Principles of microeconomics

Summary

The course introduces students to the core tools and concepts of modern microeconomic analysis. Combining graphical reasoning and analytical methods, it emphasizes continuous links between theory and real-world economic issues.

Content

Keywords

Microeconomics, consumers, producers, state interventions, imperfect competition, game theory, public goods.

Learning Prerequisites

Important concepts to start the course

No prior knowledge of economics is required for this course but a sound knowledge of calculus is recommended.

Learning Outcomes

By the end of the course, the student must be able to:

• Explain and apply consumer theory, including utility maximization and demand analysis
• Explain Analyze firm behavior using production and cost functions in both the short run and long run
• Analyze Evaluate market outcomes under perfect and imperfect competition
• Assess / Evaluate Derive and interpret supply and demand functions and market equilibria
• Interpret Assess the role of government interventions and their impact on market efficiency and welfare
• Compare Compare different market structures, including monopoly, oligopoly, and monopolistic competition
• Apply Apply game theory concepts to analyze strategic decision-making and equilibrium outcomes
• Identify Identify and explain market failures, including externalities, public goods, and natural monopolies
• Critically evaluate economic policies aimed at correcting market inefficiencies
• Communicate microeconomic reasoning clearly using appropriate analytical and graphical tools

Transversal skills

• Plan and carry out activities in a way which makes optimal use of available time and other resources.
• Communicate effectively with professionals from other disciplines.
• Take responsibility for environmental impacts of her/ his actions and decisions.

Teaching methods

Lectures and exercises: Theory presented and studied during classes will be extensively illustrated and trained with exercises, generally referring to real economic problems.

Expected student activities

Assessment methods

• 30% written midterm exam (closed book), based on the theory and exercises covered. during the course.
• 70% written final exam (closed book), based on the theory and exercises seen during the semester. It will take place during the exam session.

Supervision

Resources

Virtual desktop infrastructure (VDI)

No

Bibliography

Mankiw, N.G. (2023), Principles of Microeconomics, 10th edition, Boston, MA, Cengage.

Mas-Colell, A., M.D. Whinston and J.R. Green (1995), Microeconomic Theory, New York, NY, Oxford University Press.

Perloff, J.M. (2022), Microeconomics, 9th edition, Harlow (UK), Pearson.

Varian, H.R. (2014), Intermediate Microeconomics: A Modern Approach, 9th edition, New York, NY, W.W. Norton & Company.

Ressources en bibliothèque

• Find the references at the Library

Moodle Link

• https://go.epfl.ch/MGT-454