2015/2016
BA-BINBO1320U Microeconomics
| English Title |
| Microeconomics |
|
|
| Language |
English |
| Course ECTS |
7.5 ECTS |
| Type |
Mandatory |
| Level |
Bachelor |
| Duration |
One Quarter |
| Start time of the course |
Second Quarter |
| Timetable |
Course schedule will be posted at
calendar.cbs.dk |
| Study board |
Study Board for BSc in International
Business
|
| Course
coordinator |
- Herdis Steingrimsdottir - Department of Economics
(ECON)
|
| Main academic
disciplines |
|
|
|
Last updated on
12-08-2015
|
| Learning objectives |
To achieve the grade 12, students
should meet the following learning objectives with no or only minor
mistakes or errors: 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 |
Autumn and Winter, 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:
- Books and compendia brought by the examinee
- Allowed dictionaries
- Allowed calculators
- Notes in paper format brought by the
examinee
|
| 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
12-08-2015
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