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2012/2013  BA-PPE1  Microeconomics

English Title
Microeconomics

Course information
Language English
Exam ECTS 7.5 ECTS
Type Mandatory
Level Bachelor
Duration One Quarter
Course period Autumn
Time Table Please see course schedule at e-Campus
Study board
Study Board for BSc/MSc i International Business and Politics, BSc
Course coordinator
  • Kelly Foley - Department of Economics
Main Category of the Course
  • Economics, macro economics and managerial economics
Last updated on 17-12-2012
Learning objectives
  • Explain basic economic terminology (as e.g. opportunity costs) in a comprehensive and intuitive way.
  • Describe and justify the main assumptions behind simple economic models as e.g. the demand and supply model, the perfect competition model, the monopoly model, etc.
  • Illustrate diagrammatically these models and perform policy experiments (e.g. introducing taxes).
  • Derive numerically economic instruments and learn how to use them in practice (e.g. price elasticity, Lerner Index, etc.).
  • Solve algebraically simple microeconomic models in order to determine the equilibrium economic variables, and reflect on the solutions with a critical mind.
  • Use economic intuition to explain topical policy issues (e.g. why are housing taxes popular among economists?).
Examination
Microeconomics:
Type of test Written Exam
Marking scale 7-step scale
Second examiner No second examiner
Exam period December/January
Aids Please, see the detailed regulations below
Duration 4 Hours
Examination
Individual written 4-hour open book exam, graded by the teacher.
Re-exam and make-up exam: The regulations are the same as for the ordinary exam.
Only non-programmable calculators are allowed.
Course content
This course provides an introduction to the functioning of economic markets: it describes what lies behind the notions of demand and supply. Emphasis is placed on the behavioural assumptions that generate demand for particular products, and on whether the producers of a particular product compete in a perfect or an imperfect way. We also explore important extensions to the basic model such as uncertainty and asymmetric information. The main blocks of the curriculum are:
Supply and Demand; Consumer theory: preferences, rationality assumptions, budgetary constraints; Extensions: Uncertainty and information economics, Producer theory: production and costs functions; Market structure: perfect competition, monopoly, monopolistic competition, oligopoly.
Teaching methods
Lectures and Exercises.
Last updated on 17-12-2012