Microeconomics I

Vrije Universiteit Amsterdam

Course Description

  • Course Name

    Microeconomics I

  • Host University

    Vrije Universiteit Amsterdam

  • Location

    Amsterdam, The Netherlands

  • Area of Study

    Economics

  • Language Level

    Taught In English

  • Course Level Recommendations

    Lower

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • ECTS Credits

    6
  • Recommended U.S. Semester Credits
    3
  • Recommended U.S. Quarter Units
    4
  • Overview

    COURSE OBJECTIVE
    You will study the basic concepts of microeconomics concerning consumer and producer behavior is market equilibrium. You will develop skills to apply the relevant microeconomic theories to current economic concerns (Academic Skills). Therefore, the following goals are important:
    - you obtain basic knowledge on how individuals consumers and producers should act to maximize utility and profit (Course Knowledge);
    - you obtain insight in how equilibrium quantities and prices are determined in different market structures such as competition, monopoly and oligopoly (Course Knowledge and Quantitative Skills);
    - you learn how to apply a welfare analysis on the benefits and restrictions of the different market structures and the impacts of external influences (Course Knowledge and Quantitative Skills);
    - you obtain insight in the policy instruments of governments to interfere in case of market failure (Link to Practice);
    - you learn about auction mechanisms and the impact of uncertainty of consumer behavior (Link to Practice).

    COURSE CONTENT
    This course considers rational consumers and producers, that maximize under some conditions their utility and profits, respectively. This paradigm is used to derive supply and demand curves, which are used to analyse market equilibrium. Within different market structures (competition, monopoly, oligopoly) the price setting in equilibrium is studied. Also settings are considered where markets fails. In addition, attention is devoted to uncertainty, auctions, market power and the role of the government.

    TEACHING METHODS
    Main classes. Workgroups.

    TYPE OF ASSESSMENT
    Exam - individual grading. Midterm exams - individual grading.

    RECOMMENDED BACKGROUND KNOWLEDGE
    Quantitative Research Methods I

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Courses and course hours of instruction are subject to change.

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