ELE 3729 Applied Microeconomics
The main objective of this course is to provide students with insight into how key socio-economic issues can be elucidated using microeconomic theory.
Students will develop an understanding of why we have a public sector and how public interventions, including direct and indirect regulations, affect the actors in economic life. Students will gain insight into the purpose of, and the elements of, cost-benefit analyzes. They also gain insight into the benefits of international trade and how the use of oil money can affect the business structure.
After completing the course the students should have;
- Learned some principles on how actors who are part of a mutual addiction will be able to adapt.
- Acquired broad knowledge of phenomena that, in an unregulated economy, give rise to inefficient use of resources, including phenomena such as external effects, collective goods, imperfect competition, natural monopoly and deficient information.
- Learn what actions can be taken where such phenomena exist, to achieve better resource allocation.
- Acquired good knowledge of the various steps in a cost-benefit analysis.
- Acquired knowledge about how resource use can affect the business structure of a country.
- Developed understanding of the benefits of international trade.
After completing the course, students should be able to:
- Determine which micro-theoretical approach is most relevant to elucidate a specific problem.
- Analyze a problem using both verbal, graphic and mathematical presentations.
- Analyze a problem using both graphic and mathematical presentations.
The students should develop a critical sense to statements related to the society's allocation of resources and be able to assess an economic issue from different individuals / groups' interests.
- Taxes and subsidies
- Game theory
- Market failure (externalities, public goods, imperfect competition, natural monopoly and imperfect information).
- Public sector, some facts
- Government failure
- Cost-benefit analysis
- Environmental Economics
- Industrial organization
- International trade
- The financial crises
The course consists of 36 lecture hours + 6 hours of plenary review of exercises.
In course delivery as online courses, lecturer will, in collaboration with the student administration, organize an appropriate course implementation, combining different learning activities and digital elements on the learning platform. Online students are also offered a study guide that will contribute to progression and overview. Total recommended time spent for completing the course also applies here.
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
Due to the Covid-19 pandemic, there may be deviations in teaching and learning activities as well as exams, compared with what is described in this course description.
Information about what is taught on campus and other digital forms will be presented with the lecture plan before the start of the course each semester.
SØK 3520 Microeconomics or equivalent.
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Form of assessment:
Internal and external examiner
Examination when next scheduled course
|Form of assessment:||Written submission|
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|Resit:||Examination when next scheduled course|
Feedback activities and counselling
Student's own work with learning resources
Group work / Assignments
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.