EXC 3520 Microeconomics
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.
The course is international in that we look at market economies - an economic system we find around the world. At the same time as the system has created growth and welfare, it also provides opportunities for privileges and monopoly power. Therefore, understanding the necessity of market corrections forms an important part of the course.
During the course students shall have:
- learned to recognize the systematic analysis of consumer and firm behavior in various market situations
- gained an understanding of the efficiency of resources used given different market forms (perfect competition, monopoly, and monopolistic competition).
- acquired insight into the difference between positive - and normative analysis.
After completing the 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, linked to individual choices and companies' production - and price decisions.
Students will be encouraged 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 captured by the market analysis.
- Introduction to microeconomic analysis
- The basis and supply and demand
- Consumer theory
- Consumer behavior
- Individual and market demand
- Producer theory
- The cost of production
- Competitive markets
- Profit maximization and competitive supply
- The analysis of competitive markets
- Market structure and competitive strategy
- Pricing with market power
- Monopolistic competition and oligopoly
Five sets of coursework requirements will be posted on Itslearning. In order to attend the final exam, students have to receive passing marks for at least three of these five assignments. Information about deadlines will be presented at the start of the term.
Answers to the work requirements should be posted electronically through itslearning. Feedback will be provided on Itslearning.
Students that have not gotten approved the coursework requirements, must re-take the exercises during the next scheduled course.
Students that have not passed the written examination or who wish to improve their grade may re-take the examination in connection with the next scheduled examination.
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
No particular prerequisites.
|Mandatory coursework||Courseworks given||Courseworks required||Comment coursework|
|Mandatory||5||3||Students who have not got approved three of the five assignments must retake the assignments at the next scheduled course.|
|Comment coursework:||Students who have not got approved three of the five assignments must retake the assignments at the next scheduled course.|
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Examination every semester
|Form of assessment:||Written submission|
|Support materials:|| |
|Resit:||Examination every semester|
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.