Knowledge

The student...

is familiar with problem areas in economics in general and in microeconomics
is familiar with consumer theory and optimum consumption pattern
is familiar with consumer demand and how demand is affected by prices and income
is familiar with theory of supply and optimization behavior in goods- and factor markets
is familiar with theories of market structure such as perfect competition, monopoly and price discrimination
is familiar with how government interventions in a market will affect market equilibrium
is familiar with theories of general equilibrium and efficiency

Skills

The student...

can discuss relevant microeconomic questions and use relevant models to analyze microeconomic problems
can analyze determination of market equilibrium and the price mechanism
can show how different market structures affect prices and volume
can discuss how government intervention affect market equilibrium
can discuss various market imperfections and how these affect market equilibria and efficiency

General competence

The student...

has gained critical insights into how the market economy affects efficiency and welfare
knows how economic policies need to balance equity and efficiency

Subject description 6320

Microeconomics