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Introduction

Microeconomics deals with the behaviour of individual economic units, such as consumers, workers, investors, owners of land, and business firms. Microeconomics explains how these units make economic decisions. Another important concern of microeconomics is how these economic units interact in markets and in industries.

The course is international in that we look at market economies - an economic system we find around the world. At the same time as the system has created growth and welfare, it also provides opportunities for privileges and monopoly power. Therefore, understanding the necessity of market corrections forms an important part of the course.

Course content

  1. Introduction to microeconomic analysis
  2. The basis and supply and demand
  3. Consumer theory
    • Consumer behavior
    • Individual and market demand
  4. Producer theory
    • Production
    • The cost of production
  5. Competitive markets
    • Profit maximization and competitive supply
    • The analysis of competitive markets
  6. Market structure and competitive strategy
    • Monopoly
    • Pricing with market power
    • Monopolistic competition and oligopoly

Disclaimer

This is an excerpt from the complete course description for the course. If you are an active student at BI, you can find the complete course descriptions with information on eg. learning goals, learning process, curriculum and exam at portal.bi.no. We reserve the right to make changes to this description.