| Learning objectives |
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?).
|
| Course prerequisites |
No prerequisites in economics are required.
The technical level required by the course is modest but basic math
will be used in this class. More precisely, we will make extensive
use of elementary algebra.
If you feel that it’s needed, please review how to:
- work with algebraic expressions (factorization, substitution,
exponentiation, solving systems of two linear equations with 2
unknowns)
- plot linear equations in two-dimensional graphs
- differentiate simple functions |
| Examination |
|
Microeconomics:
|
| Exam
ECTS |
7,5 |
| Examination form |
Home assignment - written product |
| Individual or group exam |
Individual exam |
| Size of written product |
Max. 10 pages |
| Assignment type |
Written assignment |
| Duration |
Written product to be submitted on specified date
and time. |
| Grading scale |
7-point grading scale |
| Examiner(s) |
Internal examiner and external examiner |
| Exam period |
Autumn and Winter, 4 hours home exam, open
book |
| 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, structure and pedagogical
approach |
|
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.
|
| Description of the 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). |
|
| Description of the 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).
classes will be online and tutorials on campus |
| Feedback during the teaching period |
Office hours and 2-3 review sessions, including Q&A.
|
| Student workload |
| Lecture hours and preparation (42+42) |
84 hours |
| Workshop/exercises incl preparation( 12+12) |
24 hours |
| Preparation for class and exams |
140 hours |
|
| Expected literature |
|
"Microeconomics",including MyEconLab, by Jeffrey M.
Perloff
|
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