Learning outcome

The course will provide students with an introduction to basic microeconomic theory. The students will acquire insight into how one may describe and analyse the economic desicions of individual consumers and producers and their interaction in the marketplace under various market conditions. Students will learn how to master graphical and mathematical techniques for analysing how prices and income affect the choices of consumers, as well as methods of analysing the business decisions of firms with differing objectives (profit-maximisation, cost minimisation) and market forms (perfect competition, monopoly). Students will also gain knowledge concerning how different policies affect the individual consumers' and producers' desicions and therebye how various policies affect the market outcome. Themes within marketing and business economics will also be addressed.

Course Description

The main topics of the course are:

• Production theory
• Consumer theory
• Market theory
• Efficient use of resources and market failure
• Effects of taxes/subsidies/price regulations on the market outcome

Assessment Methods

Written examination, 4 hours.

Minor adjustments may occur during the academic year, subject to the decision of the Dean