Microeconomics I

2019-2020

Course Objective

You will study the basic concepts of microeconomics concerning consumer
and producer behavior is market equilibrium. You will develop skills to
apply the relevant microeconomic theories to current economic concerns
(Academic Skills). Therefore, the following goals are important:
- you obtain basic knowledge on how individuals consumers and producers
should act to maximize utility and profit (Bridging Theory and Practice
- Knowledge);
- you obtain insight in how equilibrium quantities and prices are
determined in different market structures such as competition, monopoly
and oligopoly (Bridging Theory and Practice - Knowledge and Research
Skills);
- you learn how to apply a welfare analysis on the benefits and
restrictions of the different market structures and the impacts of
external influences (Bridging Theory and Practice - Knowledge and
Research Skills);
- you obtain insight in the policy instruments of governments to
interfere in case of market failure (Bridging Theory and Practice -
Applications);
- you learn about auction mechanisms and the impact of uncertainty on
consumer behavior (Bridging Theory and Practice - Applications).

Course Content

This course considers rational consumers and producers, that maximize
- under some conditions - their utility and profits, respectively. This
paradigm is used to derive supply and demand curves, which are used to
analyse market equilibrium. Within different market structures
(competition, monopoly, oligopoly) the price setting in equilibrium is
studied. Also settings are considered where markets fails. In addition,
attention is devoted to uncertainty, auctions, market power and the role
of the government.

Teaching Methods

Lectures.
Workgroup meetings.

Method of Assessment

Exam - individual grading.
Midterm exams - individual grading.

Entry Requirements

None.

Literature

Goolsbee, A., S. Levitt and C. Syverson, Microeconomics, Worth
Publishers.

Recommended background knowledge

Quantitative Research Methods I

General Information

Course Code E_EBE1_MICEC
Credits 6 EC
Period P2
Course Level 100
Language of Tuition English
Faculty School of Business and Economics
Course Coordinator prof. dr. B. van der Klaauw
Examiner prof. dr. B. van der Klaauw
Teaching Staff dr. S. Dobbelaere
prof. dr. B. van der Klaauw

Practical Information

You need to register for this course yourself

Last-minute registration is available for this course.

Teaching Methods Lecture, Study Group
Target audiences

This course is also available as: