Course code ECN210

ECN210 Intermediate Microeconomics - Consumers, Producers, Market and Welfare

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Showing course contents for the educational year 2022 - 2023 .

Course responsible: Mette Wik, Kine Josefine Aurland-Bredesen
Teachers: Mette Wik
ECTS credits: 10
Faculty: School of Economics and Business
Teaching language: NO
(NO=norsk, EN=Engelsk)
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
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. 
Recommended prerequisites:
ECN110 Microeconomics I - How to Think Like an Economist
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.
Assessment:
Combined assessment consisting of a one-and-a-half hour midterm multiple choice exam in teaching period (40%) and one final written examination in examination period, 3 hours (60%). No re-examination is offered. 
Nominal workload:
250 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Type of course:
Lectures: 4 hours per week for 11 weeks. Exercise sessions: 2 hours per week.
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: Combined assessment: Letter grades