Admission requirements
There are no admission requirements.
Description
This course introduces students to the core tools of microeconomic analysis and provides a solid foundation for understanding how individuals and firms make decisions under scarcity. We begin by studying consumer choice and how individual decisions translate into demand in the economy. We then examine firm behaviour, focusing on production, costs, and how supply emerges from input and output decisions. Building on this, we explore how different market structures shape outcomes, including perfect competition and monopoly, and we discuss how strategic interaction and market power affect prices and efficiency. Throughout the course, we connect theory to real-world applications and integrate insights from behavioural economics, such as fairness concerns, cognitive limitations, and decision-making under uncertainty and imperfect information.
This course assumes some basic background in Mathematics. In particular, students are expected to be able to solve basic derivatives (e.g., taking first and second derivatives of simple functions), as these are needed for topics such as marginal analysis, optimization, and consumer and firm decision-making. Good references to fill any gaps in mathematical background include Sydsæter, Hammond, Strøm, and Carvajal, Essential Mathematics for Economic Analysis (Pearson), or Chiang and Wainwright, Fundamental Methods of Mathematical Economics (McGraw-Hill).
Course objectives
At the end of this course, students will be able to:
Use economic theory to analyse how individuals make decisions;
Use economic theory to analyse firm behavior and market functioning;
Predict how individuals and firms will behave, using economic theory.
Reproduce key findings in microeconomic theory;
Interpret findings from theoretical models;
Give a presentation which applies economic theory to explain phenomena we observe in the real world, in collaboration with other students.
Timetable
Zie MyTimetable.
Mode of instruction
Lectures
Number of (2 hour) lectures: 7
Names of lecturers: Simona Cicognani
Required preparation by students: Students are required to read the mandatory literature.
Number of (2 hour) seminars: 7
Names of lecturers: Lea Hauser
Required preparation by students: Students are required to read the mandatory literature and to prepare the mandatory exercises. There is time for discussion and debate during both lectures and tutorials.
Other
Assessment method
Examination form(s)
Written exam (75%)
Group assignment (25%)
The written exam covers the literature discussed in the course as well as the content of all lectures and tutorials. The assignment will be either in the form of a written paper or a presentation (tbd).
The written exam covers all assigned literature as well as the content of lectures and tutorials. The assignment consists of a group presentation (max. 10 minutes) on the assigned topic. Students are expected to select a current real-world issue related to the material of the assigned week and apply relevant course concepts and theories to develop a clear argument supported by solid academic references. Students may use any reliable sources to gather information, including for example articles from the Financial Times, The Economist, The Guardian, Politico, and VoxEU/CEPR.
The written exam needs to be completed with a score of 5.5 or higher. The grade for the assignment can be compensated. In case the grade for the written exam is below a 5.5, the final grade for the course can only be a 5 at most.
Resit
The resit for the exam will take the same form as the first exam.
The assignment grade cannot be carried over to the next year in case a student repeats the course.
Regulation retake passed exams
In this course it is possible to retake an exam that has been passed (cf. art. 4.1.8 and further of the Course and Examination Regulations) on the condition that it is not part of the minor. Students who have passed the exam may retake the final written assessment (test) of the course if they meet certain requirements. For more information; go to the website > ‘Law’ tab > ‘Retake a passed exam’.
Review & feedback
The exam review will take place in person.
Reading list
Obligatory course materials
Microeconomics and Behavior, 4th edition (2025), Frank and Cartwright, McGraw Hill, 1526847841 · 9781526847843.
Registration
Registration for courses and exams takes place via MyStudymap. If you do not have access to MyStudymap (guest students), look here (under the Law-tab) for more information on the registration procedure in your situation.
Contact
Coordinator: Dr. Simona Cicognani
Work address: Spui 5, The Hague
Institution/division
Institute: Institute of Tax Law and Economics
Department: Economics
Room number secretary: KOG B2.07
Opening hours: 09.00- 12.00 AM
Telephone number secretary: 071-5277756
Email: economie@law.leidenuniv.nl