363-0503-00L  Principles of Microeconomics

Courses

Catalogue data

Abstract	The 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.
Learning objective	The 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.
Content	The 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 notes	Lecture notes, exercises and reference material can be downloaded from Moodle.
Literature	N. 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 / Notice	GESS (Science in Perspective): This lecture is for MSc students only. BSc students register for 363-1109-00L Einführung in die Mikroökonomie.
Competencies	Subject-specific Competencies Concepts and Theories assessed Techniques and Technologies fostered Method-specific Competencies Analytical Competencies assessed Decision-making assessed Media and Digital Technologies fostered Problem-solving assessed Project Management fostered Social Competencies Communication fostered Cooperation and Teamwork fostered Customer Orientation fostered Leadership and Responsibility fostered Self-presentation and Social Influence assessed Sensitivity to Diversity fostered Negotiation fostered Personal Competencies Adaptability and Flexibility fostered Creative Thinking fostered Critical Thinking assessed Integrity and Work Ethics fostered 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 credits	3 credits
Examiners	M. Filippini
Type	end-of-semester examination
Language of examination	English
Repetition	A repetition date will be offered in the first two weeks of the semester immediately consecutive.
Mode of examination	written 90 minutes
Written aids	Permitted 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.
Digital exam	The exam takes place on devices provided by ETH Zurich.
Distance examination	It is not possible to take a distance examination.

Learning materials

Groups

Restrictions

Offered in

Programme	Section	Type
Energy Science and Technology Master	Energy Economics and Policy	W
Integrated Building Systems Master	Core Courses	O
Management, Technology and Economics Master	Micro and Macroeconomics	W+
MAS in Management, Technology, and Economics	Micro and Macroeconomics	W+
Mathematics Master	Economics	W
Science, Technology, and Policy Master	Social Sciences	O