IET127 Microeconomics

Code IET127
Name Microeconomics
Status Compulsory/Courses of Limited Choice
Level and type Undergraduate Studies, Academic
Field of study Economics
Faculty
Academic staff Ilze Judrupa, Kristīne Gorbunova, Leonīds Krilovs, Valentīna Strautmane, Uldis Kamols, Ingūna Jurgelāne-Kaldava, Aleksandrs Fedotovs, Indra Ruperte
Credit points 4.0 (6.0 ECTS)
Parts 1
Annotation The subject matter of the course is Microeconomics. Demand. Supply. Utility and demand. Comparison of prospective and current value. Discounting. Production, productivity. Maximization of corporate profits in the conditions of perfect competition, monopoly, monopolistic competition and oligopoly. Market of production factors: labour market; market of production resources; land market. Theory of public choice..
Goals and objectives
of the course in terms
of competences and skills
To acquire basic knowledge in the theory of microeconomics. When analyzing economic processes, to be able to solve the following tasks: to be able to apply the theory of demand and supply, the theory of consumer choice, the theory of production and costs, the theory of company and market structure, the theory of market of production factors, the theory of public choice.
Learning outcomes
and assessment
Basic knowledge in microeconomics acquired. - Examination consisting of theoretical and practical tasks.
To be able to apply the acquired skills in analyzing the theoretical principles of microeconomics of economic processes. - Assessment is made by the teacher of practical classes.
Are able to determine the production volumes maximizing the company profits. - Assessment is made by the teacher of practical classes.
Are able to identify the combination of factors of production, maximizing the company profits. - Assessment is made by the teacher of practical classes.
Are able to calculate the accounting and economic profits. - Assessment is made by the teacher of practical classes.
Are able to present the first valuation of investment projects by the profit (revenue) discount method. - Assessment is made by the teacher of practical classes.
Course prerequisites The course is based on general knowledge obtained at a secondary educational establishment. The course lays the foundation for all courses related to economics, finances and business activities.

[Extended course information PDF]