Objectives of Programme's Learning Outcomes

• Implement an academic view on knowledge, particularly through the mastery of methods and literature research tools.
• Develop and structure reasoning by basing it on suitable scientific arguments
• Actively master the fundamental concepts and models of economic sciences and management sciences
• Identify and explain the concepts, principles and models of fundamental theoretical trends in economic sciences and management sciences and their applications.
• Understand how organisations and markets work
• Critically compare knowledge acquired to real situations.
• Demonstrate an acute sense of analysis, criticism and ethics in relation to various issues in economics and management.
• Demonstrate working and analytical rigour.
• Be rigorous and independent in learning, particularly through adequate planning of activities to be undertaken in order to best utilise the time available.
• Develop their scientific curiosity and open-mindedness

Learning Outcomes of UE

To develop an intuitive understanding of models on companies and client’s decision-making: partial market equilibrium, general equilibrium, market failures, strategic interactions (game theory), asymmetric information…
To be able to interpret these market equilibria, maximizing models and models of strategic interaction with graphical representations.
To apply the above-cited theories in numeric exercises. In many cases these will take the form of finding an optimum (profit, quantity to produce, utility…) that is obtained by maximizing a function or by solving a system of 2 equations.

Content of UE

Companies’ decisions in a competitive market, maximization of monopoly profits, game theory, models based on asymmetric information, consumer surplus and producer surplus in different market structures (partial equilibrium models), general equilibrium, market failures and regulations that will decrease market failures.

Prior Experience

The course will build on basic insignts from the course Microeconomics 1: supply and demand functions, price elasticity, maximisation of utility, marginal cost vs average cost, profit maximisation etc. The students will need basic mathematical skills: linear, quadratic and logarithmic functions, derivatives, systems of equations...

Type of Assessment for UE in Q1

• Written examination

Q1 UE Assessment Comments

The written examination will have 3 parts :
• Multiple choice questions (40% of the marks)
• Questions on applications of the theory (20% of the marks)
• Exercises (cfr. ‘Exercises’ in the book, 40% of the marks)
A written test during the course (announced in advance) will allow to obtain a bonus for the final mark.

Type of Assessment for UE in Q2

• N/A

Q2 UE Assessment Comments

Not applicable.

Type of Assessment for UE in Q3

• Written examination

Q3 UE Assessment Comments

Idem Term 1.

Type of Resit Assessment for UE in Q1 (BAB1)

• Written examination

Q1 UE Resit Assessment Comments (BAB1)

Idem Term 1.