Microeconomics
Study Board of Business Economics
Teaching language: English
EKA: B100081X12, B100081X22, B100081X32, B100081X42, B100081X52, B100081X02, B100081412, B100081112, B100081422, B100081122, B100081432, B100081132, B100081442, B100081142, B100081452, B100081152, B100081402, B100081102
Censorship: Second examiner: None
Grading: Pass/Fail, 7-point grading scale
Offered in: Soenderborg, Odense
Offered in: Autumn
Level: Bachelor
Course ID: B100081X01, B100081401, B100081101
ECTS value: 10
Date of Approval: 02-03-2018
Duration: 2 semesters
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
Mathematics level B from upper secondary school.
Mathematics and Statistics and Entrepreneurship and Understanding Business to be studied simultaneously.
Aim and purpose
The purpose of the course is to provide the students with fundamental knowledge of central microeconomic principles and tools viewed from the company's perspective. It aims at giving the students a wide analytical understanding of the basic decisions of the company regarding profit maximization and optimization of production (including resource procurement) in a market with utility maximizing consumers. The course thereby provides students with the prerequisites to analyze basic economic problems while also forming a theoretical basis for the more advanced courses in managerial economics and business administration. The course makes use of methods and skills acquired through the course Tools for Quantitative Analysis.
Content
Part 1: Markets characterized by perfect competition
- Market equilibrium under perfect competition
- Consumer theory. Utility maximization with rational consumers
- Demand (individual, market)
- Theory of production and costs. Optimization
- Supply (individual, market)
- Introduction to economic efficiency, consumers- and producers surplus
Part 2: Markets characterized by incomplete competition. Decisions under uncertainty and involving time
- Pricing under monopoly
- Introduction to other price determination methods and market forms: price discrimination, oligopoly models
- Factor markets, factor demand.
- Decisions under uncertainty
- Decisions involving time and interest rates, including the company's long-term procurement decisions
Learning goals
The student must demonstrate knowledge and abilities in relation to the subject field and be able to:
General goals:
- Explain concepts and definitions within the subject area of the course.
- Explain and relate these concepts and definitions to short-term economic decision problems, including comparing and assessing elementary economic decision alternatives.
- Explain and discuss the significance of the assumptions underlying the models.
Specific goals:
Part 1:
- Describe and analyze, graphically and mathematically, price determination in a market under perfect competition. Including analyzing the demand curve, the supply curve and the influence of different elasticities.
- Describe and analyze, graphically and mathematically, how the introduction of different forms of taxation affects price formation and the welfare of consumers and producers.
- Describe and analyze how consumers choose between alternatives and solve the consumer’s utility maximization problem graphically and mathematically.
- Describe and analyze graphically how consumer behavior changes with changes in prices and income, and how these changes affect consumer welfare.
- Describe and analyze, graphically and mathematically, how the producer chooses to produce, including the importance of the producer's cost structure and technology.
- Describe and analyze, graphically and mathematically, the producer's supply in the short and long run.
Part 2:
- Describe and analyze, graphically and mathematically, the price formation on a market characterized by monopoly, including under different forms of price discrimination.
- Describe and analyze, graphically and mathematically, price formation under other forms of imperfect competition (duopoly, monopolistic competition).
- Describe and analyze price formation in factor markets.
- Describe the significance of market forms for allocation and economic efficiency, and give arguments for public regulation of enterprises.
- Describe and analyze mathematically the consumer's choice under uncertainty and explain the significance of risk aversion.
- Use discounted cash flow calculations to determine the time value of money amounts.
- Describe, compare and use models using cash flows over time.
Literature
Perloff J.M.: Microeconomics with MyEconLab, Global Edition 7/E
ISBN: 9781292071732
The book is a ”package solution” consisting of the book and an access code for MyEconLab.
Teaching Method
The student is expected to gain knowledge of the course subjects through independent study of literature. These studies will be supported by lectures in the subjects of the course. The purpose of the lectures is to give an overview of the curriculum and to facilitate the understanding of complicated subject areas.
The skills that are obtained in the course, the student will learn through independent work solving exercise problems given in the course. This work can be carried out alone or in a study group. The student will be supported in exercise classes, where solution methods to the exercises posed will be shown and discussed based on the students’ suggested solutions.
Furthermore, the student must each semester solve at least 4 out of 5 online problem sets via MyEconLab. These problem sets are mandatory and serves the purpose of giving the students an opportunity to test their knowledge and obtained skills during the course and of highlighting the importance of working with the subjects.
Finally, the student must each semester participate in a mock exam held half-way through the semester, for which feedback is given as peer-feedback via peergrade.io. Participation in both the mock exam and the peer-feedback is mandatory.
Workload
Schedueled classes:
Two lectures and one exercise session lesson per week for two semesters.
Lectures: 56 hours.
Exercise sessions: 26 hours.
Teaching is in English. Two lectures and one exercise session lesson per week for two semesters. The lecturer may decide to have 2 exercise lessons every other week instead. Teaching is coordinated using blackboard and MyEconLab.
Time of classes: Autumn and spring as respectively first and second semesters.
Students will be required to do approximately 270 hours of work, which is expected to be spent as follows:
Lectures: 56 hours.
Exercise sessions: 26 hours.
Preparation for lectures/syllabus: 101 hours.
Preparation for exercise sessions: 47 hours.
10 sets of assignments (5 each semester): 30 hours.
Mock exam and peer-feedback: 5 hours.
Examinations: 5 hours.
Examination regulations
Examination - 1st semester
Name
Examination - 1st semester
Timing
Ordinary exam / reexam is held as follows:
Peer-feedback part 1: 1st exam attempt is held during 1st semester with reexam held during 1st semester, 3rd exam attempt in August after 2nd semester.
MyEconLab part 1: 1st exam attempt is held during 1st semester.Reexam in February, 3rd exam attempt in August after 2nd semester.
Written examination part 1: Ordinary exam in January. Reexam in February. 3rd exam attempt in August after 2nd semester.
Rules
-3 is not allowed
Tests
Peer-feedback part 1
Name
Peer-feedback part 1
Form of examination
Compulsory assignment
Censorship
Second examiner: None
Grading
Pass/Fail
Identification
Student Identification Card - Exam number
Language
English
Duration
Mock exam 1 hour.
The feedback part can be done within a given time-frame of up to 5 days.
The feedback part can be done within a given time-frame of up to 5 days.
Examination aids
All exam aids allowed.
Assignment handover
Via the course page in Blackboard.
Assignment handin
Via peergrade.io. The feedback must also be given vio peergrade.io.
ECTS value
0.5
Additional information
Mandatory mock exam with peer-feecback.
The examination is held using the students own PC.
Internet access is required.
EKA
B100081X12
B100081412
B100081112
B100081412
B100081112
MyEconLab part 1
Name
MyEconLab part 1
Form of examination
Compulsory assignment
Censorship
Second examiner: None
Grading
Pass/Fail
Identification
Student Identification Card - Exam number
Language
English
Duration
5 problem sets throughout the semester. Each problem set can be answered within a given timeframe (of e.g. 14 days).
Within announced period of time.
Information will be given in the exam plan.
Examination aids
All exam aids allowed.
Assignment handover
Via MyEconLab.
Assignment handin
In MyEconLab.
ECTS value
0.5
Additional information
The examination is held using the students own PC.
Internet access is required.
To pass MyEconLab part 1, 4 out of the 5 problem sets of the semester must be accepted. A problem set is accepted if the student obtains at least 75% correct answers. Each problem set must be completed within a given timeframe (say 14 days). Within this timeframe the student may repeatedly work to improve the answers to the problem set. If the course is not passed, a “pass” for the mandatory assignment can be transferred to the following term.
There will be a re-examination in the mandatory assignments in February/August consisting of an assignment in MyEconLab, The extent corresponds to 4 problem sets of a given semester.
EKA
B100081X22
B100081422
B100081122
B100081422
B100081122
Written examination part 1
Name
Written examination part 1
Form of examination
Written examination on premises
Grading
7-point grading scale
Identification
Student Identification Card - Exam number
Language
English
Duration
2 hours.
Length
No limit.
Examination aids
All exam aids allowed.
Assignment handover
Will be handed out in the examination room.
Assignment handin
Only digital submission, via SDU-assignment in the course page in Blackboard.
ECTS value
4
Additional information
The examination is held using the students own PC.
Internet access is required.
The topics and objectives worked on during the first semester are tested in Written examination part 1.
EKA
B100081X32
B100081432
B100081132
B100081432
B100081132
Examination - 2nd semester
Name
Examination - 2nd semester
Timing
Ordinary exam / reexam is held as follows:
Peer-feedback del 2: 1st exam attempt is held during 2nd semester with reexam held during 2nd semester.
MyEconLab del 2: 1st exam attempt is held during 2nd semeste. Reexam in August.
Skriftlig prøve del 2: Ordinary exam in June. Reexam in August.
Rules
-3 is not allowed
Tests
Peer-feedback part 2
Name
Peer-feedback part 2
Form of examination
Compulsory assignment
Censorship
Second examiner: None
Grading
Pass/Fail
Identification
Student Identification Card - Exam number
Language
English
Preparation
Duration
Mock exam 1 hour.
The feedback part can be done within a given time-frame of up to 5 days.
Examination aids
All exam aids allowed.
Assignment handover
Via the course page in Blackboard.
Assignment handin
Via peergrade.io. The feedback must also be given vio peergrade.io.
ECTS value
0.5
Additional information
Mandatory mock exam with peer-feecback.
The examination is held using the students own PC.
Internet access is required.
EKA
B100081X42
B100081442
B100081142
B100081442
B100081142
MyEconLab part 2
Name
MyEconLab part 2
Form of examination
Compulsory assignment
Censorship
Second examiner: None
Grading
Pass/Fail
Identification
Student Identification Card - Exam number
Language
English
Duration
5 problem sets throughout the semester. Each problem set can be answered within a given timeframe (of e.g. 14 days).
Within announced period of time.
Information will be given in the exam plan.
Examination aids
All exam aids allowed.
Assignment handover
Via MyEconLab.
Assignment handin
Via MyEconLab.
ECTS value
0.5
Additional information
The examination is held using the students own PC.
Internet access is required.
To pass MyEconLab part 1, 4 out of the 5 problem sets of the semester must be accepted. A problem set is accepted if the student obtains at least 75% correct answers. Each problem set must be completed within a given timeframe (say 14 days). Within this timeframe the student may repeatedly work to improve the answers to the problem set. If the course is not passed, a “pass” for the mandatory assignment can be transferred to the following term.
There will be a re-examination in the mandatory assignments in August consisting of an assignment in MyEconLab, The extent corresponds to 4 problem sets of a given semester.
EKA
B100081X52
B100081452
B100081152
B100081452
B100081152
Written examination part 2
Name
Written examination part 2
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
No limit.
Examination aids
All exam aids allowed.
It is not allowed to communicate with anyone during the exam.
It is not allowed to communicate with anyone during the exam.
Assignment handover
Will be handed out in the examination room.
Assignment handin
Only digital submission, via SDU-assignment in the course page in Blackboard.
ECTS value
4
Additional information
The examination is held using the students own PC.
Internet access is required.
The fulfillment of all objectives, with an emphasis on topics and objectives worked on between February and May will be tested at the Written examination part 2.
EKA
B100081X02
B100081402
B100081102
B100081402
B100081102
External comment
NOTE - This course is identical with the former course 83100x01 / Odense: 83100601 + 83101601 Sønderborg: 83100701 + 83101701 Microeconomics.
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.
If a student does not meet the established university prerequisites for taking the exam, he or she has used one examination attempt, unless the University has made an exemption due to special circumstances.
Form of examination can be changed for the re-examination. This will be announced after the registration deadline.
Grades for the course are awarded as an average of the grades for Written examination part 2 and Written examination part 1, where Written examination part 2 (the final examination) is given a 2/3 weighting and Writen examination part 1 a 1/3 weighting.
To pass, the student must have achieved an average of at least 02 without rounding up. The partial grades -3 and “U” may not be included. The partial grade 00 cannot be improved, if the student already participated in both examinations and achieved an average of 02 or more as described above.