SØK 1101 Microeconomics

APPLIES TO ACADEMIC YEAR 2015/2016
Norwegian version

SØK 1101 Microeconomics


Responsible for the course
Christian Riis

Department
Department of Economics

Term
According to study plan

ECTS Credits
7,5

Language of instruction
Norwegian

Introduction
This course will introduce the students to basic economics and principles of how the markets work. They will study how enterprise and individuals achieve economic results through their choices, and achieve an understanding of how the resources in the society are distributed in a market economy.

Learning outcome
Acquired Knowledge

  • The students shall gain basic insight in the principles of microeconomic analysis and use in different markets.
  • Gain knowledge about how enterprise and individuals are facing economic choices in a market economy.

Acquired Skills
  • Describe how utility maximization can be used to divert demand of goods and service, save decisions and labour supply.
  • Describe how the enterprises desires of maximum earnings or profit can be used to divert offer of goods and services in a market economy.
  • Explain the difference between different type of markets as perfect competition, monopoly and oligopoly.
  • Apply game theory in the analysis of oligopolistic competition
  • Explain how prices and production volume is decided under such market conditions.
  • Explain what is meant by effectiveness in the sense of economic, and to take decisions whether a market economy is effective or not in this sense.
  • To use mathematical optimized functions with one or more variables of basic economic optimized problems.

Reflection
Trough the course students will develop a critical attitude to scientific analysis, and stimulated to assess the economic objectives against other societal concerns.

Prerequisites
None

Compulsory reading
Books:
Riis, Christian, Espen R. Moen. 2015. Moderne mikroøkonomi : med digital arbeidsbok. 3. utg. Gyldendal akademisk

Recommended reading

Course outline
  • Economic choices
  • Utility maximization
  • Profit maximization
  • Supply and demand
  • Perfect competition
  • Industry dynamics
  • Monopoly
  • Oligopoly
  • Pareto- effectiveness
  • Game theory
  • Optimization of functions

Computer-based tools
It's learning

Learning process and workload
The course consists of 12 three-hour lectures.

Coursework requirements
The students will receive three hand-in exercises on It's learning. In order to take the final examination, two out of three exercises must be approved.

Feedback on the exercises will be given through a review in the classroom. The students will also get access to learning resources developed by the publisher of the book.

Recommended use of hours:
Activity
Hours
Participation in class
36
Preparation for cases in class
6
Work on compulsory exercises
18
Preparation through self-tuition before lectures
36
Work on cases after lectures
49
Self-tuition
50
Examination
5
Total recommended use of time
200


Coursework requirements
In order to take the final examination, two out of three exercises must be approved. Please notice what is said under learning process and workload.

Examination
The course is concluded by a five-hour individual written examination.
Examination code(s)
SØK 11011 - written examination, accounts for 100% of the grade in SØK 1101 Microeconomics, 7,5 credits.

Examination support materials
BI approved exam calculator. Examination support materials at written examinations are explained under examination information in the student portal @bi. Please note use of calculator and dictionary in the section on support materials (https://at.bi.no/EN/Pages/Exa_Hjelpemidler-til-eksamen.aspx).

Re-sit examination
A re-sit will be held every term.
Students who have not passed two of three exercises, are not allowed to sit for the examination. They have to re-take the whole course. Students that do not pass the written examination or who wish to improve their grade, can take a re-sit examination the next time the examination is offered.

Additional information

Semesters

Translations