Main field of study: Economics, Microdata Analysis
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Learning outcomes for the course
Microeconomics provides knowledge on the interaction between consumers and producers in a market economy and the outcome of this interaction. Furthermore it discusses the role of the state in a market economy and the implications of different market failures. This introductory course in microeconomics will give students basic knowledge in microeconomic principles and methodology. It will also give students the skills needed to make simpler microeconomic analyses. After the course is completed the students will:- understand and be able to calculate the concept of opportunity cost
- understand what influences demand- and supply curves in the market for goods and be able to explain how they influence price and quantity
- understand and be able to apply the elasticity concept
- understand the basis for consumer demand: utility theory and indifference curves
- derive and graphically construct cost curves for a firm
- derive and graphically construct demand- and marginal revenue curves for firms in perfect competition and monopoly
- understand how game theory can be used in microeconomic analysis
- know about and have the ability to make simple analysis of imperfect markets
- be able to use consumer- and producer surplus and dead weight loss to analyse the effect of imperfect markets and taxation on economic efficiency
- derive and graphically construct the demand curve for labour