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LEARNING OBJECTIVES:
Microeconomics
The objectives are that the student after having participated in the microeconomics part of this course should be able to
Mathematics
The objectives are that the student after having participated in the mathematics part of this course should be able to
Statistics
The objectives are that the student after having participated in the statistics part of this course should be able to:
COURSE DESCRIPTION:
The microeconomics part of the course is a course in basic microeconomic theory including consumer and firm behavior. It takes the topics of the Principles of Economics course as the point of departure. These topics are now considered in much more detail and a range of new topics that extend and build on the topics of the Principles of Economics course are introduced. Especially, this part of the course (complemented by the math and statistics parts of the course) should enable students to work with microeconomic problems at a higher theoretical and technical level.
Many problems encountered in economics can often be formulated and solved by using mathematical methods and therefore, mathematics is an important tool in the analysis of fundamental problems in economics. Economic decisions are in most situations mutually dependent through their influence on demand and supply, and therefore, the purpose of the course is to develop mathematical skills to be able to analyse such dependencies and their importance for the allocation of economic resources. The purpose of the mathematical part of this course is to extend the students' knowledge of optimization of functions of several variables to more complicated situations with linear as well as non-linear constraints. In addition, the course builds further on the students' knowledge about linear algebra. Economic applications will be emphasized throughout the course, and the introduction of a mathematical software program will be an integral part of the teaching.
The statistical part of the course provides the students with the ability to make estimates of important parameters in economic models, and to formulate hypothesis tests for these parameters. These methods form the basis for further statistical analysis of economic variables. An introduction is given to Analysis of Variance (ANOVA) models, regression models with dummy variables, and models for categorical data.
COURSE SUBJECT AREAS:
Microeconomics
Mathematics
Statistics
REQUIRED COURSES:
The compulsory courses in the first year of the BSc Economics and Management program
LECTURER: Maria Humlum, Kim Christensen and Gustav Bruze
TEACHING METHOD: Lectures and tutorials.
TEACHING LANGUAGE: Danish
LITERATURE:
Microeconomics
Snyder, S. and W. Nicholson. 2008. Microeconomic Theory - Basic Principles and Extensions. 10th edition. (Chapters 1-7, 9-17, approximately 570 pages)
Notes, weekly exercises and assignments are part of the curriculum.
Mathematics
Carl P. Simon and Lawrence Blume: Mathematics for Economists. New York: W. W. Norton & Company, 1994 (approx. 300 pages).
Notes, weekly exercises and assignments are part of the curriculum.
Statistics
D.A. Berry and B.W. Lindgren, Statistics, Theory and Methods . 1996, chapt. 7-14.
Approx. 330 pages plus lecture notes
FORM OF ASSESSMENT:
4 hours written exam. For admission to the exam three compulsory assignments have to be answered and approved. Two of the compulsory assignments will be within the mathematical and statistical curriculum, while the third compulsory assignment will be within all three parts of the course.
Furthermore, in connection with the tutorials in microeconomics at least 4 assignments must be handed in and approved for admission to the exam.
EXAMINATION AIDS ALLOWED: All, except any electronic communication equipment, including calculators, mobile phones and PCs.