Business Economics (MSB107)
This master level course in microeconomics provides students with the analytical skills necessary for conducting rigorous examinations of consumer choice, producer decisions and market formation. Students will also learn how to decode applied microeconomic research and gain hands-on experience in empirical analysis. Microeconomics provides important tools for leaders in business environments, analysts in planning and resource management and researchers in both the private and public sector. In the words of J. M. Keynes: "The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine. An apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions."
Course description for study year 2024-2025. Please note that changes may occur.
Course code
MSB107
Version
1
Credits (ECTS)
10
Semester tution start
Autumn
Number of semesters
1
Exam semester
Autumn
Language of instruction
English
Content
Microeconomic analysis provides critical tools for modern business leaders, public policymakers and resource managers, as well as researchers in both the private and public sector.
This course introduces students to microeconomic theory and its real-world applications at the master's level. The first part of the course presents core neoclassical theories of the consumer, firm, and market equilibrium outcomes, emphasizing training in abstract thinking and formal analysis (i.e., mathematical, graphical, and verbal). Strategic decision making by consumers and firms in a game theoretic framework is also covered.
The second part of the course covers a selection of extended microeconomic topics (e.g., public economics and behavioral economics). Throughout the semester, the students will also practice applied microeconomic analysis (e.g., decoding and analyzing scientific articles; data analysis; scientific writing).
Learning outcome
Knowledge
Upon completion of the course, students will have:
- An advanced understanding of key microeconomic concepts, theories and models that form the basis of the course and the science of economics
- The ability to see the complexity and scope of the determinants of economic behavior in consumers, producers and other types of microeconomic agents
- Developed extensive knowledge and economic intuition regarding the formalization of models of the decision-making processes of microeconomic agents
- Understand how extensions/modifications of consumer theory, producer theory, and market equilibrium models are relevant for addressing real-world challenges
- Solve microeconomic models using statistical software (e.g., R) and simulate demand, supply, market price, and competitive equilibriums.
Skills
Upon completion of the course, students will:
- Have the ability to use different theories and models to analyze what drives economic actors in different situations
- Know how to read and comprehend published microeconomic research
- Be capable of implementing their own applied microeconomic research
- Be able to apply microeconomic tools as a basis for evaluating and developing economic decision-making strategies in both the private and public sectors of the economy
- Be able to analyze the causes of and potential solutions to real-world challenges such as designing wage contracts, mitigating free-riding in teams, and selecting channels of advertising.
- Know how to use statistical software for simulating economic models such as predict market prices
Required prerequisite knowledge
Recommended prerequisites
Exam
Folder exam and written exam
Form of assessment | Weight | Duration | Marks | Aid |
---|---|---|---|---|
Folder (multi-part individual or group assignment) | 2/5 | 1 Semesters | Letter grades | |
Written exam | 3/5 | 4 Hours | Letter grades | Dictionary 1), Valid calculator, |
1) Dictionary: English-English, English-other, other-Englis
Course teacher(s)
Course coordinator:
Hammad ShaikhStudy Program Director:
Yuko OnozakaMethod of work
Attend lectures, process course material (textbook chapters, scientific articles, etc.), solve practice problems (both graded and non-graded), work in learning teams. The expected distribution of effort is approximately as follows:
Attending lectures = 40 hours
Attending practice sessions = 20 hours
Learning team work = 110 hours
Independent study = 110 hours
Overlapping courses
Course | Reduction (SP) |
---|---|
Microeconomics (MØA107_1) | 10 |