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Microeconomics
Institute for Food and Resource Economics
Economic and Agricultural Policy - Nussallee 21 - D-53115 Bonn
Thomas Heckelei, Nußallee 21
E-mail: thomas.heckelei@ilr.uni-bonn.de, Tel.: 732332
Office hours: get appointment
Course Syllabus
"Microeconomics" WS 24/25
BAS 130, Master program “Agricultural and Food Economics“, 6 credit points
Tuesdays, 8:30-10:00, Seminar Room, Nußallee 1
Wednesday, 8:30-10:00, Lecture Room 4, CP1-HSZ, Friedrich-Hirzebruch Allee 5
1. Objectives
- Deepening and extending knowledge on the microeconomic theory of demand, production,
supply, product and factor markets
- Practicing the use of formal mathematical tools, specifically optimisation techniques, to
train rigorous economic reasoning and to develop the basis for quantitative economic
analysis
2. Prerequisites
- Intermediate Microeconomics course as in „Angewandte Mikroökonomie“, second year
Bachelor in Bonn.
- Introductory Policy and Market course such as in “Ökonomie 2 und 3”
, second year
bachelor in Bonn
- Calculus (derivatives and, less so, integration)
3. Grading:
50% assignments to be turned in regularly (“Prüfung 2”); see more below
50% two-hour final exam (“Prüfung 1”)
Note:
- Both parts are treated as separate exams and later must be registered separately on BASIS.
- “Prüfung 2” cannot be cancelled once you have registered.
4. Course organisation
The lectures will be held in person. However, to account for some uncertainty, online lectures
(videos and Zoom meetings) may be used in certain circumstances. In such cases, we will
communicate in advance about the setup.
5. Literature
The course content follows parts of Snyder C., Nicholson, W. (2012, 11th edition): Microeconomic
Theory: Basic Principles and Extensions, South-Western. Five copies of the book are available at
the textbook section of the University Library (section Nussallee 15a, Signatur: Wirt Afb 9) and
eight copies of the 10th edition in the main library (Signatur: Agr Bf 26). However, reading
whenever assigned as part of the weekly assignment will be scanned and provided on eCampus.
The material relevant for the exam is restricted to assigned readings, class presentations and the
problem sets.
There are many microeconomics textbooks available for further information. For
example:
- A little lower level as the course, but good to work through fundamentals: Varian, H. R.
(2006): Intermediate Microeconomics (7th edition), Norton and Co.
- Similarly: Espinola-Arredondo, A., Muñoz-Garcia, F. (2020): Intermediate
Microeconomics Theory: Tools and Step-by-Step Examples
- Or: Pindyck, R.S., Rubinfeld, D.L. (2010): Microeconomics. Prentice Hall.
- New very good advanced textbook but with good access: Munoz-Garcia, F. (2018):
Advanced Microeconomic Theory - An Intuitive Approach with Examples. MITPress.
Some other references and background material will be given during the course.
6. Assignments
In general, readings and problem sets are assigned once a week on Wednesday. Completed
assignments have to be turned in until the next Wednesday morning before class. As said above,
they count for 50% of the grade, and they also constitute an important part of the preparation for
the final exam. Some of the problems will be discussed in class. A solution key will be provided
for all problems with some time delay after the assignment is due.
Administration of assignments (i.e. release, submission and grading) will go through the Exercise
tool in the eCampus course site. Eva Bacud (eva.bacud@ilr.uni-bonn.de) will supervise the
assignments and may be contacted for technical problems or questions of understanding if
necessary. However, communication on assignments in the Tuesday class is preferred.
Rules for the assignments:
• You can build groups of UP TO THREE STUDENTS and only one assignment per group
needs to be turned in
• Your group can only change ONE TIME to accommodate beginning semester orientation
problems. Once the second assignment is submitted, the group membership is final.
Institute for Food and Resource Economics – Economic and Agricultural Policy
7. E-campus
The material, the administration of the assignments, and all other information will be provided on
e-campus under the course “Microeconomics”. Your membership should be automatic once you
enrolled for the course in BASIS (some delay). Otherwise please contact the instructors.
8. Course content
1 Introduction (including Math for Microeconomics)
2 Choice and demand
• Axioms of rational choice, concept of utility
• Marginal rate of substitution
• Utility maximization, indirect utility function
• Expenditure minimization
• Income and substitution effects
• Consumer surplus
• Demand relationships among goods
• (Newer developments in demand theory)
3 Production and supply
• Production functions, concept and properties
• Cost minimising input demand, cost functions,
• Profit maximisation, supply and input demand, profit functions
4 Coordination of supply and demand through markets
• Game theory, analysis of strategic behaviour
• Competitive markets, partial equilibrium
• Short and long-run analysis
• Policy impacts (price controls, taxes, ...)
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