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SYLLABUS

Microeconomic Theory , 7,5 ECTS Credits

COURSE CATEGORY   Fristående kurs MAIN FIELD OF STUDY   Economics - NAA SUBJECT AREA   Economics - NA1   COURSE CODE   730A05

AIM OF THE COURSE

On completion of the course, the student should be able to - account for and by means of mathematical analytical methods derive relationships in central parts of microeconomic theory, including consumption theory, production theory, equilibrium theory and welfare theory. - On a theoretical level analyse microeconomic issues by means of these theories

CONTENTS

The following is covered in the course - Basic assumptions, derivations and concepts within consumer theory. Utility function, indirect utility function and expenditure function. Optimum consumption over time. Compensating variation and equivalent variation. - Basic assumptions, derivations and concepts within production theory. Production function, cost function in the short and long run. Profit maximisation in the short and long run. - Partial equilibrium in a market with perfect competition in the short and long run. The effects of a disturbance under naive and rational expectations. - Equilibrium in a monopoly and the effects of a disturbance under various assumptions about the expectations of the monopolist. - General equilibrium, existence and stability. - The basics of welfare theory. The Pareto criterion, the Pareto efficiency and the Pareto optimality. The Kaldor-Hicks compensation criterion. Pareto efficiency and perfect competition, the first and second theorem of welfare theory. - Market imperfections and political imperfections. Monopoly. Externalities and the Coase theorem. Common land. Public goods. The theory of the second best. Political imperfections - The von Neumann-Morgenstern utility theory and the basics of research theory.

TEACHING

The course contains lectures and teaching sessions with presentations of practical assignments. The students should also study independently.

EXAMINATION

The course is completed with a written examination. Detailed information can be found in the study guide. Detailed information can be found in the study guide. Students failing an exam covering either the entire course or part of the course two times are entitled to have a new examiner appointed for the reexamination. Students who have passed an examination may not retake it in order to improve their grades.

ADMISSION REQUIREMENTS

Completed Economics, basic course, 30 HE credits, Economics, continuation course, 30 HE credits, and Economics, in-depth course, 30 HE credits with at least 60 HE credits approved, or the equivalent. In addition to the above, good knowledge of Swedish and English, equivalent to the general entry requirements for first-cycle studies, is required.

GRADING

A grade of Pass with Credit, Pass or Fail is given for the course

CERTIFICATE

Course certificate is issued by the Faculty Board on request. The Department provides a special form which should be submitted to the Student Affairs Division.

COURSE LITERATURE

The course literature is decided upon by the department in question.

OTHER INFORMATION

Planning and implementation of a course must take its starting point in the wording of the syllabus. The course evaluation included in each course must therefore take up the question how well the course agrees with the syllabus. The course is carried out in such a way that both men´s and women´s experience and knowledge is made visible and developed.

Microeconomic Theory Mikroekonomisk teori   Department responsible for the course or equivalent: IEI - Department of Management and Engineering             Registrar No: 2010-00180   Course Code: 730A05           Exam codes: see Local Computer System       Subject/Subject Area : Economics - NAA                       Level   Education level     Subject Area Code   Field of Education   A1X   Advanced level     NAA   SA   The syllabus was approved by the Board of Faculty of Arts and Science 2011-01-21 Latest revision 2011-11-18