ØKA2007 Microeconomics 2
- Number of credits7,5
- Teaching semester2024 Autumn
- Language of instructionEnglish
- CampusLillehammer
- Required prerequisite knowledge
Recommended prerequisites: Students are expected to have knowledge equivalent to the course ØKA1025 Mathematics. Students should also have completed the course ØKA1020 Microeconomics 1 or equivalent.
The course builds upon Microeconomics 1 (ØKA1020). It will focus on the application of microeconomic theory.
The following topics are included in the course:
- Imperfect competition
- Game theory
- Competition strategy
- Asymmetric information
- Economic efficiency
- Externalities
- Public goods
- Market for input factors
Learning Outcome
Upon passing the course, students have achieved the following learning outcomes:
The student
- can describe the strategic variables a consumer, a firm, or other decision-makers face in their choices
- can explain and understand how the market mechanisms work
- can explain the most common reasons why markets do not function optimally
The student
- can use microeconomic theory to make decisions in situations where they have real influence on strategic variables
- can analyze the decision processes in a firm
- can analyze situations, as an actor, where decisions are influenced by what others do
- can use the theory of imperfect competition to explain how firms with market power behave
- can use game theory to analyze how situations with multiple actors, such as firms, make choices regarding price, quantity, or size on investments
The student
- understands how a firm adapts in a market with imperfect competition
- can assess the competitive situation of a firm and how the firm should adapt
Lectures, group work, individual work, and/or group work with assignments.
Work Requirements must be approved to sit for the exam. The form, number, and scope will be announced at the start of the semester.
Normally in Microeconomic 1 and 2 we have 2 mandatory handins, where both of them must be approved to be allowed to take the exam.
| Form of assessment | Grading scale | Grouping | Duration of assessment | Support materials | Proportion | Comment |
|---|---|---|---|---|---|---|
Written examination with invigilation | ECTS - A-F | Individual | 4 Hour(s) |
| 100 | The use of a calculator is permitted in accordance with guidelines for calculator use in the Department of Economics/Business Administration. Updated guidelines will be available and communicated to students at the start of each academic year. |