SØK 1101 Microeconomics I
SØK 1101 Microeconomics I
This course will introduce the students to basic economics and principles of how the markets work. They will study how enterprise and individuals achieve economic results through their choices, and achieve an understanding of how the resources in the society are distributed in a market economy.
- The students shall gain basic insight in the principles of microeconomic analysis and use in different markets.
- Gain knowledge about how enterprise and individuals are facing economic choices in a market economy.
- Describe how utility maximization can be used to divert demand of goods and service, save decisions and labour supply.
- Describe how the enterprises desires of maximum earnings or profit can be used to divert offer of goods and services in a market economy.
- Explain the difference between different type of markets as perfect competition, monopoly and oligopoly.
- Apply game theory in the analysis of oligopolistic competition
- Explain how prices and production volume is decided under such market conditions.
- Explain what is meant by effectiveness in the sense of economic, and to take decisions whether a market economy is effective or not in this sense.
- To use mathematical optimized functions with one or more variables of basic economic optimized problems.
- Trough the course students will develop a critical attitude to scientific analysis, and stimulated to assess the economic objectives against other societal concerns.
- Economic choices
- Utility maximization
- Profit maximization
- Supply and demand
- Perfect competition
- Industry dynamics
- Monopoly
- Oligopoly
- Pareto- effectiveness
- Game theory
- Optimization of functions
The course consists of 12 three-hour lectures.
Re-sit examination
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.
Higher Education Entrance Qualification.
No particular prerequisites.
| Mandatory coursework | Courseworks given | Courseworks required | Comment coursework |
|---|---|---|---|
| Mandatory | 3 | 2 | The students will receive three hand-in exercises on It's learning. In order to take the final examination, two out of three exercises must be approved. Feedback on the exercises will be given through a review in the classroom. The students will also get access to learning resources developed by the publisher of the book. |
| Assessments |
|---|
Exam category: Submission Form of assessment: Written submission Invigilation Weight: 100 Grouping: Individual Support materials:
Duration: 5 Hour(s) Comment: Students who have not passed two of three exercises, are not allowed to sit for the examination. They have to re-take the whole course. Students that do not pass the written examination or who wish to improve their grade, can take a re-sit examination the next time the examination is offered. Exam code: SØK11011 Grading scale: ECTS Resit: Examination every semester |
| Activity | Duration | Comment |
|---|---|---|
Teaching | 36 Hour(s) | |
Feedback activities and counselling | 6 Hour(s) | |
Submission(s) | 18 Hour(s) | |
Prepare for teaching | 36 Hour(s) | |
Group work / Assignments | 49 Hour(s) | |
Student's own work with learning resources | 50 Hour(s) | |
Examination | 5 Hour(s) |
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.