ELE 3713 Microeconomic Analysis

ELE 3713 Microeconomic Analysis

Course code: 
ELE 3713
Department: 
Economics
Credits: 
7.5
Course coordinator: 
Christian Riis
Product category: 
Bachelor
Portfolio: 
Bachelor - Electives
Semester: 
2017 Autumn
Active status: 
Active
Teaching language: 
Norwegian
Course type: 
One semester
Introduction

The main purpose of this course is to teach students the basic principles of market mechanisms and price formations in markets. The students will acquire knowledge about the economic principles behind exchange and transactions, price formations under supply and demand, implications of competition and market forces, price formations under different market mechanisms, in addition to the benefit function in the market.

Learning outcomes - Knowledge

The purpose of the course is to train students in systematic analysis of consumer and firm behaviour in various market situations, and to provide them with an understanding of the efficiency of the use of resources given different market forms (perfect competition, monopoly and monopolistic competition).

Learning outcomes - Skills

On completion of this course students should be able to solve simple microeconomic optimization problems, and to understand the main principles of economic modelling.

Learning outcomes - Reflection

An aim of the course is to encourage students to reflect on and distinguish between the impact market changes have on efficiency versus their distributive effects, and to be conscious the distinction between efficiency goals and other considerations not covered by the market analysis.

Course content

Part 1 Introduction

  • Introduction to price management
  • Trade and Comparative Advantage

Part 2 Microeconomic principles for price decisions

  • Thinking Like an Economist
  • Supply and Demand: An Introduction
  • Comparative Advantage: The Basis for Exchange
  • Price in international markets

Part 3 Managers price decisions

  • Elasticity
  • Demand: The Benefit Side of the Market
  • Perfectly Competitive Supply: The Cost Side of the Market
  • Efficiency and Exchange
  • The Quest for Profit and the Invisible Hand

Part 4 Market Imperfections

  • Monopoly and Other Forms of Imperfect Competition
  • Thinking Strategically
  • The Economics of Information
Learning process and requirements to student

The course comprises 36 hours of teaching and 6 hours of review of exercises and discussions in class. 

Three (3) compulsory assignments will be given during the course. Further information will be given in the lectures and through It's learning.

Software tools
No specified computer-based tools are required.
Additional information

For electives re-sit is normally offered at the next scheduled course. If an elective is discontinued or is not initiated in the semester it is offered, re-sit will be offered in the electives ordinary semester.

Qualifications

Higher Education Entrance Qualification.

Required prerequisite knowledge

No specific prerequisites required.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
ELE37131
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
100Yes5 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
Individual
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
Duration:5 Hour(s)
Comment:
Exam code:ELE37131
Grading scale:ECTS
Resit:Examination when next scheduled course
Exam organisation: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching36Hour(s)
Review of assignments in plenary6Hour(s)
Submission(s)18Hour(s)
Prepare for teaching36Hour(s)
Group work / Assignments49Hour(s)
Self study50Hour(s)
Examination5Hour(s)
Expected student effort:
Workload activity:Teaching
Duration:36 Hour(s)
Comment:
Workload activity:Review of assignments in plenary
Duration:6 Hour(s)
Comment:
Workload activity:Submission(s)
Duration:18 Hour(s)
Comment:
Workload activity:Prepare for teaching
Duration:36 Hour(s)
Comment:
Workload activity:Group work / Assignments
Duration:49 Hour(s)
Comment:
Workload activity:Self study
Duration:50 Hour(s)
Comment:
Workload activity:Examination
Duration:5 Hour(s)
Comment:
Sum workload: 
200

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.

Course code
SØK 3520
Credit reductions:
Course code:SØK 3520
Reduction description

Valgkurset ELE 3713 Mikroøkonomisk analyse er noe overlappende med SØK 3520 Mikroøkonomi, men er ikke dekkende nok til at ELE 3713 Mikroøkonomisk analyse kan godkjennes i stedet for SØK 3520 Mikroøkonomi. Sjekket med kursansvarlig for SØK 3520, Christian Riss november 2016.

Talis literature

Obligatorisk/Compulsory

Book
Authors/Editors År Tittel Edition Publisher StudentNote
Riis, Christian; Moen, Espen R. 2017 Moderne mikroøkonomi 4. utg Gyldendal akademisk