Applied Microeconomics

Description

Introduction: The main objective of this course is to provide students with insight into how key economic issues can be elucidated using microeconomic theory. Students will develop an understanding of why we have a public sector and how public interventions, including direct and indirect regulations, affect the actors in economic life. Students will gain insight into the purpose of, and the elements of, cost-benefit analyzes. They also gain insight into the benefits of international trade and how the use of oil money can affect the business structure. Course content: Efficiency - Taxes and subsidies - Inequalities - Market failure (externalities, public goods, imperfect competition, natural monopoly and imperfect information). - Public sector, some facts - Government failure - Taxation - Cost-benefit analysis - Environmental Economics - Industrial organization - International trade - The financial crises Learning outcomes - Knowledge: After completing the course the students should have; - Acquired broad knowledge of phenomena that, in an unregulated economy, give rise to inefficient use of resources, including phenomena such as external effects, collective goods, imperfect competition, natural monopoly and deficient information. - Learn what actions can be taken where such phenomena exist, to achieve better resource allocation. - Acquired good knowledge of the various steps in a cost-benefit analysis. - Acquired knowledge about how resource use can affect the business structure of a country. - Developed understanding of the benefits of international trade. Learning outcomes - Skills: After completing the course, students should be able to: - Determine which micro-theoretical approach is most relevant to elucidate a specific problem. - Analyze a problem using both verbal, graphic and mathematical presentations. General Competence: The students should develop a critical sense to statements related to the society's allocation of resources and be able to assess an economic issue from different individuals / groups' interests. Teaching and learning activities: The course consists of 36 lecture hours + 6 hours of plenary review of exercises. E-Learning Where the course is delivered as an online course, the lecturer will, in collaboration with the study administration, arrange an appropriate combination of digital learning resources and activities. These activities will correspond to the stated number of teaching hours delivered on campus. Online students are also offered a study guide that will provide an overview of the course and contribute to course progression. The total time students are expected to spend completing the course also applies to online studies. Software tools: No specified computer-based tools are required. Qualifications: Higher Education Entrance Qualification Disclaimer Deviations in teaching and exams may occur if external conditions or unforeseen events call for this. Required prerequisite knowledge: SØK 3520 Microeconomics or equivalent. Assessments: Assessments Exam category: Submission Form of assessment: Written submission Invigilation Weight: 100 Grouping: Individual Support materials: - BI-approved exam calculator - Simple calculator Duration: 3 Hour(s) Exam code: ELE37291 Grading scale: ECTS Resit: Examination when next scheduled course Type of assessment: Ordinary examination Total weight: 100 Student workload: Activity Duration Comment Teaching 36 Hour(s) Feedback activities and counselling 6 Hour(s) Review of assignments in plenary Student's own work with learning resources 100 Hour(s) Group work / Assignments 55 Hour(s) Examination 3 Hour(s) Sum workload: 200 Incoming exchange students at BI Norwegian Business School select courses from BI's official semester-specific exchange course lists. BI defines a full semester as 30 ECTS; bachelor courses are typically 7.5 ECTS each (4 per semester) and master courses are typically 6 ECTS each (5 per semester). Course availability, prerequisites, and timetabling are confirmed via BI's International Office and the Learning Agreement process.