2012/2013  BA-PME1  Managerial Economics I

English Title

Managerial Economics I

Course information
Language	English
Exam ECTS	7.5 ECTS
Type	Mandatory
Level	Bachelor
Duration	One Semester
Course period	Autumn
Time Table	Please see course schedule at e-Campus
Study board	Study Board for BSc/MSc i International Business and Politics, BSc
Course coordinator
Michael Hedegaard - Department of Operations Management
Main Category of the Course
Economics, macro economics and managerial economics
Last updated on 20-08-2012

Learning objectives

Describe and justify the different models and theories in the syllabus, including the basic assumptions behind these models and theories. Describe and discuss knowledge regarding the situations where these models and theories can be used. Analyze, foresee, and discuss the relevant and non-relevant facts in relation to the definite business economic as well as practical problem formulation. Generally and specifically identify, analyze and problem-solve, using professional vocabulary, methods, theories, and models. Apply personal problem-solving methods in relation to theory and practice and reflect over personal problem-solving and results in a self-critical manner.

Examination

Managerial Economics I: Type of test Written Exam Marking scale 7-step scale Second examiner External examiner Exam period Winter Term Aids Please, see the detailed regulations below Duration 4 Hours

Examination

Individual written 4-hour open book exam graded by teacher and external censor on the 7-point scale. Re-exam and make-up exam: Oral exam (20 minuttes)in entire syllabus. It is allowed to bring books, notes and dictionaries to the exam. It is allowed to bring a pocket calculator that does not have a wireless connection. It is not allowed to bring PCs nor other devices that will enable communication with other persons (i.e. telephones, cell phones, PDAs, blackberries, etc).

Course content

Spanning two semesters the collected course covers six main topics. In the first semester the topics are: The Company in Context: The objective is to analyze and evaluate the company’s surroundings, identifying the possible factors influencing the industry and its players and their managerial decisions. Production and Costs: The objective is to explain the issue of production theory, both short term and long term, and its significance when deciding relevant costs and costs calculus. Further, to set up cost calculus by using different models for cost-calculating, as well as accounting for the important assumptions in this context. Market Forms, Demand and Pricing: The objective is to analyze market forms and their impact on pricing. In addition the students are expected to set up demand and supply functions, discuss pricing and evaluate the meaning of elasticities in this context. Optimizing under Different Market Forms, Decision Situations and Restrictions: The objective is to set up conditions and assumptions regarding optimizing under different market forms, decision-making situations and restrictions. Further students’ should be able to use this background information to set up relevant optimizing scenarios and models.

Teaching methods

Lectures, workshops and exercises