Learning objectives |
At the end of the course the student is able to:
• Reason in terms of scarcity, relative prices, income and substitution effects, demand and supply, markets and market imperfections, including in situations where uncertainty, interacting actors and asymmetric information play a role;
• Recognise microeconomic aspects in social problems and to analyse these aspects with a modelling approach (graphically as well as algebraically);
• To analyse social problems by applying methodological individualism.
Required/Required Elective. Cannot be followed by economics students. Cannot be combined with ECB1MI and EC2MIP.
This course is:
• Elective in Bachelor Programme in Law and in other non-economic Bachelor programmes;
• Other economic elective;
• Introductory course for Minor Economics for non-economics students;
What is the optimal consumption choice for a consumer given her preferences and income? When will a manager of a firm decide to expand production? What are the costs for the government when it supports the farmers with a per unit subsidy and is such a subsidy socially efficient? Should monopolies be regulated and if so, how? When does it make sense for a firm to introduce a variable-wage payment scheme? Which attitudes to risk exist and how does this influence behaviour? Such questions will be treated in this course.
The course is especially designed for non-economics students, whether they want to follow just a single economics course, whether they want to have a firm basis in microeconomics to be able to follow further elective courses in economics, whether they want to do the course as part of a minor in Economics or whether they want to study law & economics, i.e. the economic analysis of laws.
Lectures (1 per week) and tutorials (2 per week)
• Mid-term examination (40% of the final grade, multiple choice questions);
• End-term examination (60% of the final grade, open questions).
Adequate preparation of, and active participation in 80% of the lectures and tutorials.
In case online access is required for this course and you are not in the position to buy the access code, you are advised to contact the course coordinator for an alternative solution. Please note that access codes are not re-usable meaning that codes from second hand books do not work, as well as access codes from books with a different ISBN. Separate or spare codes are usually not available.