Course code ECN311

ECN311 Microeconomics III

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Showing course contents for the educational year starting in 2019 .

Course responsible: Kyrre Rickertsen
ECTS credits: 10
Faculty: School of Economics and Business
Teaching language: EN
(NO=norsk, EN=Engelsk)
Teaching exam periods:
The course has teaching/evaluation in the Autumn parallel.
Course frequency: Annually.
First time: 2007H
Course contents:
The course extends the material covered in intermediate courses in microeconomics. Special emphasis is put on duality theory in economics. The lectures cover the theory of the consumer, welfare measures, the theory of the producer, and behavior under uncertainty.
Learning outcome:

Knowledge

You should know:

- How to derive the basic results in production and consumer theory using duality theory

- How to derive welfare measures

- The theory of choice under uncertainty, including the expected utility theory

Skills

You should be able to:

- Formulate  and solve more complex economic problems

- Do microeconomic analysis based on commonly used functional forms and duality theory

- Calculate welfare measures 

- Use parametric and non-parametric methods

General competence

You should be able to:

- Follow microeconomic reasoning in reports and articles in applied economics

- Utilize microeconomic reasoning in your own work, for example, in analysis needed in a master thesis

Learning activities:
Lectures and independent work such as reading the textbook and solving problem sets are important parts of the course. The students are encouraged to work in groups, but the problem sets have to be turned in for individual grading. It is important to get started with all the activities early in the semester.
Teaching support:
The lecturer will have office hours each week.
Syllabus:
Hal R. Varian. Microeconomic Analysis, third edition, Norton, 1992.Lecture notes.

The required readings may change.

Prerequisites:
Microeconomics on the level of ECN210 Intermediate Microeconomics- Consumers, Producers, Market and Welfare and Mathematics on the level of ECN302 Mathematics for Economists.
Recommended prerequisites:
Intermediate courses in Economics such as, for example, ECN211.
Mandatory activity:
Five problem sets must be graded as passed before taking the final examination. The problem sets are valid the year they are passed and the next year.
Assessment:
Written examination, 3,5 hours (100 %)
Nominal workload:
300 hours. About 50 hours are used to structured activities while 250 hours are unstructured time that the students should allocate to reading and solving problems.
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Type of course:
There are four hours of lectures and exercises per week. About 60% of the time will be allocated to lectures and 40% to exercises.
Note:
The course is in English. Incoming students can contact student advisors at the School of Economics and Business (studieveileder-hh@nmbu.no) for admission to the course. 
Examiner:
The course is evaluated by an internal examiner. An 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