Micro Economics in a Business Context

Study Board of BSc in Economics and Business Administration

Teaching language: English
EKA: B220017302
Censorship: Second examiner: None
Grading: 7-point grading scale
Offered in: Esbjerg
Offered in: Summer school (spring)
Level: Supplementation

Course ID: B220017301
ECTS value: 5

Date of Approval: 13-09-2023


Duration: Intensive course

Course ID

B220017301

Course Title

Micro Economics in a Business Context

Teaching language

English

ECTS value

5

Responsible study board

Study Board of BSc in Economics and Business Administration

Date of Approval

13-09-2023

Course Responsible

Name Email Department
Julia Bronnmann jubr@sam.sdu.dk Institut for Erhverv og Bæredygtighed

Offered in

Esbjerg

Level

Supplementation

Offered in

Summer school (spring)

Duration

Intensive course

Recommended prerequisites

Matematic level B.

Aim and purpose

To give students a fundamental knowledge of the economic behaviour of the individual consumer and producer on a level permitting the student to describe and analyze a simple economic problem by use of standard micro economic models and concepts. The student is provided with knowledge about determinants for price and demand in a given market and an understanding of which factors determine market structures and competitive structures.

Content

Theory of demand (individual, market), including rational consumer behaviour; 
Theory of production and costs when using one or more factors of production; 
Market structures and the influence on competition. Industry and competition policy, and regulation.

Learning goals

The student must be able to demonstrate: 

Description of outcome - Knowledge

In the case of two goods: 
  • 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. 

    Perloff J.M.: Microeconomics. Edition 8/E without Mylab economics ISBN: 978-1-292-21562-4 or similar textbook
    Read chapter 2 - 9 (except 5.4, 7.5, 9.7) and chapter 11+12+15

    Teaching Method

    Online one week end July or in August..
    Independent studies supplemented by four days of training for examination. 
    The premise for the lectures is that the student has read the literature previously to attending lectures.

    Workload

    Scheduled online teaching via Zoom:
    4 x 3 hours in one week in July/August, Specific dates please see below External comment.

    Workload:
    Students will be required to do approximately 135 hours of work, which is expected to be spent as follows:
    Lectures: 12 hours.
    Preparation for lectures and exam: (approx) 120 hours. 
    Examination: 3 hours.

    Examination regulations

    Exam

    Name

    Exam

    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

    Name

    Home assignment

    Form of examination

    Take-home assignment

    Censorship

    Second examiner: None

    Grading

    7-point grading scale

    Identification

    Student Identification Card - Exam number

    Language

    English

    Duration

    3 hours

    Length

    Unlimited. 

    Examination aids

    The examination is held using the students own PC.
    All examination aids permitted. It is not allowed to communicate with others. 

    Assignment handover

    Will be handed out electronic via Digital Exam. 

    Assignment handin

    Handin via Digital Exam. 
    Handwritten enclosures cannot be submitted as part of the examination paper. 

    ECTS value

    5

    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

    B220017302

    External comment

    Teaching online: 4 x 3 hours in week 32 in August 2024 (August 5th to August 8th both dates included). 

    Used examination attempts in the former identical course will be transferred.
    Courses that are identical with former courses that are passed according to applied rules cannot be retaken.

    Courses offered

    Offer period Offer type Profile Education Semester
    Spring 2024 Mandatory Supplering - alle byer / E19 - F20 - E20 - F21 - E21 - F22 - E22 Bachelor of Science in Economics and Business Administration | Bachelor of Science (BSc) in Economics and Business Administration | Esbjerg, Soenderborg, Slagelse, Odense, Kolding 2
    Spring 2024 Exchange students

    Teachers

    Name Email Department City
    Julia Bronnmann jubr@sam.sdu.dk Institut for Erhverv og Bæredygtighed Esbjerg

    URL for Skemaplan