 This course is the first of a series of three 6ECTS courses that offer a rigorous training in microeconomic theory at the graduate level. This course gives students the foundations of microeconomic theory at the graduate level. Consumer, producer, and general equilibrium theories are covered. Specifics Before enrolling all nonCentER students should ask permission to the Director of Graduate Studies in Economics. Please send your request for permission to CentER Graduate School at centergs@uvt.nl.Required Prerequisites Quantitative Methods (CentER) 

The first part of the course considers the behavior of consumers and producers in a general context. Topics include the demand functions of consumers, which are derived from assumptions on preferences using the utility function framework. Next, we consider the supply functions of producers and how they are derived from production technology and the pricetaking profit maximization assumption. Also, the relationship between utility functions and decision making under risk is studied. The second part of the course studies the concept of equilibrium at which prices are such that aggregate demand equals aggregate supply plus total endowment. It is studied what the consequences are for the equilibrium in case there are externalities and public goods present in the economy. The existence of a general equilibrium is proved in detail. The fundamental theorems of welfare economics are treated which state that a competitive general equilibrium allocation is Pareto optimal and a social welfare optimum and that the reverse holds under convexity conditions.
Type of instructions
30 hours of lectures and 20 hours of tutorials.
Type of exams
Written final exam (80%) and regular graded homework assignments (20%).
Compulsory Reading
 A. MasColell, M.D. Whinston, and J.R. Green, Microeconomic Theory, Oxford University Press, 1995, ISBN 9780195073409.





Written test opportunities 
Omschrijving/Description  Toets/Test  Blok/Block  Gelegenheid/Opportunity  Datum/Date 


Written test opportunities (HIST) 
Omschrijving/Description  Toets/Test  Blok/Block  Gelegenheid/Opportunity  Datum/Date 

Schriftelijk 80% / Written 80%  EXAM_01  SM 1  1  07122018  Schriftelijk 80% / Written 80%  EXAM_01  SM 1  2  25032019 

  Required materialsRecommended materialsLiteratureA. MasColell, M.D. Whinston, and J.R. Green, Microeconomic Theory, Oxford University Press, 1995. 
ISBN  :   9780195073409 

 Tests5 Assignements
 Written 80%


 