Course Outline "International Study Skills: Microeconomics (B07b)"

Instructor: Assoc. Prof. Dr. Mayis Azizov, Baku Engineering University

Course Objective

This course is designed to provide a familarity with the language common to economics, ability to analyze various microeconomic problems in economy, along with being able to translate the economic way of thinking to real world examples. The course will cover the modern microeconomic choices made by individual consumers and firms. Likewise, students will be able to get insight into consumer choice, utility, firm behavior, revenues, costs and how producers behave under different market structures.

Course Outline: Topics (lessons, reading assignments)

Week 1: Introduction and Review of Suppply and Demand. Market Equilibrium and Price Controls (lessons 1-2; Chapters 4-5).
Week 2: Price and Income Elasticity and its Application. Market Efficiency and Welfare (lessons 3-4; Chapters 6-7).
Week 3: Market Failure, Asymmetric Information. Consumer Choice and Utility (lessons 5-6; Chapters 8 and 10).
Week 4: Mid-term Exam (Quiz). The Firm Behavior, Revenues and Costs. (lesson 7; Chapter 11).
Week 5: Firms in Perfectly Competitive Markets. Monopoly and Antitrust (lessons 8-9; Chapters 12-13).
Week 6: Monopolistic Competition and Product Differentiation. Oligopoly and Strategic Behavior (lessons 10-11; Chapters 14-15).
Week 7: The Market for Labor, Capital and Land. Final Exam (lesson 12; Chapter 16).

Teaching Method

The course will be delivered in lecture format - but the lectures will not be monotonous. Active participation is extremely important. Group discussions, case studies etc. are an essential component as there is a difference between knowing economic theory and determining what economics has to offer in the context of a particular business problem. This is why various economic and business cases for group decision making, teamwork and expression of ideas have been implemented. Additionally, there will be small-group activities like brainstorming about particular topics such as guess firm and consumer behavior, the impact of various economic decisions on business. Students will be encouraged to discuss the problems among themselves first, then report back.

The language of instruction is English.

Prerequisites

Formal requirements: Full-Time students of Business Administration (M.A.) in the Faculty of Business and Social Sciences.

Content requirements: Fluency in English.

Assessment

Grades will be based on a mid-term exam worth 40 points and a final exam (or written essay and/or presentation) worth 60 points, for a total of 100. Exams will be based on the material covered in class. The instructor reserves the right to make changes to this syllabus, as appropriate.

Text

Exploring Economics, 6th or 7th Edition, by Robert L. Sexton.

Art	Datum der Leistungserbringung	Prüfungsanmeldung
(bitte Zeitangabe ...Min)		Ende 1. HS*	Ende 2. HS*	individuelles Datum
Klausur: ...Min.	wird vom PA festgelegt*			bei Klausur nicht möglich
Test: ...Min.	tt.mm.jj			tt.mm.jj
Präsentation	tt.mm.jj			tt.mm.jj
Hausarbeit	tt.mm.jj			tt.mm.jj
Andere	tt.mm.jj	X		tt.mm.jj

* Prüfungsamt Termine

Bewertung

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