040046 UK Consumption, Production and Welfare B (MA) (2020W)

Aims: The course provides master students with the basic tools of microeconomic analysis. Upon successful completion students are able to work with the basic models of market competition, price determination, and welfare analysis. In simple theoretical examples, they are able to compute market equilibria and perform comparative statics. They are able to make a qualitative assessment of how different political interventions or parameter changes affect market welfare. In examples and real-world applications students identify the main features of the market at hand and the presence and nature of market failures. They can assess the consequences for equilibrium outcomes and welfare properties in markets with strong externalities, when some agents have market power, or missing information. Last but not least, students are also able to convincingly discuss about these issues in form of a report or essay addressed to the general reader or interested party.

Method: The news forum of the Moodle course provides regular information on the current learning goals and the development of the course. All materials, such as commented beamer presentations, solved problems, or online tests, are made available on the platform. If the situation with the pandemic allows, an in-depth discussion of the contents will be carried out in the lecture room. This can be alternatively carried out using learning videos, or interactive video conference tools.