ECN215 Intermediate Microeconomics - Consumers, Producers, Market and Welfare
Credits (ECTS):10
Course responsible:Muhammad Yahya
Campus / Online:Taught campus Ås
Teaching language:Engelsk
Course frequency:Annually
Nominal workload:250 hours
Teaching and exam period:This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.
About this course
Part I: Markets and prices. Part II: Consumer theory. Part III: Producer theory. Part IV: Market structure and competitive strategy. Part V: General equilibrium, economic efficiency and market failure.
Learning outcome
Knowledge:
After the course the student should have basic knowledge of central microeconomic topics such as:
- Consumer theory.
- Producer Theory.
- Perfect competition and monopoly.
- Welfare Theory.
Skills:
Students will, after completing the course:
- be able to explain and analyze a utility-maximizing consumer's allocation of income between different applications and from there be able to discuss how changes in prices and income will affect the demand for goods and services.
- be able to explain and analyze a cost-minimizing firms choice of input combinations, and from there (a) be able to explain the cost function for such a firm and (b) be able to discuss how changes in the firm's production or in prices of input factors will translate into the firm's demand for various inputs.
- be able to explain and analyze the choice of production levels and pricing under perfect competition and where the manufacturer has market power (monopoly).
- be able to explain and analyze the welfare effects of government market interventions.
General competence:
- use abstract graphical and simple mathematical models.
- The course requires the following sequence of the various learning elements each week for 11 weeks: (1) Syllabus reading. (2) Lecture. (3) Work with practice assignments/exam assignments. (4) Help for solving practice tasks (practice lessons). (5) Solution of Quiz.
- The subject uses a textbook, practice exercises, exam papers, results are posted. Practice problem sets are prepared for each week for 9 weeks, and we organize one practice lesson each week where the students can get help solving the weekly assignment.
- ECN102 Introduction to Mathematics for Economists/ MATH100 Introductory Mathematics.
- ECN110 Microeconomics I - How to Think Like an Economist
- Final written examination in examination period, 3 hours.
School exam Grading: Letter grades Permitted aids: B1 Calculator handed out, no other aids - External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
- The students need to submit and get approved 6 out of 9 assignments. The assignments must be submitted in Canvas before deadline and will be approved by a teaching assistant. Approved assignments are valid for two years.
- Lectures: 4 hours per week for 11 weeks. Exercise sessions: 2 hours per week for 10 weeks.
- ECN210 Intermediate Microeconomics - Consumers, Producers, Market and Welfare (10stp)
- Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).