# 2023/2024  BA-BINBO1320U  Microeconomics

 English Title Microeconomics

# Course information

Language English
Course ECTS 7.5 ECTS
Type Mandatory
Level Bachelor
Duration One Quarter
Start time of the course Second Quarter
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for BSc in International Business
Course coordinator
• Karol Szwagrzak - Department of Economics (ECON)
• Economics
Teaching methods
• Face-to-face teaching
Last updated on 03-07-2023

Learning objectives
After having followed the course the students should be able to:
• Understand and apply conceptually and analytically the basic concepts of microeconomics (e.g., the fundamental concepts in consumer theory, producer theory, game theory, and the theory of markets)
• Describe and rationalise the main assumptions behind simple economic models and analyze the role that those assumptions play.
• 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 it to predict a change in demand).
• Analytically solve simple microeconomic problems (e.g., utility maximisation, profit maximisation, determination of equilibrium economic variables) and interpret these solutions.
• Use economic analysis to explain topical policy issues (e.g., How to reduce carbon emissions?).
Course prerequisites
No prerequisites in economics are required.

The technical level required by the course is modest but basic mathematics will be used in this class. More precisely, we will make extensive use of elementary algebra and some calculus.

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 Written sit-in exam on CBS' computers Individual or group exam Individual exam Assignment type Written assignment Duration 4 hours Grading scale 7-point grading scale Examiner(s) Internal examiner and external examiner Exam period Autumn and Winter Aids Limited aids, see the list below: The student is allowed to bringUSB key for uploading of notes, books and compendiums in a non-executable format (no applications, application fragments, IT tools etc.)Any calculatorIn Paper format: Books (including translation dictionaries), compendiums and notesThe student will have access tobasic IT application packageRead more here : Exam aids and IT application packages Make-up exam/re-exam Same examination form as the ordinary exam The number of registered candidates for the make-up examination/re-take examination may warrant that it most appropriately be held as an oral examination. The programme office will inform the students if the make-up examination/re-take examination instead is held as an oral examination including a second examiner or external examiner.
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 Producer theory: production and costs functions Market structures: perfect competition, monopoly, oligopolistic competition, etc. Public goods and externalities    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).
Feedback during the teaching period
Student feedback takes place regularly throughout the course, e.g. in exercise classes, in-class problem solving and specific Q and A sessions. Students are always encouraged to actively participate in lectures and ask questions. They also have the opportunity to ask one on one questions in office hours, and to post questions on discussion forums on canvas. There will be 2-3 graded quizzes in the course to ensure continuous feedback and assessment of students’ performance.

 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," Eight Edition, by Jeffrey M. Perloff

Last updated on 03-07-2023