EXC 3520 Microeconomics

EXC 3520 Microeconomics

Course code: 
EXC 3520
Department: 
Economics
Credits: 
7.5
Course coordinator: 
Christian Riis
Product category: 
Bachelor
Portfolio: 
Bachelor - Core Courses
Semester: 
2019 Autumn
Active status: 
Active
Teaching language: 
English
Course type: 
One semester
Introduction

Microeconomics deals with the behaviour of individual economic units, such as consumers, workers, investors, owners of land and business firms. Microeconomics explains how these units make economic decisions. Another important concern of microeconomics is how these economic units interact in markets and in industries.

Learning outcomes - Knowledge

Students will be trained in the systematic analysis of consumer and firm behaviour in various market situations, and shall learn to understand the efficiency of resource use given different market forms (perfect competition, monopoly and monopolistic competition). The exam contains more formal optimization problems than is customary in a standard course at "principles" level at a US university.

Learning outcomes - Skills

After completed course students shall:

  • Be able to solve basic microeconomic optimization problems, and to understand the main principles of economic modelling.
  • Be able to reason based on graphs and standard optimization problems, where the Lagrangian technique is mentioned, and they will develop both intuition and technical skills during the course.
General Competence

Students will be encouraged to reflect on and distinguish between the impact market changes have on efficency versus their distributive effects, and to be conscious the distinction between efficiency goals and other considerations not captured by the market analysis.

Course content
  1. Introduction to microeconomic analysis
  2. Demand, supply and market equilibrium
  3. Consumer behaviour
    • The budget constraint and consumer preferences
    • Effects of changes in price and income levels
    • Demand functions and elasticities
  4. Firm behaviour
    • Production theory
    • The optimal use of input factors
    • The cost of production
    • The profit objective
  5. Market theory
    • Perfect competition
    • Effects of taxation
    • Monopoly
    • Oligopoly
    • Game theory
  6. Market forms and resource allocation.
Teaching and learning activities

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

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

.

Qualifications

Higher Education Entrance Qualification.

Required prerequisite knowledge

EXC 2910 Mathematics or equivalent.
Microeconomics is the standard introductory course in microeconomics. Algebra and elementary calculus are required as a background for students taking this course - up to and including partial derivatives.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
EXC35202
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
100Yes5 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
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
  • Bilingual dictionary
Duration:5 Hour(s)
Comment:
Exam code:EXC35202
Grading scale:ECTS
Resit:Examination every semester
Type of Assessment: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching36Hour(s)
Review of assignments in plenary6Hour(s)
Prepare for teaching36Hour(s)
Group work / Assignments49Hour(s)
Self study68Hour(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:Prepare for teaching
Duration:36 Hour(s)
Comment:
Workload activity:Group work / Assignments
Duration:49 Hour(s)
Comment:
Workload activity:Self study
Duration:68 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.