Describe, identify and explain the market structure according to the type of competition and the theoretical foundations in the market, in both the short and the long run, by identifying the economic agents’ behaviour and using the basic terminology in economics correctly.
Formulate and solve the market equilibrium by using verbal reasoning, visual representations and mathematical analysis (elemental calculus and algebra), for different time spans and market structures, at an intermediate level. Be able to calculate the economic agents’ surpluses and the welfare generated at equilibrium.
Reasonably predict and quantify the changes in the equilibrium and the social welfare as a result of changes in agents’ behaviour (comparative statics), at an intermediate Microeconomics level.
Carry out normative analysis, design government economic policies and predict and quantify the effects of these policies on the equilibrium and social welfare, at an intermediate Microeconomics level.
Recognize the importance of competitive general equilibrium models and their implications on the efficiency of markets. Analyze the economic consequences of market failures (asymmetric information, externalities and public goods)
Learn autonomously and produce written reports according to established guidelines.
Microeconomics II is the second economic theory course in the curriculum and constitutes a major building block in the student’s formation as an economist. Together with Microeconomics I, it provides a global picture of the basic knowledge in Microeconomics that the student must acquire, developing the contents studied in Microeconomics I. The course is structured in three parts. The first and second parts analyze the aggregate economic behaviour of the agents operating in both perfect and imperfect competitive markets. The third part studies the exchange economy and market failures.
The tools that will be employed in the analysis are verbal reasoning, visual representations and mathematical analysis.