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Identical coursesMicroeconomics (B-KUL-HTH11A)
De Brucker Klaas (coordinator) | De Brucker Klaas Aims
1.a Analyses the environment in which an organisation is active and estimates the influence of environmental factors on the functioning of the organisation.
3.b Analyses for the most important market forms the price setting and the various pricing setting strategies.
3.b.1 Analyses using micro-economic concepts (bv.: price elasticities) the price setting and the different price setting strategies for the most important market forms.
3.c Interprets and underpins behaviour of producers and consumers based on academic, economic concepts and theories.
3.d Critically analyses the impact of various forms of government regulation on the most important market forms.
3.d.1. Analyses in a critical manner using the academic, micro-economic framework the impact of non-market conform and market conform government instruments
3.d.2. Understands the market conditions under which government intervention in the market can increase welfare.
3.h Defines, explains and uses, both graphically and model-based, macro- and micro-economic concepts.
3.h.1. Defines, explains and uses both graphically and model-based, micro-economic concepts (e.g. external effects, taxes and subsidies, etc.).
3.h.2 Has insight into the functioning of the free market, the principle of elasticities, and the impact of supply and demand shocks.
3.h.3 Has insight into the economics behind external effects, such as environmental pollution, and can demonstrate how to internalize them.
3.i Describes the perspectives economic sciences, uses them in a (business) economics context and reflects critically on them.
3.i.1. Describes the perspectives economic sciences as an economist and using the academic, micro-economic framework, uses them in a (business) economics context and reflects critically on them.
8.g Shows interest in current affairs and broadens his background knowledge
12.c Reflects on business and economic thinking and behaviour from a social and ethical point of view
Previous knowledge
The admission criteria for the programme can be found in the programme catalogue.
No prior knowledge is required for this course.
The following competences are however important:
Being critical
Being interested in current economic events/topics
Identical courses
This course is identical to the following courses:
HSA01A : Principles of Managerial Economics (No longer offered this academic year)
Y05066 : Micro-economics (S)
HSA20A : Microeconomics (B)
HVE10A : Principles of Managerial Economics
HSH12A : Microeconomics
Is included in these courses of study
- Bridging Programme: Master of Business Administration (Brussels) 60 ects.
- Preparatory Programme: Master of International Business (Programme for students started before 2022-2023) (Brussels) 24 ects.
- Preparatory Programme: Master of Teaching in Economics (Leuven) 45 ects.
- Preparatory Programme: Master of Teaching in Economics (Antwerp) 45 ects.
- Preparatory Programme: Master of Teaching in Economics (Brussels) 45 ects.
- Preparatory Programme: Master of Teaching in Economics (Kortrijk) 45 ects.
- Bridging Programme: Master of Teaching in Economics (Brussels) 75 ects.
- Preparatory Programme: Master of International Business (Programme for students started in 2022-2023 or later) (Brussels) 21 ects.
Activities
3 ects. Microeconomics (B-KUL-HTH11a)
Content
- Basic principles of economics
- Thinking like an economist
- The market forces of supply and demand
- Elasticity and its applications
- Background to demand: the theory of consumer choice
- Background to supply: firms in competitive markets
- Consumers, producers and the efficiency of the market
- Price mechanism and welfare in markets
- Supply, demand and government policies
- Public goods, common resources and merit goods
- Externalities and market failure
- Production technology, factor productivity and cost structure
- Firms' production decisions in short and long term
- Classification of markets and market forms (market characteristics)
- Monopoly
- Measures of market concentration
- Monopolistic competition
- Oligopoly (and duopoly)
- Welfare effects resulting from price setting and market power
- Game theory in oligopoly
- Strategic interaction in oligopoly
- Types of product differentiation (homogeneous vs heterogeneous)
- The economics of factor markets
- Contestable markets
- Information and behavioural economics (incl. Heterodox theories)
Course material
- De Brucker, K. (2024), Syllabusboek Micro-economie, Leuven: Acco (ISBN 2024: 9789033405570) (Compulsory)
- Mankiw N.G & Taylor M.P (2020), Economics, Andover (UK): Cengage, 5th edition (ISBN 5th editie paper version: 9781473768543) (Compulsory)
- Video lectures are available through Toledo (Compulsory)
- Physically attentending all synthesis lectures and taking notes during said lectures (Compulsory)
- Additional study material may be made available through Toledo (Compulsory)
- Exercices to be made via the website accompanying Mankiw's manual or other platform (Compulsory)
Language of instruction: more information
The (video)lectures are in Dutch.
The professor's syllabus (which takes the form of a bundling of synthetic lecture notes) is also in Dutch. The underlying manual (written by Mankiw & Taylor) is in English.
Format: more information
This course is taught in a blended-learning (i.e. hybrid) format, whereby traditional lectures are combined with distance learning. In order to fully benefit from the lectures students need to process the learning contents by themselves prior to attending the lectures. To this end students must rely on: (1) the Dutch-language syllabus book written by the professor, to be completed by (2) the English-language manual written by Mankiw & Taylor and/or in conjunction with (3) the videolectures available on Toledo. The lectures will be conducted in a synthetic mode and will start from the assumption that students will have processed the learning contents by themselves through the material made available for this purpose prior to attending the lecture. More precisely the lectures will consist of three components, namely (1) a synthetic overview of the learning contents, (2) flipped classroom teaching whereby students are expected to ask questions to the professor regarding those topics that even after self-study still need further explanation, and finally (3) case studies and practical examples.
The professor is available for additional coaching during specific consultation hours (see note beside my office door) or on who is who page of KU Leuven (https://www.kuleuven.be/wieiswie/en/person/00071591, click on 'Personal links') or go directly to https://www.kuleuven.be/cv/personallinks/u0071591e.htm
As this course is part of an evening programme and since it is fully offered in a blended-learning (i.e. hybrid) format, the number of contact hours is about half that of the corresponding traditional (non-blended) course from the day programme. Consequently, this means that the required study time (and study load) for the blended-learning course is substantially higher than the number of contact hours may make you believe. Extra efforts in terms of self-study will, therefore, be required to attain the level defined by the number of credits (3 credits) or corresponding study load (75 to 90 hours of study for a target student).
In case new and unforeseen developments require an adjustment of the evaluation (or other) formats, more details will be communicated through Toledo.
Evaluation
Evaluation: Microeconomics (B-KUL-H71863)
Explanation
The grades are determined by the lecturer as communicated via Toledo and stated in the examination schedule. The result is calculated and communicated as a whole number on a scale of 20.
The final course grade is completely determined by the score of the written exam.
Written examination (closed book) at the end of the semester during which the course took place, whereby the competences regarding reproduction, insight and association are tested, as well as the skills of analysis and synthesis.
Besides content-related matters, the evaluation will consider a number of formal aspects related to the answers, including correct language, style, accuracy, clarity, brevity, non redundancy, unambiguity, etc.
Besides a number of open questions, the exam also comprises a number of closed questions such as multiple choice questions The grading of these questions will be subject to a guess correction, the details of which will be communicated at the beginning of the course. The share of the multiple choice questions as part of the grand total will be smaller than or at the most equal to 12 points out of 20. For the second exam chance, the closed (or multiple choice) questions may be reduced in number and weight.
All study material (incl. the component self-study) has to be studied for the exam.
As regards the second exam chance, the features of the evaluation and determination of grades will be identical to those of the first examination opportunity, as described above. The only exception is that the share of multiple choice questions may sometimes be lower for the second exam chance, as explained above.
As this course is part of an evening programme and since it is fully offered in a blended-learning (i.e. hybrid) format, the number of contact hours is about half that of the corresponding traditional (non-blended) course from the day programme. Consequently, this means that the required study time (and study load) for the blended-learning course is substantially higher than the number of contact hours may make you believe. To pass the exam, extra efforts in terms of self-study will, therefore, be required to attain the level defined by the number of credits (3 credits) or corresponding study load (75 to 90 hours of study for a target student).
In case new and unforeseen developments require an adjustment of the evaluation (or other) formats, more details will be communicated through Toledo.