Microeconomics

Course Code :1201TEWAEC
Study domain:Economic Sciences
Academic year:2019-2020
Semester:1st semester
Sequentiality:The student must have obtained a credit for the following courses:

- 'Inleiding tot de algemene economie' of 'Economie'

- 'Wiskunde met (bedrijfs)economische toepassingen' of 'Wiskunde' of 'Wiskundige methoden en technieken'
Contact hours:60
Credits:6
Study load (hours):168
Contract restrictions: No contract restriction
Language of instruction:Dutch
Exam period:exam in the 1st semester
Lecturer(s)Bruno De Borger

3. Course contents *

  1. Behaviour of the consumer. 
    Preferences and utility functions, budget constraint, optimal choice of the consumer, comparative statics, aggregation of demand functions, applications.
  2. Production functions and cost functions.
    Production functions, cost minimization, cost functions.
  3. Perfectly competitive markets.
    Supply functions, competitive market equilibrium, the invisible hand, applications.
  4. Monopoly and monopsony.
    Monopoly (market equilibrium, welfare implications), monopsony, price discrimination, advertising.
  5. Oligopolistic markets and Game Theory.
    Oligopolistic markets (Cournot, Bertrand, dominant firm, monopolistic competition). Game theory (static games, Nash equilibrium, dynamic games).
  6. Risk and information.
    Decision making under uncertainty (expected utility, risk aversion, applications), asymmetric information, auctions.
  7. Public goods and externalities.
    Public goods (definition, efficiency condition). Externalities (definition, Coase's theorem, corrective taxes).