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

B220017301

Course Title

Micro Economics in a Business Context

Teaching language

English

ECTS value

5

Responsible study board

Study Board of Business Economics

Date of Approval

13-09-2019

Course Responsible

Name Email Department
Urs Steiner Brandt usb@sam.sdu.dk

Offered in

Esbjerg

Level

Supplementation

Offered in

Summer school (spring)

Duration

Intensive course

Mandatory prerequisites

None.

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 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. 

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. 

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.
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. 


Courses offered

Offer period Offer type Profile Education Semester

Teachers

Name Email Department City
Brooks Kaiser baka@sam.sdu.dk Esbjerg

URL for Skemaplan