Introduction to Microeconomics
Study Board of Business Economics
Teaching language: English
EKA: B220012112, B220012122, B220012102
Censorship: Second examiner: None
Grading: Pass/Fail, 7-point grading scale
Offered in: Odense
Offered in: Autumn
Level: Bachelor
Course ID: B220012101
ECTS value: 5
Date of Approval: 02-03-2018
Duration: 1 semester
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
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 an 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
The course focuses on 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
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:
- 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.
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.
Lectures: 56 hours.
Exercise sessions: 26 hours.
Teaching is in English. Two lectures and one exercise session lesson per week. The lecturer may decide to have 2 exercise lessons every other week instead. Teaching is coordinated using blackboard and MyEconLab.
Students will be required to do approximately 135 hours of work, which is expected to be spent as follows:
Lectures: 28 hours.
Exercise sessions: 13 hours.
Preparation for lectures/syllabus: 51 hours.
Preparation for exercise sessions: 24 hours.
5 sets of assignments: 15 hours.
Mock exam and peer-feedback: 2 hours.
Examination: 2 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
MyEconLab part 1: 1st exam attempt is held during 1st semester.Reexam in February.
Written examination part 1: Ordinary exam in January. Reexam in February.
If the course is taken as a supplementary course after admission to the master's programme (cand.merc.):
If the course is taken as a supplementary course after admission to the master's programme (cand.merc.):
In this case, the student must sit for and pass the exam in this course no later than 6 months after commencing their studies. 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. If the student does not participate in the examination, the student will use an examination attempt.
3rd exam attempt will be offered in August.
3rd exam attempt will be offered in August.
The university may grant an exemption from the rules in case of exceptional circumstances.
Examination form at the re-exam may be changed.
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
B220012112
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
B220012122
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
B220012102
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.