The course contains the following parts: (i) theory of consumer behavior, (ii) theory of producer behavior, and (iii) market theory. In part (i) the basic concepts in consumer theory are introduced and used to study the demand for goods and services. In part (ii) we look at the firm's demand for inputs and supply of output, using theories of cost minimization and profit maximization. Part (iii) analyzes different kinds of markets: perfect competition, monopoly, oligopoly, and game theory.
The course gives an introduction to modern microeconomic theory of consumer and firm behavior and the functioning of markets under perfect competition, monopoly, and oligopoly.
Upon completion of the course, the student shall:
- have knowledge about the key models in consumer, producer, and market theory;
- have knowledge about market failures and the foundations for economic policy, for instance to ensure a sustainable environment;
- be able to use microeconomic theory to analyse relevant problems;
- be able to evaluate different types of economic policy to ensure economic efficiency and sustainability;
- Be able to communicate microeconomic analysis in a clear way, both in writing and orally.
- ECTS Credits
- Teaching language
Spring. Offered spring 2023.
Exam every semester.
Part of studies
Professor Kjetil Bjorvatn, Department of economics.