Emneplan forØASØK4100 Microeconomics
Knowledge and understanding of microeconomic theories are essential for managerial decision making, to design and analyse public policies, and more importantly, to understand the functioning of a modern market economy. This course is an advance course in Microeconomics that analyses the theories of consumer and producer behaviours in detail and exposes students to new topics, including general equilibirum analysis, pricing strategies of firms with market power, competitive strategy, and roles of information, externality and uncertainty.
The student has knowledge of
- economic theories of consumers' and producers' behaviours
- analysis of pricing strategies of firms with varying degrees of market power
- general equilibrium analysis of a market economy
- concepts and results of non-cooperative game theory
The student can
- apply economic theories to analyse complex decision-making problems of consumers and firms
- formulate strategic behaviours of firms and analyse market outcomes
- analyse and interpret public policies targeted to address market inefficiencies
The student can
- develop insights to apply economic reasoning to address business-related problems
- communicate with practitioners and policy makers to design and analyse public policies for effective functioning of the market
- engage in analytical discussions of economic reports, research articles and policy paper
- Consumer theory
- Production theory
- Analysis of competitive markets
- General equilibrium
- Behaviour of firms with market Power
- Game theory and competitive strategy
- Externality and market failure
Arbeids- og undervisningsformer
The course material is discussed in lectures.
Arbeidskrav og obligatoriske aktiviteter
Successful completion of a mid-term assignment, which includes 4-5 exercises and to be carried out individually or in groups of up to three students. In order to take the final exam, the assignment must be approved by the instructor. Students who fail to qualify, will be given another opportunity to submit a new or improved solution to the mid-term assignment.
Vurdering og eksamen
An individual written 4-hour exam will be held at the end of the semester.
Hjelpemidler ved eksamen
One dictionary (Native language-English/English-native language or English-English).
Calculator (as specified in regulations for use of calculator).
Letter grading A-F.
An internal and an external examiner will grade the exam.