| 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 on CBS'
computers |
| Individual or group exam |
Individual exam |
| Assignment type |
Written assignment |
| Duration |
4 hours |
| Grading scale |
7-step scale |
| Examiner(s) |
Internal examiner and external examiner |
| Exam period |
Winter |
| Aids |
Limited aids, see the list below:
The student is allowed to bring - USB key for uploading of notes, books and compendiums in a
non-executable format (no applications, application fragments, IT
tools etc.)
- 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.
It is at the discretion of the Study
Board to change the exam form from a 4-hour written sit-in exam to
a 20 min oral exam with no
preparation.
|
|
| 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 30 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 10 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. |
| Feedback during the teaching period |
| We try to offer feedback in response to your
questions and work whenever possible. Please feel free to take
advantage of the ‘office hours’ offered by full-time staff members,
although these can never be a substitute for participation in
lectures and classes. We also encourage you to ask questions or
make comments in class and form self-study groups to secure peer
feedback on your work. |
| Student workload |
| Preparation time (readings, group work etc.) |
106 hours |
| Lectures / class exercises / “homework cafés” / workshops
etc. |
60 hours |
| Exam (incl. preparation for the exam and actual exam
period) |
40 hours |
|
| Expected literature |
|
"Microeconomics", 7'th global edition,
including MyEconLab, by Jeffrey M. Perloff
This is a sample of the literature that will be used. A
comprehensive reading list can be found in the course plan that
will be published on CBS Learn before classes
begin.
|
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