Course syllabus - Microeconomics 1

Objectives

The aim of this course is to give students a basic knowledge and understanding of the unregulated and regulated price mechanism, in order to allocate the limited resources of consumers and producers to satisfy their unlimited and conflicting needs, respectively optimize their production, in competitive and monopoly markets.

Learning outcomes

Upon the completion of the course the students will be able to: 
* Show and explain how consumers make optimal decisions, as well as the income and substitution effects, consumer surplus, demand curve and elasticity.
* Show and explain how firms maximize their profits or minimize their costs in both short- and long run, with one and two production factors, producer surplus, supply curve and elasticity.
* Use the demand and supply functions to determine the market equilibrium.
* Show and explain how comparative static analysis (changes in supply and/or demand), is used to evaluate the impact of government intervention (such as price ceilings, floors and taxes) on consumer and producer surplus.
* Determine the profit maximizing price and output for a monopoly and a monopsony firm.

Course content

The Basics of Supply and Demand; Consumption theory; Production theory; Cost theory; Perfect competition; Monopoly, Monopsony; Analysis of Competitive Markets; Public goods.

Tuition

Lectures and/or Flipped Classroom, Problems Solving Seminars.

Requirements

Studies in Mathematics of 3 years from Upper Secondary School with a Science profile and a TOEFL test result, minimum score 575 with a TWE score of at least 4,5 (PBT) or 90 with a TWE score of at least 20 (iBT)/IELTS test result with an overall band score of minimum 6,5 and no band score below 5,5.

Examination

Written axamination (TEN1), 6 credits, grade Excellent (A), Very good (B), Good (C), Satisfactory (D), Sufficient (E), Insufficient, complementary work possible (Fx), Insufficient (F)
Excercises (OVN1), 1,5 credits, marks Pass (G)

A student who has a certificate from MDU regarding a disability has the opportunity to submit a request for supportive measures during written examinations or other forms of examination, in accordance with the Rules and Regulations for Examinations at First-cycle and Second-cycle Level at Mälardalen University (2020/1655). It is the examiner who takes decisions on any supportive measures, based on what kind of certificate is issued, and in that case which measures are to be applied.

Suspicions of attempting to deceive in examinations (cheating) are reported to the Vice-Chancellor, in accordance with the Higher Education Ordinance, and are examined by the University’s Disciplinary Board. If the Disciplinary Board considers the student to be guilty of a disciplinary offence, the Board will take a decision on disciplinary action, which will be a warning or suspension.

Grade

Excellent, Very good, Good, Satisfactory, Sufficient, Insufficient, complementary work possible, Insufficient

Interim Regulations and Other Regulations

The course overlaps 7,5 credits with:
NAA100 Microeconomics
NAA128 Basic Microeconomics
NAA124 Microeconomics 1
 
And 6 credits with:
NAA107 Microekonomics
NAA111 Microekonomic theory
NAA121 Microekonomics
NAA123 Microekonomic theory
NAA102 Microeconomics and Trade Theory
ENA001 Microeconomics
ENA003 Microeconomics and Trade Theory