The course objective is to give students a good understanding about the functioning of the markets for goods and services and what makes them more or less competitive. Students learn the basic concepts and analytical tools for microeconomic analyses required for decision making in business and organizations. Specifically, the students are taught: (1) the theory and the characteristics of consumer behavior and by extension the demand for goods and services; (2) the theory and the characteristics of producer behavior and by extension the supply of goods and services; and (3) the functioning of the markets under the various market structures (i.e., perfect competition, monopoly, monopolistic competition, and oligopoly).

Upon successful completion of this course, students will be able to demonstrate an understanding of the behavior of consumers; the behavior of producers; the functioning of the various types of market structures.

At the end of the course, the optimally-successful student should be able to: Analyze with the use of diagrams the impact of changes in the supply and demand of goods and services on equilibrium price and quantity; Analyze a problem of consumer’s utility maximization; Analyze the impact on consumer’s choice of changes in price and income through changes in the income and the substitution effects; Analyze the short and long term behavior of the firm in various market structures; Apply microeconomic principles in decision making in business and organizations, and for evaluating market policies.

Specifically, by the time our majors graduate they have met the following learning objectives:

(a) Access existing knowledge: Retrieve information on topics and issues in economics. Locate published research in economics and related fields. Track down economic data and data sources. Find information about the generation, construction, and meaning of economic data.

(b) Display command of existing knowledge: Explain key economic concepts and describe how these concepts can be used.

(c) Interpret existing knowledge: Explain and evaluate what economic concepts and principles are used in economic analyses published in daily newspapers and weekly news magazines.

Decision-making

Autonomous working

Collaborative working

Advancement of a free, productive and inductive mind

1a. Introduction in Economics

1b. Supply and Demand

2. Price Elasticity of Demand, Price Elasticity of Supply

3. Personal Preferences and Utility

4a. Income Constraint

4b. Extracting Demand Curve

5a. Introduction to the Producer’s Theory

5b. Productivity and Costs

6. Competition Ι

7. Competition ΙΙ

8. Competition ΙΙΙ

9. Monopoly

10. Natural Monopoly Regulation, Regulatory Capture, Rent Seeking

11. Price Discrimination

12. Product Differentiation – Monopolistic Competition

13. Oligopoly (Strategic Behavior)

Language of Assessment: Greek

Method of Assessment:

(a) Midterm exams (30%)

(b) Short paper (10%)

(c) Written term exam (60%)

that includes:

-Multiple choice questions

-Short answer questions

-Problem-solving in business and organizations

-Comparative evaluation of economic theories

Mankiw N.G. & M.P.Taylor (5η/2021). Economics-Microeconomics. (in Greek). Code in Εύδοξος: 94689226

Lipsey R. & Ch. Alec (2108), Μicroeconomic Theory. (in Greek). Code in Εύδοξος: 68370073

Begg, D., Fischer, S. και Dornbusch, R. (2006). Introduction in Economics. Athens. Publisher: Κριτική. (in Greek). Code in Εύδοξος: 7648534

Begg, D., S. Fischer and R. Dornbusch Economics. (McGraw Hill).