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Economics and markets IND200

This course provide an introduction to market behavior in a microeconomic perspective. The main focus is on firm behavior and factors than influence production. Demand is also covered with a focus on consumers' behavior, and on the interaction between demand and supply in markets.


Course description for study year 2022-2023

Facts
Course code

IND200

Version

1

Credits (ECTS)

10

Semester tution start

Autumn

Number of semesters

1

Exam semester

Autumn

Language of instruction
Content
  • Introduction to microeconomics and organisation theory
  • The firms demand for input factors
  • The effect of price changes on production
  • What determines demand for a product
  • The market
  • How the market structure influence the degree of competition
  • Wage determination
  • International trade
Learning outcome

The candidate should be able to explain how different factors influence demand and supply of different products and how price changes influence market behavior. The candidate should also be able to conduct fundamental analysis of profitability and behavior in a market.

Content:

  • Demand and supply
  • Production theory
  • Competition and market structures
  • Public goods and externalities
  • Labour markets and inequality
  • International trade
  • Behavioral economics

Learning outcome:

Knowledge:

  • Master basic concepts of consumer and production theory that underly demand and supply models.
  • Be familiar with the different considerations involved in analysis of demand, supply, and market structure.
  • Be familiar with differences neoclassic and behavioral economics approach in modelling economic behaviour.
  • Be familiar with key concepts in public goods, externalities, taxation, international trade, and labour markets.

Skills:

  • The candidate is able to apply the logic of supply and demand models.
  • The candidate is able to apply marginal analysis on a range of different economic applications
  • The candidate is able to distinguish between fixed and variable costs, short and long run.
  • The candidate is able to classify market structures based on key characteristics
  • The candidate is able to classify public goods and externalities.

General competence:

  • The student is capable of applying the knowledge gained in the course to undertake a rudimentary fundamental analysis of markets.
  • The student is able to communicate and report the fundamental characteristics of a market.
Required prerequisite knowledge
None
Exam
Form of assessment Weight Duration Marks Aid
Written exam 1/1 4 Hours Letter grades Basic calculator specified in general exam regulations

Course teacher(s)
Course teacher: Atle Øglend
Head of Department: Tore Markeset
Method of work
Lectures, 2-4 hours per week
Overlapping courses
Course Reduction (SP)
Micro Economics (BØK105_1) 5
Microeconomics (BØK265_1) 5
Organization Theory (BIP220_1) 5
Introduction to economics (IND100_1) 5
Organization and Management (IND105_1) 5
Organization, resources and management (BØK225_1) 5
Open for
Biological Chemistry - Biotechnology, Bachelor's Degree Programme Civil Engineering, Bachelor in Engineering Computer Science, Bachelor in Engineering Control Engineering and Circuit Design, Bachelor in Engineering Chemistry and Environmental Engineering, Bachelor in Engineering Mechanical Engineering, Bachelor in Engineering Mathematics and Physics, Bachelor's Degree Programme Geosciences Engineering, Bachelor in Engineering Petroleum Technology, Bachelor in Engineering City and Regional Planning, Master of Science Degree Programme, Five Years Industrial economics, Master of Science Degree Programme Industrial Economics, Master of Science Degree Programme, Five Year Industrial Automation and Signal Processing - Master's Degree Programme - 5 year Petroleum Engineering, Master of Science Degree Programme, Five Years
Literature
The syllabus can be found in Leganto