Microeconomics

Total Hours in Course162

Number of hours for lectures32

Number of hours for seminars and practical classes32

Independent study hours98

Date of course confirmation19.06.2019

Responsible UnitInstitute of Economics and Finance

Course developer

lect.

Baiba Kizika

Mg. oec.

Course abstract

The course focuses on analysis of microeconomic problems and develops an understanding of interaction among the basic theoretical and practical principles of a market economy through analysing consumer and producer behaviour motivations in various market situations and under various types of competition. The course also builds up an understanding of efficient resource use under scarcity and in the context of modern economic processes.

Learning outcomes and their assessment

Students will be able to demonstrate:
KNOWLEDGE of
the most important concepts and understanding of basic microeconomic problems and relevant regularities under constrained resources; consumer preferences, motivations and behaviours in the market; production costs, the performance of an enterprise and how to achieve a producer equilibrium – a test; the performance of an enterprise and decision making under competition.
SKILLS to
critically assess an economic situation and independently and reasonably draw conclusions by employing the acquired knowledge of basic microeconomic problems and relevant regularities; assess a market situation and the effects of non-price demand and supply factors on change in a market equilibrium; practically calculate production costs, revenues and profits and explain the relationship of marginal cost and marginal revenue; independently apply the acquired knowledge of profit maximisation and cost minimisation under certain types of competition and suggest further actions to be done by the enterprise – discussions and a situation analysis.
COMPETENCES to

independently define and analyse a particular microeconomic problem, describing the market situation and employing relevant microeconomic regularities; argue the decisions made and, if necessary, do an additional analysis of non-price demand and supply factors, make proposals on enterprise performance under various types of competition; assess resource use efficiency at an enterprise and consumer behaviour under constrained resources, explain change in a market equilibrium and identify producer behaviour under various types of competition.

Course Content(Calendar)

1. Economics as a science - 4h (1 h lecture, 3 h practicals)
2. Concept and types of market - 6h (5 h lectures, 1 h practical)
3. Determination of market equilibrium - 4h (4 h practicals)
4. Test 1 (1 h practical)
5. Nature and types of elasticity - 8h (4 h lectures, 4 h practicals)
6. Consumption theory - 9h (4 h lectures, 5 h practicals)
7. Production - 5h (3 h lectures, 2 h practicals)
8. Production costs – 9 h (4 h lectures, 5 h practicals)
9. Test 2 (1 h practical)
10. Forms of competition - 9h (6 h lectures, 3 h practicals)

11. Market of production resources - 8h (lectures 5 h, 3 h practicals)

Requirements for awarding credit points

Two tests must be passed on the topics: Market equilibrium simulation, an analysis of the factors affecting the equilibrium and Production cost and economic efficiency calculations. The student must take an active part in practicals: discussions, group work and analyses. An examination must be taken at the final stage of the course.

Description of the organization and tasks of students’ independent work

The student must independnetly watch a film about the flow of resources, compare the specific features of various economic systems, find out the shopping habits of the Latvian population, analyze the main non-price factors influencing demand and supply and make an estimate of the resources and costs required to produce a particular product.

Criteria for Evaluating Learning Outcomes

The final mark consists of the following pieces of assessment: two tests 20% each, group work and discussions 10% and an examination 50%.

Compulsory reading

1. Gods U. Mikroekonomika. Rīga, Biznesa augstskola Turība, 2008. 432 lpp
2. Dzelmīte M., Volodina M. Mikroekonomika. Rīga: SIA Izglītības soļi, 2004., 241 lpp
3. Nešpors V. Mikroekonomikas teorijas pamati. Rīga, RTU, 2015., 244 lpp

4. Škapars R. Mikroekonomika (loģiskās shēmas). R.: 2008. 372.lpp

Periodicals and other sources

1. Dienas Bizness: nedēļas laikraksts: Latvijas biznesa avīze. Rīga: Diena: Dagens Industri, 2005-. ISSN 1407-2041.
2. Forbes. Rīga: SK Media. ISSN 1691-6018

3. Kapitāls: žurnāls lietišķiem cilvēkiem: krāsains biznesa un ekonomikas žurnāls. Rīga: Lietišķās informācijas dienests. ISSN 1407-2505.

Notes

Compulsory course for the ESAF bachelor programme Economics

Atsauksmes