Main field of study: Economics, Microdata Analysis
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Learning outcomes for the course
The aim of the course is for the students to acquire basic knowledge of microeconomic principles and methodology, as well as the skills needed to make simple microeconomic analyses. After the course is completed the students should be able to:
- explain and calculate the concept of opportunity cost (1)
- explain what influences demand- and supply curves in the market for goods and how they influence price and quantity (2)
- explain and apply the elasticity concept (3)
- explain the basis for consumer demand: utility theory and indifference curves (4)
- derive and graphically construct cost curves for a firm (5)
- derive and graphically construct demand- and marginal revenue curves for firms in perfect competition and monopoly (6)
- explain how game theory can be used in microeconomic analysis (7)
- make simple analyses of imperfect markets, incomplete competition, external factors, and imperfect information (8)
- apply the concepts of consumer- and producer surplus and so-called dead weight loss to analyse the effect of imperfect markets and taxation on economic efficiency (9)
- derive and graphically construct the demand curve for labour (10)