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2023/2024  BA-BSEMO1000U  Managerial Economics

English Title
Managerial Economics

Course information
Language English
Course ECTS 15 ECTS
Type Mandatory
Level Bachelor
Duration One Semester
Start time of the course Spring
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for BSc in Service Management
Course coordinator
  • Leonardo Santiago - Department of Operations Management (OM)
Main academic disciplines
  • Managerial economics
  • Economics
Teaching methods
  • Blended learning
Last updated on 12-05-2023

Relevant links
Learning objectives
To be awarded the highest mark (12), the student, with no or just a few insignificant shortcomings, must fulfill the following learning objectives:
  • The student should be able to account for selected theories
  • The student should be able to apply the correct theory on a given issue.
  • The student should be able to apply technical solution methods when solving a given issue.
  • The student should be able to illustrate the solution to a given issue.
  • The student should be able to use the correct course vocabulary.
  • The student should be able to reach a decision based on economic rationing.
Course prerequisites
English language skills equal to B2 level (CEFR) and math skills equal to Danish level B are recommended
Examination
Managerial Economics:
Exam ECTS 15
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) One internal examiner
Exam period Summer
Aids Limited aids, see the list below:
The student is allowed to bring
  • An approved calculator. Only the models HP10bll+ or Texas BA ll Plus are allowed (both models are non-programmable, financial calculators).
  • Language dictionaries in paper format
The student will have access to
  • Advanced IT application package
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.
The retake will be based on an assignment with exam questions.
Description of the exam procedure

4 hours written sit in assignment on CBS' computers. Exam questions based on the course curriculum.

 

Exam Feedback:

The correction guide with solutions to the exam problems will be uploaded.
Course content, structure and pedagogical approach

The objective of this course is to provide the student with a thorough understanding of microeconomics applied to the problem of managerial decision-making. The first step in achieving this objective is to understand how to model economic behavior. The student will learn how a manager chooses production inputs based on marginal productivity, prices, and various other economic variables. The student will learn to develop an economic model through the use of algebra and basic calculus. The student will gain a feel for the art of choosing assumptions to set up and solve a meaningful problem. The second step in achieving the objective is to build an understanding of the many economic problems. The student will examine economic problems in consumer theory, production, technology, cost analysis, profit analysis, and market interactions. When the foundations of the course have been established the key concepts are applied in more complex settings like market structures, game theory, competition, pricing, and other managerial decision making models relevant to the service industry.

  
20 x Lecturing (L1-L20)
The course consists of 20 lectures (L1-L20) each of 3 x 45 minutes. The lectures will explore the core areas of the theory requiring a considerable amount of self-study. It is advisable with 4-6 hours of preparation for each lecture.
 
8x Active workshops (W1- W8)
Workshops (W1-W8) consist of 6 x 45 min each. The workshops consist of theoretical and empirical problems and cases. They are part of the curriculum. Naturally these active learning and feedback sessions will correspond to the content and headlines of the previous lectures. The workshops are very important for the learning process. The workshops can be solved individually or in groups.

 

 

3 x Technical workshops

These workshops focus on updating and developing technical skills necessary to complete the course. There will be a workshop on mathematics for economics during the beginning of the course, usually scheduled on a saturday, and workshops on optimization with MS Excel. These workshops are extremely important in order to possess the skills necessary to get optimal learning out of the course and do well in the exam.
Description of the teaching methods
Lectures, workshops and exercises
Feedback during the teaching period
Feedback will be offered during the course in three distinct ways. First, students will get feedback during the lectures in the form of interaction with the teacher if any question arises. During the workshops, students will receive one on one feedback on their individual inquiry (on demand). That is to say, during the workshops, students can request instructors to clarify their specific questions on the assignment and on the curriculum, in order to solve the exercises and problems that are to be addressed on that session. Third, also during the workshops, the instructor will provide summative feedback to the class by addressing the challenges perceived during the one on one interaction. It is expected that students actively participate in lectures, workshops, and exercises. Additional individual feedback can be obtained during the office hours.
Student workload
Classes 60 hours
Workshops / exercises 48 hours
Technical workshops 18 hours
Preparation 320 hours
Examination 4 hours
Expected literature
  • Hirschey, Mark ; Bentzen, Eric ; Scheibye, Carsten. / Managerial Economics. 16th edition. Cengage, 2022.

 

  • -Math: Ian Jacques, Mathematics for Economics and Business, 9th edition, Pearson Education, 2018: Ch. 1-4. (Exercises in “MyMathLab Global”)

 

Please note, minor changes may occur. The teacher will upload the final reading list to CBS Canvas two weeks before the course starts.

Last updated on 12-05-2023