course-details-portlet

SMØ1001 - Microeconomics

About

Examination arrangement

Examination arrangement: School exam
Grade: Letter grades

Evaluation Weighting Duration Grade deviation Examination aids
School exam 100/100 4 hours D

Course content

1.Introduction to microeconomic analysis

2.Consumer adaptation

  • Budgetary condition and consumer preference scheme
  • Effect of price and revenue changes
  • Demand functions and elasticities
  • Offers of work

4. Market theory

  • Perfect competition
  • How taxes and subsidies affect market equilibrium
  • Market equilibrium and efficiency

5. Imperfect competition

  • Monopoly
  • Price discrimination
  • Various forms of oligopoly/duopoly
  • Stackelberg model
  • Games
  • Other causes of imperfect competition
  • Imperfect competition and efficiency

6. Market failure and public policy

  • Common good
  • External realities
  • Common resources

Learning outcome

Knowledge

You must be able to:

  • Gain basic insight into the principles of microeconomic analysis and its applications in different markets.
  • Gain knowledge about how companies and individuals face financial choices in a market economy.
  • Know how the interaction between consumers and producers creates balance.
  • Know how consumer demand is affected by prices and revenues.
  • Have knowledge of how the company's supply and demand for input factors affect prices and income.
  • Be able to show how the company's supply and its demand are affected by product and factor prices
  • Know how the business community can utilize microeconomic knowledge

Skill

You must be able to:

  • Describe how utility maximization can be used to divert demand for goods and services.
  • Describe how the company's desire for maximum return or profit can be used to divert supply of goods and services in a market economy.
  • Explain the difference between different market forms such as perfect competition, monopoly and oligopoly.
  • Explain how prices and production volume are determined under different market conditions.
  • Explain what is meant by efficiency in the economic sense, and make simple assessments of whether a market economy is efficient in the economic sense.
  • Explain how different market interventions affect economic efficiency.
  • Apply mathematical optimization of functions with one or more variables to basic economic optimization problems.
  • Explain whether it is the producers or consumers who are charged a tax in a market.
  • Apply knowledge from business economics in the analysis of, among other things, production theory and market economics
  • Make visible the benefit the business community has of insight into microeconomics
  • Understand the reasons for public intervention in the economy and analyze challenges related to the adjustments

General competence

You shall:

  • Through this course develop a critical attitude to professional analysis.
  • Stimulate to assess economic goals against other societal considerations.
  • Be able to connect microeconomic theory to the individual business and sector
  • Be able to link knowledge from other subjects in the bachelor's education such as business administration and marketing to the production of microeconomics

Learning methods and activities

Lectures and voluntary exercise seminars

Further on evaluation

Re-sit of written exam in August.

Supporting material allowed on exams: Approved calculator regarding NTNUs support material code B-D "specific basic calculator". Other calculators that are allowed in the course are: Casio FC-100V and Texas Instruments - BAII Plus

This course is only available for students with admission to Business Administration (BØA) in Trondheim. See Specific Conditions for more details..

Required previous knowledge

Mathematics for economists

Course materials

Mandatory:

Pindyck, Rubinfeld og Synnestvedt: Introduksjon til Mikroøkonomi, siste utgave, Engelsk versjon av samme lærebok kan benyttes

Recommended:

Grønn, Erik Mikroøkonomi på norsk. Cappelen Damm Akademisk.

Credit reductions

Course code Reduction From To
SØ115 6.0 SPRING 2005
SØ115 6.0 SPRING 2005
SMØ8002 7.5 SPRING 2008
SØ110 6.0 SPRING 2005
SMF2291 7.5 AUTUMN 2019
SMF2291F 7.5 AUTUMN 2019
AE201615 7.5 AUTUMN 2019
More on the course

No

Facts

Version: A
Credits:  7.5 SP
Study level: Foundation courses, level I

Coursework

Term no.: 1
Teaching semester:  SPRING 2024

Language of instruction: Norwegian

Location: Trondheim

Subject area(s)
  • Economics and Administration
Contact information
Course coordinator: Lecturer(s):

Department with academic responsibility
NTNU Business School

Timetable

List view
Calendar view

Examination

Examination arrangement: School exam

Term Status code Evaluation Weighting Examination aids Date Time Examination system Room *
Spring ORD School exam 100/100 D 2024-05-15 09:00 PAPIR
Room Building Number of candidates
Storhall del 2 Idrettssenteret (Dragvoll) 300
Storhall del 1 Idrettssenteret (Dragvoll) 100
Summer UTS School exam 100/100 D PAPIR
Room Building Number of candidates
  • * The location (room) for a written examination is published 3 days before examination date. If more than one room is listed, you will find your room at Studentweb.
Examination

For more information regarding registration for examination and examination procedures, see "Innsida - Exams"

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