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2018/2019  BA-BIBAO2011U  Microeconomics

English Title
Microeconomics

Course information
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 in Business, Asian Language and Culture
Course coordinator
  • Coordinator and main lecturer
    Orsola Garofalo - Department of Strategy and Innovation (SI)
Main academic disciplines
  • Economics
Teaching methods
  • Face-to-face teaching
Last updated on 28-06-2018

Relevant links
Learning objectives
To receive the grade 12, the student should fulfil the following learning objectives with no significant shortcomings:
  • Account for the method, paradigm, and core principles of economics
  • Apply basic analytical tools such as demand and supply curves, comparative statics, elasticity calculation, and consumer and producer surplus to show how you can calculate the effects of changes in market conditions or public policy on prices and quantities, the efficiency of production, and the distribution of benefits and costs among participants in the economic system.
  • Explain the limitations of market systems in the face of externalities, public goods, resource depletion, climate change and other types of market failures, and assess the scope for overcoming these limitations through public policy.
  • Account for alternative industry structures (monopoly, competition, etc.), the conditions that can give rise to them, their implication for welfare and efficiency, and the scope for public policy to regulate them.
  • Explain the concepts of risk, choice under uncertainty, and value of information and how they relate to the workings of financial asset markets.
  • Perform simple calculations to provide a basis for rational choices between alternative risky prospects, and contrast this to how humans make decisions under uncertainty.
  • Explain at a basic level the concepts, tools, and insights from selected areas from “modern” microeconomics – e.g., transaction cost economics, principal-agent theory, game theory, adverse selection, and moral hazard –and analyze how they manifest in real-world situations.
Examination
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 Autumn
Aids Limited aids, see the list below:
The student is allowed to bring
  • Non-programmable, financial calculators: HP10bll+ or Texas BA II Plus
  • Language dictionaries in paper format
The student will have access to
  • Advanced IT application package
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

Microeconomics constitutes much of the theoretical foundation for many management fields, including strategy, marketing, finance, and international business.  This course provides an introduction to the methodology, perspective, analytical style, and main theoretical insights of economics as it applies to individual to organizations, industries, and markets.  Topics covered in the course include:
 

  • Market supply, demand, and equilibrium,
  • Elasticity of demand and supply,
  • Rational choice,
  • Firms, Production, and costs,
  • Competitive markets and monopolies,
  • Oligopoly, game theory and strategic behavior
Description of the teaching methods
Lectures and homework tutorials. Lectures focus on presenting theory and insights. Homeworks focus on applying these to concrete exercises. The weekly tutorial sessions provide an opportunity to work on the homeworks in groups with teacher assistance.
Feedback during the teaching period
Feedback is offered in response to your questions and work whenever feasible although please appreciate that there are often time constraints. Please feel free to take full 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
Attending lectures 40 hours
Attending homework sessions 40 hours
Written exam 4 hours
Homework and reading 122 hours
Further Information

As an introduction to the basics of economics, the course provides the prerequisite for all the subsequent economics courses in the IBA program. The course is simultaneously offered to BLC students as the mandatory introduction to economics.

 

Regarding the IBA programme reform: This course will continue in the new programme structure. 
Expected literature
  • Jeffrey M Perloff (2012) Microeconomics, Global 7th Edition, Pearson, with online access.
  • In alternative: Microeconomics. CBS - BLC and IBA. 2nd Edition. Compiled by Orsola Garofalo
  • MyEconLab training software, supplied with the purchase of the textbook.  
  • Teaching notes and other material uploaded by the instructors

 

Please note: these reading materials are only tentative and changes may occur. Final literature lists will be uploaded on LEARN before the course begins. 

Last updated on 28-06-2018