Course

ECN210 Microeconomics I - Consumers, Producers, Market and Welfare

Credits (ECTS):10

Course responsible:Kine Josefine Aurland-Bredesen

Campus / Online:Taught campus Ås

Teaching language:Norsk

Course frequency:Annually

Nominal workload:250 hours

Teaching and exam period:This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel.

About this course

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
    The course requires the following sequence of the various learning activities each week for 11 weeks: (1) Syllabus reading. (2) Lecture. (3) Work with practice assignments/exam assignments. (4) Help for solving practice tasks (practice lessons). (5) Solution of Quiz.
  • Teaching support
    The course uses a textbook, practice exercises, quiz, exam papers, results are posted. Practice problem sets are prepared for each week for 9 weeks, and approx. 3 x 2 practice lessons are organized each week where the students get help solving the week's problems.
  • Prerequisites
    ECN102 Introduction to Mathematics for Economists/ MATH100 Introductory Mathematics.
  • Recommended prerequisites
    ECN110 Microeconomics I - How to Think Like an Economist
  • Assessment method
    Final written examination in examination period, 3 hours (100%).

    School exam Grading: Letter grades Permitted aids: B1 Calculator handed out, no other aids
  • Examiner scheme
    External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
  • Mandatory activity
    The students need to submit and get approved 6 out of 9 assignments. The assignments must be submitted in Canvas before deadline and will be approved by a teaching assistant. Approved assignments are valid for two years.
  • Teaching hours
    Lectures: 4 hours per week for 11 weeks. Exercise sessions: 2 hours per week.
  • Reduction of credits
    This course overlaps with ECN215 (10 stp).
  • Admission requirements
    Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).