Course code ECN210

ECN210 Intermediate Microeconomics- Consumers, Producers, Market and Welfare

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Showing course contents for the educational year 2017 - 2018 .

Course responsible: Mette Wik
Teachers: Sigurd Henning Rysstad
ECTS credits: 10
Faculty: School of Economics and Business
Teaching language: NO
(NO=norsk, EN=Engelsk)
Limits of class size:
-
Teaching exam periods:
This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel.
Course frequency: Annually
First time: Study year 2003-2004
Preferential right:
-
Course contents:
Part I: Markets and prices. Part II: Consumer theory. Part III: Producer theory. Part IV: Market structure and competitive strategy. Part V: General equilibrium, economic efficiency and market failure.
Learning outcome:

Knowledge:

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

  • Consumer theory.
  • Producer Theory.
  • Perfect competition and monopoly.
  • Welfare Theory.

Skills:

Students will, after completing the course:

  • be able to explain and analyze a utility-maximizing consumer's allocation of income between different applications and from there be able to discuss how changes in prices and income will affect the demand for goods and services  
  • be able to explain and analyze a cost-minimizing firms choice of input combinations, and from there (a) be able to explain the cost function for such a firm and (b) be able to discuss how changes in the firm¿s production or in prices of input factors will translate into the firm¿s demand for various inputs.
  • be able to explain and analyze the choice of production levels and pricing under perfect competition and where the manufacturer has market power (monopoly)
  • be able to explain and analyze the welfare effects of government market interventions

General competence

  • use abstract graphical and simple mathematical models
Learning activities:
Lectures, exercise sessions.
Teaching support:
Lecture notes, assignments, past years exams.
Syllabus:
Pindyck, R.S., D.L. Rubinfeld og T. Synnestvedt: Introduksjon til Mikroøkonomi. Pearson.
Prerequisites:
ECN102 Introduction to Mathematics for Economists/ MATH100 Introductory Mathematics. It is an advantage but not required to have some background in microeconomics, for instance equivalent to ECN110.
Recommended prerequisites:
A good background in mathematics will make it easier for students to acquire economic theories. We normally recommend that students take courses in mathematics.
Mandatory activity:
The students need to submit and pass 6 out of 9 assignments. The assignments must be submitted in Canvas before deadline and will be graded by a teaching assistant. Approved assignments are valid for two years.
Assessment:
Written examination, 3,5 hours (100%).
Nominal workload:
300 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Type of course:
Lectures: 4 hours per week for 12 weeks. Exercise sessions: 2 hours per week.
Note:
-
Examiner:
External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
Allowed examination aids: B1 Calculator handed out, no other aids
Examination details: One written exam: A - E / Ikke bestått