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2021/2022  BA-BHAAI1023U  Principles of Microeconomics – a Business Perspective

English Title
Principles of Microeconomics – a Business Perspective

Course information
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 100
Study board
Study Board for BSc in Economics and Business Administration
Course coordinator
  • Ismir Mulalic - Department of Economics (ECON)
For academic questions related to the course, please contact course responsible Ismir Mulalic (imo.eco@cbs.dk).
Main academic disciplines
  • Economics
Teaching methods
  • Face-to-face teaching
Last updated on 01/12/2021

Relevant links
Learning objectives
To achieve the grade 12, students should meet the following learning objectives with no or only minor mistakes or errors:
  • Fully explain the basic concepts, models, theories and tools used in the principles of microeconomics and use them to analyze economic decisions by individuals and by firms.
  • Identify the foundational assumptions used in their own economic analysis and in the economics analysis of others.
  • Predict the effects of supply and demand changes on the direction of market price and quantity. Use the tools of consumer and producer surplus to identify the gains form exchange and the gains from the ability to manipulate price or quantity (e.g., the effects of barriers to entry, market power, monopolization, price controls, taxes, subsidies, and quotas.)
  • Articulate and explain the systematic nature of economic analysis and address likely secondary effects of particular policies and institutional frameworks.
Course prerequisites
None
Examination
Principles of Microeconomics - a Business Perspective:
Exam ECTS 7.5
Examination form Home assignment - written product
Individual or group exam Individual exam
Size of written product Max. 15 pages
Assignment type Essay
Duration Written product to be submitted on specified date and time.
Grading scale 7-point grading scale
Examiner(s) One internal examiner
Exam period Summer, The 15-pages home assignment from 28 June. Students need to upload their exam paper no later than 15 July, 12:00, to the Digital Exam Platform.

Retake exam: a 72-hour 10-pages home assignment in the period of 26-29 September 2022.

3rd attempt (2nd retake) exam: a 72-hour 10-pages home assignment in the period of 21-24 November 2022.

Exam schedules available on https:/​/​www.cbs.dk/​uddannelse/​international-summer-university-programme-isup/​courses-and-exams
Make-up exam/re-exam
Same examination form as the ordinary exam
Retake exam: a 72-hour 10-pages home assignment in the period of 26-29 September 2022 via the Digital Exam Platform.

3rd attempt (2nd retake) exam: a 72-hour 10-pages home assignment in the period of 21-24 November 2022 via the Digital Exam Platform.
Description of the exam procedure

15-pages home assignment: this project is based on a student's research question and  is written parallel to the classes and handed in at the end of the exam week.

The research question has to be approved by the course instructor.
Course content, structure and pedagogical approach
Course content:
Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics.  
 
This course begins with an introduction to supply and demand and the basic forces that determine an equilibrium in a market economy. Next, it introduces a framework for learning about consumer behavior and analyzing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms' behavior. The final section of the course provides an introduction to some of the more advanced topics that can be analyzed using microeconomic theory. These include international trade, the impact of uncertainty on consumer behavior and the operation of capital markets. 
 
Each week, practical exercises will be discussed in class, enabling students to better comprehend the theoretical concepts explained during the week.  
 
By the end of the course, students will be able to understand introductory microeconomic theory, solve basic microeconomic problems, and use these techniques to think about a number of policy questions relevant to the operation of the real economy.

 

Course structure:  
 
Class 1:  Supply and Demand - Introduction to Microeconomics (Chapter 1) - Supply and Demand (Chapter 2) - Applying the Supply and Demand Model (Chapter 3)  
 
Class 2: Consumer Theory - Preferences and Utility (Chapter 4) - Budget Constraints (Chapter 4) - Exercises 
 
Class 3: Consumer Theory - Deriving Demand Curves (Chapter 5) - Applying Consumer Theory (Chapter 5) - Exercises 
 
Class 4: Producer Theory - Firms and Production (Chapter 6) - Productivity and Costs (Chapter 7) 
 
Class 5: Producer Theory - Competition (Chapter 8) 
 
Class 6:  - Exercises 
 
Feedback activity:

The students projects will be presented and discussed in Class 6. This is an opportunity for students to get feedback on their projects. Hopefully, you will learn from one another.  
 
Class 7: Welfare Economics - Principles of Welfare Economics (Chapter 9) 
 
Class 8: Monopoly - Monopoly (Chapter 11) - Exercises 
 
Class 9: Oligopoly - Oligopoly (Chapter 12) - Exercises 
 
Class 10: Topics in Intermediate Microeconomics - Factor Markets and Vertical Integration (Chapter 15) - International Trade - Uncertainty (Chapter 17) 
 
Class 11: Topics in Intermediate Microeconomics - Capital Supply and Markets (Chapter 16)
Description of the teaching methods
Lectures and workshops based on exercises.
Feedback during the teaching period
Feedback activity: Feedback is given in the class as well as during office hours, which are organized once a week for the duration of the course. The students projects will be presented and discussed in Class 6. This is an opportunity for students to get feedback on their projects.
Student workload
Preliminary assignment 20 hours
Classroom attendance 38 hours
Preparation 106 hours
Feedback activity 4 hours
Examination 38 hours
Further Information

Short 3 weeks course that cannot be combined with any other course

 

Preliminary Assignment: A generic test/assignment will be developed concerning “Nordic Nine”. It will be uploaded on Canvas at the end of May. Students are expected to access this assignment before classes begin. The assignment will not be reviewed in classes.

 

Course and exam timetable is/will be 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 in start March.
Expected literature

Mandatory readings:

 

Microeconomics, Global Edition, 8th Edition 
Jeffrey M. Perloff  
©2018, Pearson  
ISBN-13:  9781292215624
 

 
Last updated on 01/12/2021