Micro Economics in a Business Context
Study Board of Business Economics
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: 13-09-2019
Duration: Intensive course
Course ID
Course Title
Teaching language
ECTS value
Responsible study board
Date of Approval
Course Responsible
Offered in
Level
Offered in
Duration
Mandatory prerequisites
Recommended prerequisites
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
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 the lectures beginning in August.
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
In August 2020 (to be announced in April 2020). Teaching will be in ?? August 2020, and then exam the following day after last lecture. (?? to be announced later).
Independent studies supplemented by four days (10-13) of training for examination.
The premise for the lectures is that the student has read the litterature previously to attending lectures.
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
The student will automatically be enrolled for the exam Friday August ?? after 4 days lectures in week ?? in August 2020 (?? to be announced later).
It will not be possible to unregister from the exam. If the student does not participate in the ordinary exam beginning August 2020 it will result in the loss of an examination attempt.
Examination form at the re-exam can be changed.
The time for reexam will be end August (week ??) 2020, and the exact date will be informed after the ordinary exam. (?? to be announced later).
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 re-exam following the ordinary exam.
If the course is taken as an elective on a bachelor programme:
Registration for the course is automatically a registration for the ordinary examination in the course. Cancellation is not possible.
The form of the reexam is subject to change. The students are informed about the change in format after the students have signed in the reexam.
Tests
Written exam
Name
Written exam
Form of examination
Written examination on premises
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.
Internet access is necessary.
All examination aids permitted. It is not allowed to communicate with others.
All examination aids permitted. It is not allowed to communicate with others.
Assignment handover
Will be handed out in the examination room.
Assignment handin
Via SDU Assignment in Blackboard.
Handwritten enclosures cannot be submitted as part of the examination paper.
Handwritten enclosures cannot be submitted as part of the examination paper.
ECTS value
5
Additional information
3 hours written exam at SDU.
If the teacher is Danish-speaking, the student is free to choose between answering the exam in English or Danish.
If there are few students registrered for the exam or the re-exam the vice-head of department can decide that the form of exam and reexam change to an oral exam.
EKA
B220017302
External comment
NOTE - This course is identical with the former course 9263551 Micro Economics in a Business Context.
Used examination attempts in the former identical course will be transferred.
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.
The student is automatically registered for the first examination attempt when the student is registered for a course or course element with which one or more examinations are associated. Withdrawal of registration is not possible, and students who fail to participate in an examination have used one examination attempt, unless the University has made an exemption due to special circumstances.