ELE 3713 Microeconomic Analysis
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.
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).
On completion of this course students should be able to solve simple microeconomic optimization problems, and to understand the main principles of economic modelling.
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.
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
- 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
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.
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.
Higher Education Entrance Qualification.
No specific prerequisites required.
|Type||Weight||Invigilation||Duration||Support materials||Grouping (size)||Comment exam|
Form of assessment:
Internal and external examiner
Examination when next scheduled course
|Form of assessment:||Written submission|
|Support materials:|| |
|Resit:||Examination when next scheduled course|
|Workload activity||Duration||Type of duration||Comment student effort|
|Review of assignments in plenary||6||Hour(s)|
|Prepare for teaching||36||Hour(s)|
|Group work / Assignments||49||Hour(s)|
|Workload activity:||Review of assignments in plenary|
|Workload activity:||Prepare for teaching|
|Workload activity:||Group work / Assignments|
|Workload activity:||Self study|
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|
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.