KTTA2150 Microeconomics I (8 cr)
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Description
Learning outcomes
On successful completion of the course, the student is able to:
* explain how a competitive market outcome is an equilibrium outcome;
* explain how a competitive market yields a Pareto optimal outcome;
* explain how a competitive market facilitates the flow of information on preferences and costs between market actors;
* explain how a competitive market is an answer to a mechanism design problem in terms of the above;
* analyze whether any specific market is likely to generate socially desirable outcomes;
* analyze the effects of proposed economic policies on markets' functioning;
* apply the Lagrange method for constrained optimization on economic problems;
* calculate and use basic economic statistics such as for example price indices and elasticities;
* apply basic game theoretic concepts, such as for example strategic dominance;
Additional information
Timing: 2nd year
KTTA2150 and KTTS2120 are given in sequence during the fall term. Though the timing of the courses will partially overlap, the intention is that a particularly hardworking exchange student could complete both in sequence.
Description of prerequisites
KTTP2110 Basics of Economics/Taloustieteen peruskurssi (exchange students need no prior knowledge of economics if willing to work hard).
Recommended prerequisites
Study materials
Study materials will be made available through Moodle each year.