330061 :Microeconomics

General info

Instruction language English
Type of Instruction This course will no longer be offered in 2010-2011. (No data available yet)
Type of exams Two old style (written) exams will be offered in 2010-2011. (No data available yet)
Level:Bachelor
Course load: ECTS credits
Blackboard Infonot available in Blackboard

Lecturer(s)


T. Jiang


Objectives

The goal of the course is to introduce students to the most important concepts and tools of microeconomic analysis.


Contents

Economics is about the allocation of scarce resources. Who gets what share of the resources depends on the actions taken by the economics agents involved. Amongst others, there are consumers, workers, managers, labour unions, firms, and governmental bodies involved. Understanding how economic agents make their decisions is the foundation of understanding how economics work.

Microeconomics is about the economic behaviour of individual economic decision-makers. Examples of the issues covered here are: How do consumers divide up their restricted budget to buy different goods. How do workers divide their restricted time between labour and leisure. How do firms optimise their production process, minimise their cost, and maximise their profits.

Microeconomics is also about the interaction of economic agents. It analyses the effects of the decisions of one agent on the decision-making of others. Amongst the issues covered here are: How are individual consumers' decisions aggregated to create market demand and how are firms' decisions aggregated to create market supply. How do consumers and firms react when the government changes taxation. How do prices and profits change when a new competitor enters a market.


Compulsory Reading

  1. Besanko, David A. and Ronald R. Braeutigam, Microeconomics - 3nd Edition, New York: John Wiley and Sons, 2005, ISBN 0-471-45769-8.

(02-aug-2016)