| 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 on CBS'
computers |
| Individual or group exam |
Individual exam |
| Assignment type |
Multiple choice AND written assignment |
| Duration |
4 hours |
| Grading scale |
7-step scale |
| Examiner(s) |
Internal examiner and external examiner |
| Exam period |
Autumn and Winter, The regular exam takes place
in December. The make-up and re-examination takes place in
January. |
| Aids |
Limited aids, see the list below:
The student is allowed to bring - Non-programmable, financial calculators: HP10bll+ or Texas BA
II Plus
- Books (including translation dictionaries), compendiums and
notes in paper format
At all written
sit-in exams the student has access to the basic IT application
package (Microsoft Office (minus Excel), digital pen and paper,
7-zip file manager, Adobe Acrobat, Texlive, VLC player, Windows
Media Player). PLEASE NOTE: Students are not allowed to communicate
with others during the exam :
Read more about exam aids and IT application
packages here |
| 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.
|
|
| 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). |
| Feedback during the teaching period |
| Office hours and 2-3 review sessions, including
Q&A. |
| Student workload |
| Lecture hours |
42 hours |
| Workshop/exercises |
24 hours |
| Preparation for class and exams |
140 hours |
|
| Expected literature |
|
"Microeconomics",including MyEconLab, by Jeffrey M.
Perloff
|
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