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POL PME1 - Managerial Economics I

Faculty
tba
Course Coordinator
Michael Hedegaard
Prerequisite/progression of the course
The students must document a level in English equal to TOEFL 575 and a level in mathematics equal to Danish level B. The course is part of the BSc. in Business Administration & Service Management at CBS. It may be followed both by students from the service management study and by other students as an elective, referring to the prevailing rules.
Course content, structure and teaching
Spanning two semesters the collected course covers six main topics. In the first semester the topics are: The Company in Context: The objective is to analyze and evaluate the company’s surroundings, identifying the possible factors influencing the industry and its players and their managerial decisions. Production and Costs: The objective is to explain the issue of production theory, both short term and long term, and its significance when deciding relevant costs and costs calculus. Further, to set up cost calculus by using different models for cost-calculating, as well as accounting for the important assumptions in this context. Market Forms, Demand and Pricing: The objective is to analyze market forms and their impact on pricing. In addition the students are expected to set up demand and supply functions, discuss pricing and evaluate the meaning of elasticities in this context. Optimizing under Different Market Forms, Decision Situations and Restrictions: The objective is to set up conditions and assumptions regarding optimizing under different market forms, decision-making situations and restrictions. Further students’ should be able to use this background information to set up relevant optimizing scenarios and models.
Learning Objectives
After having followed the semester course the student should be able to:
  • Describe and justify the different models and theories in the syllabus, including the basic assumptions behind these models and theories.
  • Describe and discuss knowledge regarding the situations where these models and theories can be used.
  • Analyze, foresee, and discuss the relevant and non-relevant facts in relation to the definite business economic as well as practical problem formulation.
  • Generally and specifically identify, analyze and problem-solve, using professional vocabulary, methods, theories, and models.
  • Apply personal problem-solving methods in relation to theory and practice and reflect over personal problem-solving and results in a self-critical manner.
Type of examination, exam aids and assessment
Individual written 4-hour open book exam graded by teacher and external censor on the 7-point scale.
It is allowed to bring books, notes and dictionaries to the exam. It is allowed to bring a pocket calculator that does not have a wireless connection. It is not allowed to bring PCs nor other devices that will enable communication with other persons (i.e. telephones, cell phones, PDAs, blackberries, etc). The ordinary exam is in January.
Examination
Written four hours individual exam with open book, which counts for 100% of the final grade.
Exam aids: For this open book exam, students are allowed bring language dictionaries as well as literature and notes. The only electronic device allowed at the exam is a non-programmable calculator (in other words, the following are NOT allowed: laptop, USB stick, mobile phone etc.).
Course literature
tba

Last updated by The International Office 03/05/2010