2015/2016
BA-BPOLO2000U Applied Microeconomics
| English Title |
| Applied
Microeconomics |
|
|
| Language |
English |
| Course ECTS |
7.5 ECTS |
| Type |
Mandatory |
| Level |
Bachelor |
| Duration |
One Semester |
| Start time of the course |
Autumn |
| Timetable |
Course schedule will be posted at
calendar.cbs.dk |
| Study board |
Study Board for BSc/MSc i International Business and Politics,
BSc
|
| Course
coordinator |
- Morten Lau - Department of Economics (ECON)
|
| Main academic
disciplines |
- Managerial economics
- Strategy
- Economics
|
|
Last updated on
22-01-2016
|
| Learning objectives |
To achieve the grade 12, students
should meet the following learning objectives with no or only minor
mistakes or errors:
- Explain basic economic terminology (as e.g. opportunity costs,
risk aversion, etc.) 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 |
|
Applied
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) |
Internal examiner and external examiner |
| Exam period |
Winter |
| 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.
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 |
|
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 behavioral 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. The main blocks of the curriculum
are:
- Supply and Demand
- Consumer theory: preferences, rationality assumptions,
budgetary constraints
- Extensions: Uncertainty
- 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 24 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 5
workshops that will be used for exercises and applications with the
aim of providing students an opportunity to practice the more
applied aspects of the class. |
| Expected literature |
|
"Microeconomics with Calculus",
3rd global edition, including MyEconLab, by Jeffrey
M. Perloff
|
Last updated on
22-01-2016
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