| Learning Outcomes
Learning Outcome 3 (LO3): Explain the key ideas of demand and supply and their interaction in markets.
Learning Outcome 4 (LO4): Solve and interpret microeconomic models using mathematical and statistical approaches.
Learning Outcome 5 (LO5): Derive behavioral predictions of consumers and producers using the concepts of utility and profit maximization.
Learning Outcome 6 (LO6): Assess the welfare implications of policy interventions in different areas of economics.
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Course Topics:
- Supply and demand (excess and shortage of supply and demand, market equilibrium)
- Elasticities (formal computation of elasticities, substitutes and complements)
- Preferences and budget constraints (utility function, indifference curves)
- Optimal consumption (utility maximization)
- Demand function and consumer surplus (price changes, substitution and income effects)
- Production function (average and marginal productivity, economies of scale)
- Costs (average, marginal, and total costs, short- and long-run costs)
- Profit maximization (marginal revenue, short- and long-run optimization)
- Supply function and producer surplus
- Welfare analysis (policy interventions, dead-weight loss)
- Monopoly (difference to competitive equilibrium, market power)
- Monopolistic Competition and oligopoly (Cournot, Stackelberg, and Bertrand equilibria)
Learning Outcomes
Learning Outcome 1 (LO1): Recall the basic concepts of demand, supply, market equilibria in microeconomics (see course topics).
Learning Outcome 2 (LO2): Remember the concepts of welfare economics and the trade-offs between efficiency and distribution.
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