APPLIES TO ACADEMIC YEAR 2016/2017
SØK 1101 Microeconomics
Responsible for the course
Department of Economics
According to study plan
Language of instruction
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.
Riis, Christian, Espen R. Moen. 2016. Moderne mikroøkonomi. 3. utg. Gyldendal akademisk
- Economic choices
- Utility maximization
- Profit maximization
- Supply and demand
- Perfect competition
- Industry dynamics
- Pareto- effectiveness
- Game theory
- Optimization of functions
Learning process and workload
The course consists of 12 three-hour lectures.
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.
Recommended use of hours:
|Participation in class|
|Preparation for cases in class|
|Work on compulsory exercises|
|Preparation through self-tuition before lectures|
|Work on cases after lectures|
|Total recommended use of time|
In order to take the final examination, two out of three exercises must be approved. Please notice what is said under learning process and workload.
The course is concluded by a five-hour individual written examination.
SØK 11011 - written examination, accounts for 100% of the grade in SØK 1101 Microeconomics, 7,5 credits.
Examination support materials
BI approved exam calculator. Examination support materials at written examinations are explained under examination information in the student portal @bi. Please note use of calculator and dictionary in the section on support materials (https://at.bi.no/EN/Pages/Exa_Hjelpemidler-til-eksamen.aspx).
A re-sit will be held every term.
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.