• The student should be able to account for selected theories
• The student should be able to apply the correct theory on a given issue.
• The student should be able to apply technical solution methods when solving a given issue.
• The student should be able to illustrate the solution to a given issue.
• The student should be able to use the correct course vocabulary.
• The student should be able to reach a decision based on economic rationing.

The objective of this course is to provide the student with a thorough understanding of microeconomics applied to the problem of managerial decision-making. The first step in achieving this objective is to understand how to model economic behavior. The student will learn how a manager chooses production inputs based on marginal productivity, prices, and various other economic variables. The student will learn to develop an economic model through the use of algebra and basic calculus. The student will gain a feel for the art of choosing assumptions to set up and solve a meaningful problem. The second step in achieving the objective is to build an understanding of the many economic problems. The student will examine economic problems in consumer theory, production, technology, cost analysis, profit analysis, and market interactions. When the foundations of the course have been established they are applied in more complex settings like market structures, game theory, competition, pricing, and other managerial decision making models relevant to the service industry.

  
20 x Lecturing (L1-L20)
The course consists of 20 lectures (L1-L20) each of 3 x 45 minutes. The lectures will explore the core areas of the theory requiring a considerable amount of self-study. It is advisable with 4-6 hours of preparation for each lecture.
 
8x Active workshops (W1- W8)
Each workshop is 6 lectures of each 45 min. The workshops consist of cases in theoretical and empirical problems and are part of the curriculum. Naturally these active learning sessions will correspond to the content and headlines of the previous lectures. The workshops are very important for the learning process. All students have to answer and submit online 6 workshop-papers. The workshops can be solved individually or in groups but the online questions must be answered individually.

3 x Technical workshops

These workshops focus on updating and developing technical skills necessary to complete the course. There will be 2 mathematical workshops during a weekend in the beginning of the course and one Excel workshop. These workshops are extremely important in order to possess the skills necessary to get optimal learning out of the course and do good in the exam.

• ME: Mark Hirschey & Eric Bentzen, Managerial Economics, 13^th edition, Cengage, 2014.
• Math: Ian Jacques, Mathematics for Economics and Business, 7^th edition, Pearson Education, 2012: Ch. 1-4. (Exercises in “MyMathLab Global”) 

Please note, minor changes may occur. The teacher will upload the final reading list to LEARN two weeks before the course starts.