ECN110 Microeconomics I - How to Think Like an Economist

The course consists of the following subjects: The behaviour of the consumer. The behaviour of the producer. Different markets with emphasis on perfect competition and monopoly. Welfare theory, especially about market success and failure.

Knowledge:

After the course the students should have basic knowledge of central microeconomic topics such as:

• Demand
• Supply
• Market equilibrium
• Perfect competition and monopoly
• Welfare Theory

Skills:

Students will, after completing the course:

• be able to explain why demand curves slope downward
• be able to explain why a supply curve slope upward
• be able to explain how the interaction between consumers and producers creates a market equilibrium
• use demand equations, supply equations and general equilibrium theory to explain and analyze how changes in consumers' income, production costs, prices of other goods and other market conditions affect the price and quantity sold
• be able to mathematically calculate and illustrate graphically market equilibria for central market structures (perfect competition and monopoly)
• be able to analyze how market interventions affect economic efficiency

General competence:

• use abstract models