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: 18-09-2020
Duration: Intensive course
Course ID
Course Title
Teaching language
ECTS value
Responsible study board
Date of Approval
Course Responsible
| Name | Department | |
|---|---|---|
| Urs Steiner Brandt | usb@sam.sdu.dk | Institut for Sociologi, Miljø- og Erhvervsøkonomi |
Offered in
Level
Offered in
Duration
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
One week in August.
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
Scheduled tecahing:
4 x 3 hours in one week in August, Specific dates please see below External comment.
Students will be required to do approximately 135 hours of work, which is expected to be spent as follows:
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 exam in August right after the time of the scheduled classes. See External comment.
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 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.
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 electronic via Digital Exam in the examination room.
Assignment handin
Via Digital Exam.
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
The head of study can decide to change the form of reexam to an oral exam, if there are few students registrered for the exam or the re-exam. The students are informed about the change in format after the ordinary exam has taken place.
EKA
B220017302
External comment
Teaching: 4 x 3 hours in week ?? in August 2021 (August ?? to August ?? both dates included) will be updated in April 2021.
Exam: August ?? 2021. Reexam: August ?? 2021 (Exact dates to be announced in April 2021).
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.
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.