Micro Economics in a Business Context
Course ID
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Aim and purpose
Content
Learning goals
Description of outcome - Knowledge
- Describe the consumer's utility maximization
- Describe the effects of price changes, including substitution and income effects on the consumer's utility maximizing choice and the impact on consumer surplus.
In the case of one output and two inputs:
- Describe the producer's profit maximization problems, including the importance of technology, and the producer's social responsibility;
- Describe the producer's cost structure and the link between profit maximization and cost minimization; the internal cost as well as the external cost should be taken into consideration from a sustainability point of view
- Describe the producer's supply in the short and long run.
- Describe the company's decision with given prices and the derivation of the market's supply curve, and explain the price formation on a market with perfect competition;
- Describe the significance of the magnitude of various elasticities for price determination;
- Describe the impact of the introduction of different forms of taxation on price determination;
- Describe the price determination on a market characterized by monopoly; and as a part of this consider price discrimination
- Describe price determination on imperfect factor markets.
Description of outcome - Skills
In the case of two goods:
- Analyse the consumer's utility maximization
- Derive, graphically and mathematically, the effects of price changes, including substitution and income effects on the consumer's utility maximizing choice and the impact on consumer surplus.
- In the case of one output and two inputs:
- Analyse the producer's profit maximization problems, including the importance of technology, and the producer's social responsibility;
- Analyse the producer's cost structure and the link between profit maximization and cost minimization; the internal cost as well as the external cost should be taken into consideration from a sustainability point of view
- Analyse the producer's supply in the short and long run.
- Analyse the company's decision with given prices and the derivation of the market's supply curve, and explain the price formation on a market with perfect competition;
- Analyse the significance of the magnitude of various elasticities for price determination;
- Analyse the impact of the introduction of different forms of taxation on price determination;
- Analyse the price determination on a market characterized by monopoly; and as a part of this consider price discrimination.
Description of outcome - Competences
Apply the microeconomic theory and methods to an economic issue in relation with a real world problem.
Literature
Selected chapters of the literature should be read previously attending the lectures.
Teaching Method
Workload
Workload:
Students will be required to do approximately 135 hours of work, which is expected to be spent as follows:
Examination regulations
Exam
Name
Timing
Exam: August 2024 see the exam plan.
Reexam: in August 2024 (week 35) see the exam plan.
Please read additional information.
Tests
Home assignment
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Censorship
Grading
Identification
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Length
Examination aids
Assignment handover
Assignment handin
Handwritten enclosures cannot be submitted as part of the examination paper.
ECTS value
Additional information
The student will automatically be enrolled for exam in August right after the time of the scheduled classes.
It will not be possible to unregister from the exam. If the student does not participate in the exam in August, it will cost an examination attempt. There are two exam attempts: Ordinary exam and the reexam in the same month.
If the course is taken as a supplementary course after admission to the master's programme (cand.merc.):
There are two exam attempts: Ordinary exam and the reexam following the ordinary exam.
If the ordinary exam is failed, the student will automatically be enrolled for the reexamination later in August. See External comment.
If the course is taken as an elective on a bachelor programme:
There are three exam attempts: Registration for the course is automatically a registration for the ordinary examination in the course. Cancellation is not possible.
The form of re-exam can change to an oral exam 20 min, if there are less than 5 students registered for the re-exam. Students will be informed of a possible change in the form of the exam no later than 14 days before the re-examination takes place.
EKA
External comment
Used examination attempts in the former identical course will be transferred.
Courses offered
Offer period | Offer type | Profile | Education | Semester |
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Spring 2024 | Mandatory | Supplering - alle byer | Bachelor of Science in Economics and Business Administration | Bachelor of Science (BSc) in Economics and Business Administration | Esbjerg, Soenderborg, Odense, Kolding | Spring 2024 | Exchange students |
Teachers
Name | Department | City | |
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Julia Bronnmann | jubr@sam.sdu.dk | Institut for Erhverv og Bæredygtighed | Esbjerg |