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

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

18-09-2020

Course Responsible

Name Email Department
Urs Steiner Brandt usb@sam.sdu.dk Institut for Sociologi, Miljø- og Erhvervsøkonomi, The Management and Economics of Resources and Enviroment (MERE) Research Group

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 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:
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 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 in situ exam

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 electronic via Digital Exam in the examination room. 

Assignment handin

Via Digital Exam. 
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 31 in August 2021 (August 2nd to August 6th both dates included) . 
Exam: August 6th 2021. Reexam: August 24th 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.
Courses that are identical with former courses that are passed according to applied rules cannot be retaken.

Courses offered

Period Offer type Profile Programme Semester
Spring 2021 Optional BSc Market and Management Anthropology - Year 2018 BSc in Market and Management Anthropology | Bachelor of Science in Market and Management Anthropology | Odense
Spring 2021 Mandatory Supplering - alle byer / E19 - F20 - E20 - F21 - E21 - F22 MSc in Economics and Business Administration | Master of Science (Msc) in Economics and Business Administration | Esbjerg, Odense, Kolding

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