Business Economics (MSB107)

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

Course teacher(s)

Course coordinator:

Study Program Director:

Method 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

Open for

Course assessment

Literature