| Learning objectives |
At the end of the course the student
should be able to:
- Show an "economic way of thinking".
- Outline the basic principles of microeconomics.
- Draw and interpret graphs on microeconomic issues.
- Understand the way markets work.
- Calculate microeconomic indicators, such as price/income
elasticity and firm profitability .
- Understand the impact of government microeconomic policies on
individual firms and consumers.
- Have a broad comprehension of the gains from international
trade and of the impact that government trade policies (protection
or assistance) can have on the activity of the
firms.
|
| Course prerequisites |
| Students are expected to have basic
math skills (e.g., algebra and calculus), and, in particular, to be
comfortable with basic graphical analysis and a few quantitative
concepts. |
| Prerequisites for registering for the
exam |
|
Requirements about active
class participation (assessed approved/not approved)
Mandatory Mid-term Assignment: Will take the form of a small
written assignment of 2-3 pages or an oral presentation in class,
completed individually or in groups. Mid-term Assignments will be
organised in the first week of the course. The Mid-term Assignment
is mandatory - it must be completed as a precondition for
completing the final examination; however, because the y are
considered to be ‘feedback assignments' grades will not be
assigned.
|
| Examination |
|
4 hour written
exam:
|
| 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 |
Summer Term |
| Aids allowed to bring to the exam |
Limited aids, see the list below and the exam
plan/guidelines for further information:
- 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
Dictionaries and calculators (without
internet access and not in mobile phones) are
allowed
|
|
| Course content and
structure |
Microeconomics and microeconomic
policies have been assuming increasing importance, particularly
since the worldwide wave of privatisation since the 1980s. This
course aims to serve the needs of business school students, who
will be soon practicing executives and managers in government
organisations and private companies involved in a variety of
microeconomic activities and the setting of microeconomic policies.
Course topics will include 11 class modules as follows:
| Module 1: Limits, alternatives and
choices | | Module 2: The Market System and the
Circular Flow | | Module 3: The Supply and Demand
Model | | Module 4: Elasticity and its
uses | | Module 5: Market structures (Pure
competition) | Module 6: Market structures (Pure
monopoly,
monopolistic
competition and oligopoly) | | Module 7: Microeconomics of Resource
Markets | Module 8: The Role of
Government in Microeconomic Issues.
Module 9: Structural changes and microeconomic policies
Module 10: International trade
Module 11: Comprehensive review |
In addition to a final examination, this course
will include a Preliminary Assignment and a Mid-term Assignment.
The course's development of personal
competences:
During this course, the student is expected to develop various
personal and interpersonal competences, such as
- Analysis of the business environment and government
microeconomic policies
- Evaluation of effects of various microeconomic policies.
- Communication skills (e.g., presentations)
- Interpersonal and team-working skills for class discussion
- a lasting interest in economics and the
economy.
These competences will allow students to contribute to the
formulation of appropriate business strategies at the microeconomic
level.
Mid-term assignments will take the form of a
team assignment of up to 2000 words. For the mid-term assignment,
students will work in small groups of five-six and will be asked to
select an economy(e.g. Denmark) and an industry/product(e.g. beer,
wind energy etc).
You will be asked to develop a report of up to 2000 words,
which will address the following points:
(1) Estimate the size of the recent domestic
demand(physical units or dollars) for the selected industry/
product. You can use existing industry estimates or do your
own estimate(e.g. Apparent consumption= Production + Exports -
Imports)
(2) Outline the major determinants of demand in the
selected industry. Explain
(3) Discuss and/or estimate the price elasticity of
demand for the selected product.
(4) Outline your views on the prospects of demand for
your selected industry/product.
Mid-term assignmentswill be organized in the first
week of the course.
The Mid-term assignment is mandatory – it must be
completed as a precondition for completing the final examination;
however, because it is considered to be a ‘feedback assignment’
grades will NOT be assigned. The assignments are to be lodged with
the Instructor by Monday 15 July, 11.30 AM. |
| Teaching methods |
Lectures, seminars, exercises,
project work, case study discussions, team-debates on current
microeconomic issues and policies.
Preliminary Assignments
The Preliminary assignment will consist of a team class
presentation consisting of answers to the questions of a Team
assignment exercise, based on the Theory in the Chapter 1 of the
prescribed textbook( e.g. economic resources, the Production
Possibilities model, the Opportunity Cost).
-Prior to the first class, students are asked to read Chapter 1 of
the prescribed textbook McConnell et al with focus on Economic
Resources( e.g.Land, Labour, Capital, Entrepreneurial Ability), and
the Production Possibilities Model.
-In the Attachment the the syllabus on LEARN there are 9 class
assignments which will be discussed informally in the first two
classes:
- In the first class, on Monday 24 June, students will be
distributed in the first five teams(A to E) and will answer
questions related to each assignment.
- Assignments F - I will be presented in the second class
(Wednesday, 26 June) by the remaining students.
- The Instructor and other students can intervene with questions
and comments related to each assignment.
-More details on the content of the Preliminary Assignments are
presented on LEARN |
| Expected literature |
The key reading for this course will
be
- Mc Donnell, Brue, SL Flynn, SM (2012),Microeconomics
Principles, Problems, and Policies”, McGraw-Hill/Irwin,
New York.ISBN:9781259071270 or
9780071221054
(The two ISBNs represent two different production runs with
identical content)
The course will also use selected sections (uploaded on LEARN)
of
- Fraser, I., Gionea , J., Fraser ,S. (2011), “Economics
for business, 4th edition”, McGraw-Hill
Australia,North Ride NSW; ISBN: 9780070998438
Students will also have to read a number of textbook materials and
individual articles/ cases, as specified in the Course
schedule below:
Class 1
Monday 24/6 | Limits, Alternatives and
Choices
Reading
·
McConnell et al: Chapter 1
· Lecture
1PP slides & slide sub-notes
Workshop 1:
·
Preliminary assignments( Teams A - E); 5- 10
minutes per team.
·
Discussion of "A golden age of
Micro", The Economist, 19 October, 2012
ttp://www.economist.com/blogs/freeexchange/2012/10/microeconomics | Class 2
Wednesday 26/6 | The Market System and the Circular
Flow
Reading
·
McDonnell et al: Chapter 2
· Lecture
2PP slides & slide sub-notes
· Paul Krugman,
"The Myth of Asia’s Miracle", Foreign Affairs;
Nov/Dec.1994; Vol.73, Iss. 6; pg. 62,17 pgs
http://www.pairault.fr/documents/lecture3s2009.pdf
Workshop 2
· Preliminary
assignments ( Teams F - I) | Class 3
Monday 1/7 | The Supply and Demand
model
Reading
·
McDonnell et al: Chapter 3
· Lecture
3PP slides & slides sub-notes
Workshop 3:
· To be uploaded
on LEARN by Thursday 27 June | Class 4
Wednesday3/7 | Elasticity and its uses
Reading
·
McDonnell et al: Chapter 4
· Lecture
4PP slides & sub-notes
Workshop 4:
· To be uploaded
on LEARN by Thursday 27 June | Class 5
Monday 8/7 | Market structures(Pure
competition)
Reading
·
McDonnell et al: Ch. 10( pp245-259),Ch.11(
pp267-280),Ch.12(pp285-296)
· Lecture
5PP slides & sub-notes
Workshop 5:
· To be uploaded
on LEARN by Thursday 4 July | Class 6
Wednesday10/7 | Market structures
(Pure monopoly, Monopolistic competition and Oligopoly)
Reading
·
McDonnell et al: Ch. 10 & Ch.11
· Lecture
6PP slides & sub-notes
·
Case: Two’s company, five’s a crowd?,The
Economist, 21 Nov. 2012
http://www.economist.com/news/21566401-long-running-boeing-airbus-duopoly-will-face-new-competition-twos-company-fives-crowd
Workshop 6:
· To be uploaded
on LEARN by Thursday 4 July | Class 7
Monday 15/7 | Microeconomics of Resource
Markets
Reading:
·
McDonnell et al: Ch. 15 (pp352-361),Ch.18
· Lecture
7PP slides & sub-notes
·
Case: Public and private sector interest in
renewable energy grows, FDI Magazine, 02 December,2012
http://www.paconsulting.com.au/introducing-pas-media-site/highlighting-pas-expertise-in-the-media/articles-quoting-pa-experts/public-and-private-sector-interest-in-renewable-energy-grows-2-december-2012/
· Workshop
7: To be uploaded on LEARN by Thursday 11 July | Class 8
Wednesday
17/7 | The Role of Government in
Microeconomic Issues
Reading:
·
McDonnell et al: Ch. 5 (pp128-136,140-148),
Ch.19(440-445), (351-358)
· Lecture
8 PP slides & sub-notes
· EU Budget at a
glance(pages 2-7)
http://ec.europa.eu/budget/library/biblio/publications/glance/budget_glance_en.pdf
· L. Bumgardner,
"Antitrust Law in the European Union", in GBR,
2005 Volume 8 Issue 3;
http://gbr.pepperdine.edu/2010/08/antitrust-law-in-the-european-union
· Workshop
8: To be uploaded on LEARN by Thursday 11 July | Class 9
Monday 22/7 | Structural changes and
microeconomic policies
Readings:
· Fraser
et al, Ch.20, "Structural change"(pp.416-425,
442, on LEARN)
·
McConnell et al, Ch. 22,pp.498-516
· Lecture
9PP Slides
· Global
Competitiveness Report 2012-2013, pp.3-11
http://www.weforum.org/reports/global-competitiveness-report-2012-2013
· Workshop
9: To be uploaded on LEARN by Thursday 18 July | Class 10
Wednesday 24/7 | International
trade
Readings:
·
McConnell et al, Chapter 6
· Lecture
10PP slides
· Case:
"Tariff protection versus industry assistance in the
Australian car sector", Fraser et al(Ch.20, pp.438-442), on
LEARN
Workshop 10: To be uploaded on LEARN by Thursday 18
July | Class 11
Monday 29/7 | Comprehensive Review
No readings |
|
Permalink