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2019/2020 BA-BHAAI1023U Principles of Microeconomics – a Business Perspective
| English Title | |
| Principles of Microeconomics – a Business Perspective |
Course information |
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| Language | English |
| Course ECTS | 7.5 ECTS |
| Type | Elective |
| Level | Bachelor |
| Duration | Summer |
| Start time of the course | Summer |
| Timetable | Course schedule will be posted at calendar.cbs.dk |
| Max. participants | 140 |
| Study board |
Study Board for BSc in Economics and Business
Administration
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| For academic questions related to the course, please contact instructor Bradley Hobbs at bh.egb@cbs.dk | |
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| Last updated on 16/04/2020 | |
Relevant links |
| Learning objectives | ||||||||||||||||||||||||
To achieve the grade 12, students should meet the
following learning objectives with no or only minor mistakes or
errors:
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| Course content, structure and pedagogical approach | ||||||||||||||||||||||||
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The Principles of Microeconomics is the primary foundation for
all other neoclassical economic theory including much of
macroeconomics. Microeconomic theory principals provide insights
into the behavior of both individual and collective actors (firms)
in markets. This course is the introductory course in any economics
curriculum. It will provide you with an insight into how
economists analyze practical problems which present themselves to
policy makers in the real world. The concepts are theoretical but
we will develop a "set of tools for analysis" which you
will be expected to apply. The materials in this course are used
extensively in economics, financial economics, and business.
Economics is ultimately about problem-solving through critical
thinking. We are asked to provide logical, well-argued, defensible
answers to complex questions. To do this we must strip problems
down to their essential assumptions, arguments, and then critically
analyze them. We do not expect you to master problem-solving or
critical thinking in this one course. We do expect that you will
greatly increase your proficiency at these skills.
The emphasize applications because economics conditions and "answers" are constantly changing. What is transferable, fundamental, and constant is the method of economic analysis which we will develop. The ability to apply these tools to varying situations and to make the results clear to others is what gives value to economic analysis. The primary focus of this course is on the development of
analytical prowess or "critical thinking." The discipline
of economics originated within philosophy, rhetoric, logic and
mathematics and transitioned through political economy in the 19th
century into modern economics. As a result, economics is a
very broad social science drawing upon the interconnectedness of
human action. We model human behaviors within particular
institutional arrangements.
This course focuses on the behaviors of individuals, firms, and institutional actors. Students should be able to successfully apply time-tested, empirical models of microeconomic behavior. Preliminary assignment:
(1) Read the first four chapters of the textbook and prepare questions to discuss in our first week of class meetings. (2) Carefully read this article: Radford, R.A. 1945. “The Economic Organisation of a P.O.W. Camp.” Economica, 12(48): 189-201. Be prepared to participate in the discussion in the first class. Prepare written answers to the study guide questions. (3) Carefully read this article: Hayek, F. A. 1945. “The
Use of Knowledge in Society.” American Economic Review, 35(4):
519–30. Be prepared to participate in the discussion in the fourth
class. Prepare written answers to the study guide questions.
Class 1
Chapter 1 - The Big Ideas Chapter 2 - The Power of Trade and Comparative Advantage Class 2
Chapter 3 - Supply and Demand Chapter 4 - Equilibrium: How Supply and Demand Determine Prices Class 3
Chapter 5 - Elasticity and Its Applications Chapter 6 - Taxes and Subsidies Class 4
Chapter 7 - The Price System: Signals, Speculation, and Prediction Chapter 8 - Price Ceilings and Floors Class 5
Chapter 9 - International Trade Chapter 10 - Externalities: When Prices Send the Wrong Signals NOTE:
The Optional Midterm Assignment below opens at the beginning of Week 5 on CANVAS. Class 6
Chapter 11 - Costs and Profit Maximization Under Competition Chapter 12 - Competition and the Invisible Hand FEEDBACK ACTIVITY
Optional Mid-term Assignment The optional mid-term assignment will be a take-home examination covering course materials up to that point and will be similar to the final examination. Its format will be multiple choice and short answer. It will be posted on Canvas a week prior to its due date - the beginning of Class Meeting 5. This midterm is best viewed as learning opportunity for students. I encourage you, and you have my explicit permission, to work with a classmate or small team. Ideally, you will learn from one another. Midterm questions are drawn from the test bank which is a supplement to your textbook. Space will be provided for you to do your analysis on the examination. Class 7
Chapter 13 - Monopoly Chapter 14 - Price Discrimination Class 8
Chapter 15 - Cartels, Oligopolies, and Monopolistic Competition Chapter 16 - Competing for Monopoly: The Economics of Network Goods Class 9
Chapter 17 - Labor Markets Chapter 18 - Public Goods and the Tragedy of the Commons Class 10
Chapter 19 - Political Economy and Public Choice Chapter 20 - Economics, Ethics, and Public Policy Class 11 Comprehensive Review
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| Description of the teaching methods | ||||||||||||||||||||||||
| This year all courses are taught digitally over the Internet. Instructors will apply a mixture of direct teaching through a live link (like Skype, Team, Zoom…) and indirect, where visual pre-recorded material is uploaded on Canvas. The instructor will inform participants about the precise format on Canvas. | ||||||||||||||||||||||||
| Feedback during the teaching period | ||||||||||||||||||||||||
| The Feedback is a mid-term assignment will be a take-home examination covering course materials up to that point. It will be similar in format to the final examination. It will be posted on Canvas a week prior to its due date - the beginning of Class Meeting 5. This midterm is best viewed as learning opportunity for students. I encourage you, and you have my explicit permission, to work with a classmate or small team. Ideally, you will learn from one another. Midterm questions will be drawn from the test bank which is a supplement to your textbook. Space will be provided for you to do your analysis on the examination. | ||||||||||||||||||||||||
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| Further Information | ||||||||||||||||||||||||
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Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.
Course timetable is available on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams
We reserve the right to cancel the course if we do not get enough applications. This will be communicated on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams end March 2020. |
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| Expected literature | ||||||||||||||||||||||||
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Mandatory readings:
4th ed. of Cowen and Taborrok Modern Principles:
Microeconomics bundled eBook with Sapling Learning
ISBN: 9781352002126 Radford, R.A. 1945. “The Economic Organisation of a P.O.W.
Camp.” Economica, 12(48): 189-201.
Hayek, F. A. 1945. “The Use of Knowledge in Society.” American
Economic Review, 35(4): 519 -30.
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Last updated on
16/04/2020