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
Description of prerequisites
KTTP2110 Basics of Economics/Taloustieteen peruskurssi
JSBY1230 Mathematics for Business and Economics 2/Talousmatematiikka 2
Students should be able to calculate partial derivatives of multivariate functions.
Students should be able to solve systems of equations.
It is helpful if students are familiar with the Largrangian method of constrained optimization.
Exchange students should have completed either a general Introduction to Economics course that includes a substantial amount of microeconomics, or then some other course in microeconomics.
Recommended prerequisites
Study materials
Study materials will be made available through Moodle each year.