Course code ECN110

ECN110 Microeconomics I - How to Think Like an Economist

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Showing course contents for the educational year 2022 - 2023 .

Course responsible: Mette Wik
ECTS credits: 5
Faculty: School of Economics and Business
Teaching language: NO
(NO=norsk, EN=Engelsk)
Teaching exam periods:
This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.
Course frequency: Annually
First time: Study year 2005-2006
Course contents:
The course consists of the following subjects: The behaviour of the consumer. The behaviour of the producer. Different markets with emphasis on perfect competition and monopoly. Welfare theory, especially about market success and failure.
Learning outcome:

Knowledge:

After the course the students should have basic knowledge of central microeconomic topics such as:

  • Demand
  • Supply
  • Market equilibrium
  • Perfect competition and monopoly
  • Welfare Theory

Skills:

Students will, after completing the course:

  • be able to explain why demand curves slope downward
  • be able to explain why a supply curve slope upward
  • be able to explain how the interaction between consumers and producers creates a market equilibrium
  • use demand equations, supply equations and general equilibrium theory to explain and analyze how changes in consumers' income, production costs, prices of other goods and other market conditions affect the price and quantity sold
  • be able to mathematically calculate and illustrate graphically market equilibria for central market structures (perfect competition and monopoly)
  • be able to analyze how market interventions affect economic efficiency

General competence:

  • use abstract models
Learning activities:
The course consists of lectures, exercises and supporting web sites. The purpose of the exercises is to apply the theories presented in the lectures to specific problems, and to activate the students.
Teaching support:
Tutorials, exercises and website with quiz.
Syllabus:
Frank/Bernanke: Principles of Microeconomics or McDowell, Thom, Frank and Bernanke: Principles of Microeconomics. 
Recommended prerequisites:
Mandatory activity:
The students need to submit and pass 7 out of 10 assignments. The assignments should be submitted in Canvas within the deadline and will be approved by teaching assistants. In addition, the students must pass 7 out of 10 quizes within the deadline. Approved assignments are valid for one year. 
Assessment:
Final written in-class examination (2 hours) accounts for 100% of the grade.
Nominal workload:
125 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Reduction of credits:
ECN101 Economics for Environment and Development - 3 ECTS
Type of course:
Lectures: 2 hrs per week for 12 weeks. Exercises: 2 hrs per week in smaller groups.
Examiner:
An external examiner will control the curriculum, the exam and the answer keys. External assessment conducted by professionals from other institutions will help ensure the quality of the academic level.
Allowed examination aids: B1 Calculator handed out, no other aids
Examination details: Written exam: Letter grades