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2022/2023  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 16-11-2022

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, 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
The 1st retake is a 72-hour, maximum 10-pages home assignment.
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.

The 2nd retake is always an online oral exam (20 minutes online oral exam with no preparation time) with one internal examiner and an internal co-examiner.
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 and exam timetable is/will be available on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams
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 game theory, strategic decisions, and the operation of factor 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 - Competative firms and markets (Chapter 8) 
 
Class 6:  - Exercises 
 
Feedback activity:

The exercises will be presented and discussed in Class 6. This is an opportunity for students to get feedback. Hopefully, you will learn from one another.  
 
Class 7: Welfare Economics - Principles of Welfare Economics (Chapter 9) 
 
Class 8: Monopoly - Monopoly (Chapter 11) - Pricing and Advertising (Chapter 12)
 
Class 9: Oligopoly - Oligopoly (Chapter 13) - Exercises 
 
Class 10: Topics in Intermediate Microeconomics - Game Theory (Chapter 14) - Auctions (Chapter 14) 
 
Class 11: Topics in Intermediate Microeconomics - Factor Markets (Chapter 15)
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. Exercises will be presented and discussed in Class 6. This is an opportunity for students to get feedback.
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: The Nordic-9 pre-course is foundational for the summer university and identical for all bachelor courses. Students will receive an invitation with all details by the end of May. The assignment has two parts. 1.) online lectures and tutorials that student can access at their own time and 2.) one synchronous workshop which will be offered both online and in-person at several dates and times before the official start of the summer university courses. Sign-up is first come first serve. All students are expected to complete this assignment before classes begin.

 

 

 

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 16-11-2022