| Learning objectives |
- Explain basic economic terminology (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 market outcomes), and
reflect on the solutions with a critical view.
- 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
|
| 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 microeconomic theory
and how economic markets function: it describes what lies
behind the notions of demand and supply. Emphasis is placed on the
behavioral and technological assumptions that generate product
demand and supply, and on market competition and regulation.
We also explore important extensions to the basic decision model
such as uncertainty. The main topics in 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, etc.
Practical Application of Theory
In each main topic the theory is exemplified with
economic problems and issues. We will discuss how one can use
microeconomic theory to evaluate tax and labor market policies
with macro-economic implications.
Relation to a Business or an Institutional Setting
We consider in depth how different market structures infuence
decisions by producers 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.
|
| Description of the teaching methods |
| The course includes 15 lectures of two hours each
in which the main economic theories and applications are discussed.
The lectures are supported by 10 workshops of three hours each, in
which you will apply microeconomic theory to specific economic
problems. This will provide you with an opportunity to practice the
economic methods that you learn in class. |
| Feedback during the teaching period |
We try to offer feedback and respond to your
questions and inquiries in a timely manner whenever possible.
Please feel free to see full-time staff members during their office
hours in active course weeks. The best way to get feedback is to
engage actively in discussions in lectures and workshops, and via
discussions with your fellow students. You can also consider
self-study groups to get feedback from your peers.
|
| 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”, 8’th global edition, including MyLab
Economics, by Jeffrey M. Perloff
|
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