Microeconomics I - Microeconomics I, Group D 1

Participation Prerequisites

Mathematics I (BBA) or Quantitative Methods for Psychology I (BBP)

Course Content

The main goal of this course is to familiarize oneself with the principles of microeconomic decision-making and analysis. Specifically, the aim is to provide a basic understanding of 1) how markets work, and 2) how market participants, i.e., households and firms, make their decisions.

This course will introduce the basic concepts of market demand and supply and develop an understanding of the underlying determinants of household demand and firm supply. In addition, we will discuss how individuals make economic decisions in different situations, including decisions under uncertainty and the behavioral aspects that can influence such decisions in real-world markets.

Intended Learning Outcomes and Competencies

After completing this course, students will:

• Understand how markets function and how households and firms make decisions under constraints.
• Learn how consumer and producer theory describe and explain economic decision-making.
• Apply basic microeconomic concepts to analyze and interpret real-world phenomena.
• Explore how individuals make decisions under uncertainty and how real behavior can differ from standard models, including insights from behavioral economics.
• Develop the ability to think critically about the assumptions and limits of standard economic models.
• Strengthen analytical reasoning and the ability to express a scientifically based opinion on microeconomic issues.

Instruction Type

Lecture

Form of Examination

Literature

This lecture is based on the following textbooks:

Mankiw, N. Gregory and Taylor, Mark P., 2023 (6th ed.), “Economics”, Cengage Learning EMEA, ISBN: 9781473786981.

Varian, Hal R., 2014 (9th ed.), “Intermediate Microeconomics: A Modern Approach”, W. W. Norton & Company, ISBN: 9780393920772.

Further, optional reading material will be communicated in class and on Moodle.