SØK 1101 Microeconomics I
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.
- 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.
- 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.
- Through the course students will develop a critical attitude to scientific analysis, and stimulated to assess the economic objectives against other societal concerns.
- Economic choices
- Utility maximization
- Profit maximization
- Supply and demand
- Perfect competition
- Industry dynamics
- Game theory
- Pareto- effectiveness
- Optimization of functions
The course consists of 14 three-hour lectures.
There have previously been coursework requirements in this course. Students who are to take the re-sit exam no longer have to comply with the coursework requirements.
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
No particular prerequisites.
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination every semester
|Form of assessment:||Written submission|
|Support materials:|| |
|Resit:||Examination every semester|
Feedback activities and counselling
Prepare for teaching
Group work / Assignments
Student's own work with learning resources
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.