Objectives of Programme's Learning Outcomes

• Demonstrate basic knowledge and know-how in related fields
• Demonstrate knowledge and basic skills in human and economic sciences
• Understand the fundamentals related to scientific methods
• Develop skills of abstraction and modelling through a conceptual and scientific approach
• Conduct rigorous reasoning based on scientific arguments

Learning Outcomes of UE

At the end of the course, the students will be able to master some microeconomic fundamentals.  The course will enable them to possess tools in order to (i) apprehend markets behaviour, (ii) understand the impact of taxation and price regulation on consumers and producers, (iii) choose among alternative production processes, and (iv) rationally decide the level of production and price by following a maximising profit objective

Content of UE

The course is structured in 3 chapters:
1. Markets in action : supply and demand from graphical, analytical and verbal perspectives, supply and demand determinants, price-output equilibrium and chocks, price elasticity of demand and supply, income and cross-price elasticity of demand,  short run and long run, adjustment price expectations and speculation
2. Public policy : impacts of the control of prices (by setting minimum or maximum prices) and of the ad valorem or specific indirect taxation on consumers and producers
3. Background to supply (production) : law of diminishing returns, economies of scale, costs and productivity in the short run and in the long run, mean, marginal and total, revenues depending on firms market power, profit maximisation by using total or marginal approaches.

Prior Experience

Not applicable

Type of Assessment for UE in Q1

• Written examination

Q1 UE Assessment Comments

A 2 hours 30' written examination. It consists of 10 multiple choice questions (6 points) in order to test for students ability to understand and apply concepts, of 1 long question (8 points) to test for understanding and assimilating concepts, and of 2 graded exercises (6 points) to test whether students can mobilize concepts in order to solve problems

Type of Assessment for UE in Q3

• Written examination

Q3 UE Assessment Comments

A 1 hour 30' written examination. It consists of 5 multiple choice questions (6 points) in order to test for students ability to understand and apply concepts, of 1 long question (8 points) to test for understanding and assimilating concepts, and of 1 graded exercise (6 points) to test whether students can mobilize concepts in order to solve problems

Type of Resit Assessment for UE in Q1 (BAB1)

• N/A

Q1 UE Resit Assessment Comments (BAB1)

Not applicable