363-0503-00L  Principles of Microeconomics

SemesterAutumn Semester 2023
LecturersM. Filippini
Periodicityyearly recurring course
Language of instructionEnglish
CommentGESS (Science in Perspective): This lecture is for MSc students only. BSc students register for 351-1109-00L Einführung in die Mikroökonomie.



Courses

NumberTitleHoursLecturers
363-0503-00 GPrinciples of Microeconomics2 hrs
Thu16:15-18:00ETA F 5 »
M. Filippini

Catalogue data

AbstractThe course introduces basic principles, problems and approaches of microeconomics. This provides the students with reflective and contextual knowledge on how societies use scarce resources to produce goods and services and ensure a (fair) distribution.
ObjectiveThe learning objectives of the course are:

(1) Students must be able to discuss basic principles, problems and approaches in microeconomics. (2) Students can analyse and explain simple economic principles in a market using supply and demand graphs. (3) Students can contrast different market structures and describe firm and consumer behaviour. (4) Students can identify market failures such as externalities related to market activities and illustrate how these affect the economy as a whole. (5) Students can also recognize behavioural failures within a market and discuss basic concepts related to behavioural economics. (6) Students can apply simple mathematical concepts on economic problems.
ContentThe resources on our planet are finite. The discipline of microeconomics therefore deals with the question of how society can use scarce resources to produce goods and services and ensure a (fair) distribution. In particular, microeconomics deals with the behaviour of consumers and firms in different market forms. Economic considerations and discussions are not part of classical engineering and science study programme. Thus, the goal of the lecture "Principles of Microeconomics" is to teach students how economic thinking and argumentation works. The course should help the students to look at the contents of their own studies from a different perspective and to be able to critically reflect on economic problems discussed in the society.

Topics covered by the course are:

- Supply and demand
- Consumer demand: neoclassical and behavioural perspective
- Cost of production: neoclassical and behavioural perspective
- Welfare economics, deadweight losses
- Governmental policies
- Market failures, common resources and public goods
- Public sector, tax system
- Market forms (competitive, monopolistic, monopolistic competitive, oligopolistic)
- International trade
Lecture notesLecture notes, exercises and reference material can be downloaded from Moodle.
LiteratureN. Gregory Mankiw and Mark P. Taylor (2023), "Economics", 6th edition, South-Western Cengage Learning.

For students taking only the course 'Principles of Microeconomics' there is a shorter version of the same book:
N. Gregory Mankiw and Mark P. Taylor (2023), "Microeconomics", 6th edition, South-Western Cengage Learning.

Complementary:
R. Pindyck and D. Rubinfeld (2018), "Microeconomics", 9th edition, Pearson Education.
Prerequisites / NoticeGESS (Science in Perspective): This lecture is for MSc students only. BSc students register for 363-1109-00L Einführung in die Mikroökonomie.
CompetenciesCompetencies
Subject-specific CompetenciesConcepts and Theoriesassessed
Techniques and Technologiesfostered
Method-specific CompetenciesAnalytical Competenciesassessed
Decision-makingassessed
Media and Digital Technologiesfostered
Problem-solvingassessed
Project Managementfostered
Social CompetenciesCommunicationfostered
Cooperation and Teamworkfostered
Customer Orientationfostered
Leadership and Responsibilityfostered
Self-presentation and Social Influence assessed
Sensitivity to Diversityfostered
Negotiationfostered
Personal CompetenciesAdaptability and Flexibilityfostered
Creative Thinkingfostered
Critical Thinkingassessed
Integrity and Work Ethicsfostered
Self-awareness and Self-reflection assessed
Self-direction and Self-management fostered

Performance assessment

Performance assessment information (valid until the course unit is held again)
Performance assessment as a semester course
ECTS credits3 credits
ExaminersM. Filippini
Typeend-of-semester examination
Language of examinationEnglish
RepetitionA repetition date will be offered in the first two weeks of the semester immediately consecutive.
Mode of examinationwritten 90 minutes
Written aidsPermitted are:
- A non-electronic dictionary
- Pen/pencil and blank sheets for graphs and calculations

A simple, non-programmable calculator without graphics functions will be provided.
Online examinationThe examination may take place on the computer.
Distance examinationIt is not possible to take a distance examination.

Learning materials

No public learning materials available.
Only public learning materials are listed.

Groups

No information on groups available.

Restrictions

There are no additional restrictions for the registration.

Offered in

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Chemistry MasterEconomics and Technology ManagementWInformation
Chemical and Bioengineering MasterEconomics and Technology ManagementWInformation
Doctorate Mechanical and Process EngineeringSubject SpecialisationWInformation
Energy Science and Technology MasterEnergy Economics and PolicyWInformation
Integrated Building Systems MasterCore CoursesOInformation
Management, Technology and Economics MasterMicro and MacroeconomicsW+Information
MAS in Management, Technology, and EconomicsMicro and MacroeconomicsW+Information
Mathematics MasterEconomicsWInformation
Science, Technology, and Policy MasterSocial SciencesOInformation
Science in PerspectiveEconomicsWInformation
Science in PerspectiveD-MTECWInformation