Microeconomics

6 ECTS credits
160 h study time

Offer 2 with catalog number 1000335BNR for all students in the 1st semester at a (B) Bachelor - advanced level.

Semester

1st semester

Enrollment based on exam contract

Impossible

Grading method

Grading (scale from 0 to 20)

Can retake in second session

Yes

Enrollment Requirements

Je hebt ‘Wiskunde I voor TEW’ of 'Wiskunde I voor HI' en 'Inleiding Micro-economie' gevolgd, alvorens ‘Micro-economie’ op te nemen.

Taught in

Dutch

Faculty

Faculty of Social Sciences & SolvayBusinessSchool

Department

Applied economics

Educational team

Penelope Schoutteet (course titular)
Nikolas Vander Vennet

Activities and contact hours

24 contact hours Lecture
24 contact hours Seminar, Exercises or Practicals
138 contact hours Independent or External Form of Study

Course Content

The course focuses on micro-economic behaviour by consumers and firms. The starting point is a rational actor that minimizes (or maximizes) an objective function subject to constraints. Rational consumers maximize utility under a budget constraint. Rational firms maximize profit (or another objective) under technological and market constraints. This starting point is applied in many contexts. Strengths and weaknesses of the economic method are treated explicitly. Consumer behaviour is analyzed in an intertemportal setting, in asset markets, in situations of uncertainty, ... The limits of standard micro-economic thinking are explicitly treated by focussing also on alternative frameworks like Behavioural Economics. Producer behaviour is analyzed in different market structures (monopoly, oligopoly, monopolistic competition, perfect competiion) and under hypotheses of symmetric and asymmetric information. Game theoretical insights are introduced.

Course material

Handbook (Required) : Intermediate Microeconomics with calculus, A modern approach, Hal Varian, 9de, W.W. Norton, 9780393690019, 2019
Digital course material (Recommended) : Powerpoint presentaties van hoorcolleges + Oefeningenbundel, Canvas

Additional info

The 'calculus'-version of Varian's textbook is used.

Learning Outcomes

General competencies

Students obtain insight in the economic analysis of consumer and producer behaviour (as in the interaction between these).
Students learn how these insights (see above) can be improved through fromal-mathematical analysis thus augmenting their analytical problem solving skills.
Students learn the strengths and weaknesses of the economic method (by contrasting it to alternative approaches like behavioural economics).

Grading

The final grade is composed based on the following categories:
Written Exam determines 100% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

Written Exam with a relative weight of 1 which comprises 100% of the final mark.

Note: written examen (theory and exercises) _ open questions and mulpitple choice

Additional info regarding evaluation

The students can earn 2 bonus points throughout the year. The organization of this points system will be communicated at the beginning of the academic year.

Allowed unsatisfactory mark

The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.

Academic context