Learning outcomes

By the end of this course, students should:

  • Understand Core Microeconomic Theories: Gain a solid grasp of key concepts such as utility maximization, cost minimization, and market equilibrium.
  • Analyze Consumer and Producer Behavior: Apply microeconomic models to analyze how consumers and firms make choices under constraints.
  • Evaluate Market Structures: Examine how different market structures (perfect competition, monopoly, monpsony) affect prices, outputs, and welfare.
  • Critically Assess Policy Implications: Use microeconomic tools to evaluate the impact of government policies, such as taxes and subsidies, on market outcomes and welfare.
  • Conduct Quantitative and Qualitative Analysis: Develop the ability to solve mathematical models and interpret economic data in the context of microeconomic theory.

Goals

  • To deepen students' understanding of microeconomic concepts and their applications.
  • To introduce tools, such as optimization techniques, for analyzing economic behavior.
  • To explore how market structures and government policies influence economic efficiency and distribution.
  • To foster critical thinking by applying theoretical models to current economic issues and policy debates.

This course is essential for students pursuing further studies in economics, business, or public policy, as it equips them with the tools and analytical skills needed to engage with complex economic challenges.

Content

  • Consumer Theory: Utility functions, budget constraints, choice under uncertainty, demand curves, and elasticity.
  • Producer Theory: Production functions, cost minimization, profit maximization, and supply decisions.
  • Market Equilibrium: Competitive equilibrium, welfare analysis, and the role of government in market failures.
  • Market Structures: Perfect competition, monopolistic competition, monopoly, .
  • Welfare Economics: Pareto efficiency, social welfare functions, and the trade-offs between equity and efficiency.
  • Externalities and Public Goods: Analysis of market failures due to externalities and public goods, and the role of government intervention.

Teaching methods

This course combines interactive lectures with tutorial sessions, where theoretical concepts are reinforced through practical exercises. Active student engagement and participation are strongly encouraged. Regular assignments and continuous assessment help consolidate knowledge throughout the semester.

Assessment method

Continuous assessment (10%): MCQ/MAQ and exercises to be submitted on the webcampus at regular intervals

Final written exam (90%): Assessment is on a closed-book basis, with questions covering both theoretical aspects and application exercises. The type of questions includes open questions, multiple-choice and/or multiple-answer questions on both theory and exercises.

Sources, references and any support material

Pyndick & Rubinfeld, Microeconomics

Language of instruction

French