2014/2015
BA-BINBO1320U Microeconomics
| English Title |
| Microeconomics |
|
|
| Language |
English |
| Course ECTS |
7.5 ECTS |
| Type |
Mandatory |
| Level |
Bachelor |
| Duration |
One Quarter |
| Course period |
Second Quarter |
| Timetable |
Course schedule will be posted at
calendar.cbs.dk |
| Study board |
Study Board for BSc in International
Business
|
| Course
coordinator |
- Steffen Andersen - Department of Finance
(FI)
|
| Main academic
disciplines |
- Economics, macro economics and managerial
economics
|
|
Last updated on
03-07-2014
|
| Learning objectives |
After having followed the course the students
should be able to:
- • Explain basic economic terminology (as e.g. opportunity
costs, moral hazard, risk aversion) in a comprehensive and
intuitive way.
- • Describe and rationalize the main assumptions behind simple
economic models and analyze the role that those assumptions play in
the models.
- • Use economic models graphically (diagrammatically) to analyze
the effects of policy experiments (e.g. introducing taxes).
- • Derive numerically economic instruments and apply them in
analytical settings (e.g. find a price elasticity and use the
elasticity to predict a change in demand).
- • Solve algebraically simple microeconomic problems (e.g.
utility maximization, profit maximization, and determination of the
equilibrium economic variables), and reflect on the solutions with
a critical mind.
- • Use economic intuition to explain topical policy issues (e.g.
why are housing taxes popular among
economists?).
|
| Examination |
|
Microeconomics:
|
| Exam
ECTS |
7,5 |
| Examination form |
Written sit-in exam |
| Individual or group exam |
Individual |
| Assignment type |
Written assignment |
| Duration |
4 hours |
| Grading scale |
7-step scale |
| Examiner(s) |
One internal examiner |
| Exam period |
December/January and Winter Term, the regular
exam takes place in December. The make-up and re-examination takes
place in January. |
| Aids allowed to bring
to the exam |
Limited aids, see the list below and the exam
plan/guidelines for further information:
- Books and compendia brought by the examinee
- Notes brought by the examinee
- Allowed calculators
- Allowed dictionaries
|
| Make-up exam/re-exam |
Same examination form as the ordinary exam
If the number of registered candidates for the make-up
examination/re-take examination warrants that it may most
appropriately be held as an oral examination, the programme office
will inform the students that the make-up examination/re-take
examination will be held as an oral examination
instead.
|
Description of the exam
procedure
This is an open book exam meaning that
students are allowed to bring textbooks, lecture notes and
dictionaries. Electronic devices (Laptops, personal computers,
portable computing devises etc.) are not allowed except for
non-programmable calculators (pocket calculators) as specified on
the BSc IB study homepage on
E-campus.
|
|
| Course content and structure |
Course content and structure
This course provides an introduction to the functioning of economic
markets: it describes what lies behind the notions of demand and
supply. Emphasis is placed on the behavioural assumptions that
generate demand for particular products, and on whether the
producers of a particular product compete in a perfect or an
imperfect way. We also explore important extensions to the basic
model such as uncertainty and symmetric information. The main
blocks of the curriculum are:
- Supply and Demand
- Consumer theory: preferences, rationality assumptions,
budgetary constraints
- Extensions: Uncertainty and information economics
- Producer theory: production and costs functions
- Market structure: perfect competition, monopoly, monopolistic
competition, etc.
Practical Application of Theory
In each main block the theory is exemplified with everyday
problems and issues. We will consider economic models evaluating
policies such as minimum wages and commodity taxation.
Relation to a Business or an Institutional
Setting
We consider in depth how different market structures affect firms
and consumers. We also emphasize how governments design
institutions to correct market imperfections.
Relation to International Business or Economics
Several examples from the international business area are
considered. Examples will be drawn particularly from U.S., Canada
and Europe.
Research Based Teaching
Issues which are currently under debate in economic research are
presented when relevant. In particular, we will discuss the limits
of neoclassical models and how the research frontier confronts
those limits.
|
| Teaching methods |
There are 42 lecturing hours. These hours will be
devoted to covering the material in the textbook by traditional
lectures and discussion in the class. There are also 12 exercises
hours that will be used for doing exercises and applications with
the aim of providing students an opportunity to practice the more
applied aspects of the class.
In case that your mathematical skills (level B) are not recent,
please make sure to attend the 12 Math brush-up course hours that
the IB (dates and classes will be announced in due time). |
| Student workload |
| Lecture hours |
42 hours |
| Workshop/exercises |
24 hours |
| Preparation for class and exams |
159 hours |
|
| Expected literature |
|
"Microeconomics with Calculus", 3rd global
edition, including MyEconLab, by Jeffrey M.
Perloff
|
Last updated on
03-07-2014
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