microeconomics is to build models which are representations of firms and consumers, and by manipulating these models determine the economic implications of various actions and circumstances, which individuals or firms might encounter. The material may include demand, demand estimation, elasticity, pricing, production, costs, decision tree, risk, supply, markets, rationality, competition, monopoly, imperfect competition, information, game theory, optimal search, competitive bidding, as time allows.

Course Materials
  • William F. Samuelson and Stephen G. Marks. Managerial Economics.
  • Notes, handouts, articles, and cases from the course package.

Grading
Grading of this course will be based on examinations and class participation.

Because the course is heavily discussion based attendance is mandatory. Failure to attend 40% of classes leads to immediate failure in the course and loss of credit.

As a general rule, make up exams will not be given. If an exam is missed then a zero will be recorded.

The course will be graded in accordance with the following schedule:

Exam 1 ______ 33%
Exam 2 ______ 33%
Exam 3 ______ 40%
Total _______ 100%

Course Topics

    1. Introduction, markets and the theory of consumer choice.
    2. Basic economic definitions and concepts (such as opportunity costs and positive vs. normative).
    3. The manner in which producers (or sellers) and consumers (or buyers) interact to determine the price at which a good will be sold and the quantity which will be sold.
    4. The development of the model of rational choice which underlies the demand or buyers side.
    5. Theory of production and cost.
    6. Factors which effect production, and use the theory of production to specify the cost relationships.
    7. Costs are central to understanding the behavior of firms and markets.
    8. Uncertainty and information may also be included.
    9. Market structure, oligopoly, and games theory.
    10. Analyzes how pricing and production vary under various market structures, with an emphasis on competition and monopoly.
    11. Optimal search and competitive bidding

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