2285 - Intermediate Microeconomics 1
Course information
- Title
- Intermediate Microeconomics 1
- Course number
- 2285.23
- Academic year
- 2024-2025
- ECTS
- 7.50
- Level
- Bachelor
- Faculties
- History and Social Sciences
- Educations
- BSc in Economics and Management
- Prerequisites
- Upper secondary diploma with B-level mathematics.
- Language of instruction
- Faroese
- Registration
- Students on the third semester of Bachelor of Science in Economics and Business Administration are automatically enrolled. Applicants for an individual course must apply via the Student Service Center at lss@setur.fo
- Beginning date
- Monday, August 26, 2024
- End date
- Thursday, November 28, 2024
Academic content
- Purpose
- The purpose of this course is to prepare students to read relevant academic literature in economics independently, as well as to apply microeconomic methods and approaches to the analysis of economic issues.
- Learning outcomes
- The successful student can, within the economic framework of economic models with perfect competition, demonstrate ability to: • Analyse and calculate market equilibriums and changes to these when the economic environment changes • Understand and reproduce how rational consumers choose between different options, conditioned by prices and income • Analyse and calculate how consumer behaviour is conditioned by preference • Analyse and calculate how producers choose a production plan when seeking to maximize profit • Analyse and calculate equilibriums (Walras equilibriums) in an economy with two actors (two consumers or one consumer and one business) • Analyse and calculate Pareto optimality in an economy
- Content
- The course provides an in-depth introduction to microeconomics building on the knowledge students have acquired in the courses ‘Principles of Economics’, ‘Mathematics 1’ and Mathematics 2’. The course provides insight into fundamental concepts in economics and provides students with an introduction to formal mathematic analyses of microeconomic issues. When revising theories and models we will emphasise the link between the preconditions that are embedded into theories and models and the resulting findings and conclusions. This course gives students an introduction to and understanding of the economic decisions made by individual actors (households or companies) in a market economy with perfect competition. The aim is to provide students with an in-depth understanding of how consumers and companies behave on the market. This leads to a description of economic equilibrium and an analysis of welfare based on fundamental theorems of welfare.
- Learning and teaching approaches
- The course bibliography will be discussed in lectures and classes. During classes students will present solutions to problems.
Assessment
- Assessment method
- 3-hour written examination without aids. Students are required to pass a minimum of two assignments in order to attend the exam.
- Examination (internal/external)
- External
- Grading scale
- 7-scale
- Exam date/dates
- The exam is set for the week 51
- Deadline for withdrawal from exam
- Monday, August 26, 2024
Academic responsibility and teachers
- Academic responsibility
- Hans Ellefsen
- Teachers
- Sjúrður Zachariasson