*Conducted in terms:*2020Z, 2021Z

*Erasmus code:*14.3

*ISCED code:*0311

*ECTS credits:*4

*Language:*Polish

*Organized by:*Faculty of Economic Sciences

# Microeconomics I 2400-PP1MI1

1. The main issues of microeconomics (market, consumers, producers, models, Pareto efficiency, competitive market, price change measures, demand, supply, market mechanism, balance)

2. Consumption (consumption set, budget restriction, budget constraint changes, numeraire)

3. Preferences (relation of preferences, axioms, indifference curves, special cases of preferences, MRS)

4. Utility function (usability function, transformations, special cases, marginal utility, MRS)

5. Selection (optimal choice, Marshallow demand, internal / edge solutions)

6. Comparative statics (changes in own price, changes in other prices, changes in income, price curve, ordinary goods, Giffen goods, substitute / complementary gross goods, curves of income offer, Engel curves, normal goods, lower-order goods, luxury goods, good basic, flexibility, inverse demand curve)

7. Revealed preferences (baskets directly / indirectly preferred, weak / strong axiom of disclosed preferences, price / quantity indexes Laspeyers / Paasche)

8. Substitution and income effect (changes in prices, changes in income, income compensated in the sense of Slutski / Hicks, net substitution and income effect, Slutski equation, initial resource, labor supply)

9. Measures of change in well-being (border price, ready-to-pay curve and demand curve, consumer surplus, compensating change, equivalent change, cost-benefit analysis)

10. Financial arithmetic (value in time, interest rate, pre-selection, Slutsky equation in the resource version for intertemporal selection, inflation, real interest rate)

11. Assets (valuation of securities, bonds, consoles, capitalization, rate of return, arbitration, balance on financial markets)

12. Risk and uncertainty (conditional consumption, insurance, conditional budget restriction, expected utility function, risk appetite, diversification)

13. Risky assets (random variable, random variable distribution, expected value, variance, standard deviation, preferences for risky assets, portfolio, optimal choice, beta, equilibrium on the risky assets market)

14. Market demand (aggregation of demand, flexibility, flexibility and revenue, efficiency and aggregate demand)

15. Exam

## Type of course

## Prerequisites (description)

## Course coordinators

Term 2021Z: | Term 2020Z: |

## Mode

## Learning outcomes

The aim of the course is to familiarize students with the intermediate consumer theory as part of the microeconomics theory. The successful completion of the course provides the basis for theoretical and practical analysis of market phenomena at the intermediate level.

KW01, KW02, KW03, KU01, KU02, KU03, KU04,

## Assessment criteria

1. Completion of the course Microeconomics I is based on the results obtained from the final exam 70% and the remaining 30% is the grade obtained during the classes.

2. Completion of the course requires obtaining at least 50% of the total number of points and at least 50% of the points from the exam.

3. The exam will take place in a written form (single-choice test) on one date for all students.

4. The resit examination will take place in the same form.

5. Absence of the exam in the required time means its failure.

6. Other dates and methods of credit are not anticipated.

7. Repeating the exam during the resit examination invalidates the previous result.

8. '0 tolerance for cheating’

9. Grading scale of the course:

points (%) rating

<0,50) 2

<50,60) 3

<60,70) 3,5

<70,80) 4

<80,90) 4,5

<90,100> 5

## Bibliography

Recommended textbooks:

basic

•Varian, H. R., Mikroekonomia, kurs średni – ujęcie nowoczesne, PWN 2002

complementary

•Pindyck, R. S., D. L. Rubinfeld, Microeconomics, Pearson Education, 2005, wyd. 6

•Perloff, J. M., Microeconomics: Theory and Applications with Calculus, Addison-Wesley, 2007

•Nicholson, W., Microeconomic Theory: Basic Principles and Extensions, South-Western College Pub, 2004, wyd. 9

complementary (advanced)

•Mas-Colell, A., M. D. Whinston, J. R. Green, Microeconomic Theory, Oxford University Press, 1995

•Jehle, G. A., P. J. Reny, Advanced Microeconomic Theory, Addison Wesley, 2000, wyd. 2

•Varian, H. R., Microeconomic Analysis, W. W. Norton & Co., wyd. 3

complementary (PL) (for problems with mathematics)

•Sydsæter, K., P. Hammond, Essential Mathematics for Economic Analysis, Prentice Hall, 2008, wyd. 3

•Sydsaeter, K., P. Hammond, A. Seierstad, A. Strøm, Further Mathematics for Economic Analysis, Prentice Hall, 2008, wyd. 2

exercise books:

•Bergstrom, T. C., H. R. Varian, Mikroekonomia, ćwiczenia, PWN 2003

•Czarny, E., E. Nojszewska, Mikroekonomia: zbiór zadań, PWE 2000

•Laidler, D., S. Estrin, Wstęp do mikroekonomii: zadania i problemy, Gebethner 1992

•tests

•extra materials

## Additional information

Information on *level* of this course, *year of study* and semester when the course
unit is delivered, types and amount of *class hours* - can be found in course structure
diagrams of apropriate study programmes. This course is related to
the following study programmes:

- Economics, part-time, first cycle
- Economics, full time, first cycle
- Double Degree Program in Economics and Mathematics (first cycle)

Additional information (*registration* calendar, class conductors,
*localization and schedules* of classes), might be available in the USOSweb system: