HU Credits: 4

Degree/Cycle: 1st degree (Bachelor)

Responsible Department: Business Administration

Semester: 1st Semester

Teaching Languages: Hebrew

Campus: Mt. Scopus

Course/Module Coordinator: Dr. Lior Amsellem

Coordinator Email: lior.amsellem@mail.huji.ac.il

Coordinator Office Hours: Wednesday 14:00 – 15:30

Teaching Staff:
Dr. Lior Amsellem

Course/Module description:
The course "Introduction to Microeconomics" provides fundamental concepts and understanding individual behavior (consumer or firm) in a market economy with or without Government Intervention. This course offers tools for deep understanding of the micro-economic processes

Course/Module aims:
Providing basic concepts in micro-economics.

Learning outcomes - On successful completion of this module, students should be able to:
Students will learn fundamental concepts of micro economics and will be able to analyze micro economics processes.

Attendance requirements(%):
none

Teaching arrangement and method of instruction: Frontal lectures in class,
and solution of exercise and quizzes in class and on the course website

Course/Module Content:
Production possibility frontier
Consumption possibility frontier
Factors of Production
Full employment and efficiency
Economic growth
Opportunity cost

Conditions for international trade
Specialization
Absolute and comparative advantage

Efficient allocation, production function,
law of diminishing product
The cost of production factor
Value of marginal product, wage

Fixed and variable factors
Marginal cost, AVC,ATC,AFC
The link between the marginal product and the marginal cost
Supply curve
Supplier surplus

Demand curve
Income and substitution effects, gifen good
price elasticity, income elasticity
elasticity of supply curve
Complementary and substitute good
Normal, inferior and neutral good
Marginal utility
Consumer surplus

Supply & Demand, Market equilibrium
Partial markets equilibrium
Simultaneous equilibrium of product market and the labor market

Government Intervention through taxation, subsidies, proportional and progressive taxes

Market with export or with import
tariff, quota

Imperfect Competition-
Monopoly, , oligopoly, cartel

Required Reading:
1. Oron I., Mark N., Ofer G., (1995) An Introduction to Micro economics, second edition, Amichai publisher, Tel Aviv, Israel

2. N. Gregory Mankiw, Principles of Microeconomics, 5th Edition

Additional Reading Material:

Course/Module evaluation:
End of year written/oral examination 100 %
Presentation 0 %
Participation in Tutorials 0 %
Project work 0 %
Assignments 0 %
Reports 0 %
Research project 0 %
Quizzes 0 %
Other 0 %

Additional information:
In case it will not be possible to take the exam in class, an online exam will be held.

During the course will be given exercises (exercises found in the moodle course website).
The solutions of the exercises must be submitted to the Teaching assistant, (no exercises that you will be late).
Submitting exercises to be done in groups of couples.
Immediately after the submission date the complete solution of the exercises will be posted on the course web site.

There is submission obligation of 80% from the exercises in order to be eligible to access the final exam.

The exercises will be tested but are not component of the final grade.

At the end of each topic will be published additional questions on the web site for further practice.