SOK-3006 Microeconomics - 10 ECTS
A Bachelor's degree in economics or equivalent. (An example of an equivalent degree can be another bachelor's degree containing a minimum of 80 ECTS in economics.)
· The Norwegian grading system is an A-F scale in which A is the highest score and F is fail. An average grade C from a bachelor degree issued in Norway is the minimum requirement for admission to the master's level for students with Norwegian study background.
· Applicants who hold a bachelor's degree or equivalent issued in Europe, Canada, USA, Australia and New Zealand must have an average grade C as a minimum, or the corresponding numerical mark/percentage score to be considered for admission.
· Applicants who hold a bachelor's degree or equivalent issued in countries other than the above mentioned region/countries must have an average grade B as a minimum, or the corresponding numerical mark/percentage score to be considered for admission.
Application code 9371
- Theory of production, concepts of profit function, cost function and supply function, application of duality theory
- Consumer theory, concepts of direct and indirect utility functions, derivation of demand functions, application of duality theory
- Decision-making under uncertainty, Expected utility theory, risk aversion, subjective probability
- General equilibrium analysis, Walrasian equilibrium, existence of equilibrium in pure exchange and production economies, Pareto efficiency, Welfare economics
Students who have successfully completed the course should have achieved the following learning outcomes:
- Has broad knowledge of basic concepts, theories and analytical methodologies in addressing topics related to production and consumption, decision-making under uncertainty, general equilibrium analysis, and welfare economics
- Is aware of various applications of microeconomic problems in market transactions, and of competitive forces affecting market equilibrium
- Can refresh their knowledge within the fields of economic principles and theories analyzing individual behavior
- Knows the research and development works in the fields of microeconomic theory, welfare economics and applied microeconomics
- Can apply knowledge and relevant theories to formulate simple microeconomic problems of producer and consumer behaviors, and decision-making problems in uncertain situations
- Can find, assess, and refer to relevant analytical tools to analyze producer and consumer behaviors, solve for market equilibrium, analyze competitive market forces
- Can reflect on various market forces leading to inefficient and undesirable outcomes in real-world economic applications
- Can analyze, discuss and present relevant case studies in applied microeconomics
- Develops insights to apply microeconomic principles to real-world problems, apply economic reasoning to understand key market forces and tradeoffs
- Can work in teams to analyze economic case studies and prepare technical reports
- Can engage in discussions, exchange views and opinions with practitioners and policy makers to develop strategies for effective functioning of market forces
- Can understand and discuss research papers, professional economic reports, and policy papers
- Has competence in understanding consumer and producer behaviors, and functioning of market