BUSINESS
ECONOMICS
Introduction
BUSINESS ECONOMICS 2023
AHMAD HASSANI
Tutors
Microeconomics
TEAM
Ying Dai
yingdai@econ.au.dk
Peter Jensen
Lecturer
Descriptive Economics
pje@econ.au.dk
Ahmad Hassani
Lecturer
Microeconomics
ahass@econ.au.dk
Mark Hellsten
BUSINESS ECONOMICS 2023
AHMAD HASSANI
mhellsten@econ.au.dk
2
ORGANIZATION OF COURSE
Lectures:
• Wednesdays: 10:00-12:00 in 2636 - U1 (weeks 5-13, 15-19)
• Fridays: 12:00-14:00 in 2636 - U1 (weeks 5-13, 15-16)
• Monday: 14.00-16.00 in 2636 - U1 (week 17)
• Thursday: 14.00-16.00 in 2636 - U1 (week 18)
• Easter break: week 14
Problem Sets: Weeks 8, 10, 12, 15, 17, 19, 20 (Micro)
Workshops:
• Descriptive economics: week 17, at 8.15 on Wednesday 26/04
• Microeconomics: week 19, at 12.00 on Friday 12/05
Portal: https://brightspace.au.dk
Exam: 4-hour, closed-book, written exam (WO) covering both subjects
BUSINESS ECONOMICS 2023
AHMAD HASSANI
3
TEXTBOOK
Goolsbee, Levitt and Syverson,
2020, Microeconomics (Third
Internatl. Ed.) Worth Publishers (LINK)
BUSINESS ECONOMICS 2023
AHMAD HASSANI
4
TENTATIVE OUTLINE (1)
1. Basic Concepts
Ch. 1-2: Supply and Demand
Ch. 3: Analyzing Markets
(weeks 5-6)
(weeks 6-7)
2. Consumption and Production
Ch. 4: Consumer Behavior
Ch. 5: Individual and Market Demand
Ch. 6: Producer Behavior
Ch. 7: Costs
(weeks 8-9)
(weeks 9-10)
(weeks 10-11)
(weeks 11-12)
BUSINESS ECONOMICS 2023
AHMAD HASSANI
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TENTATIVE OUTLINE (2)
3. Markets and Prices
Ch 8: Supply in Competitive Market
Ch 9: Market Power and Monopoly
Ch 10: Market Power and Pricing Strategies
Ch 11-12: Game Theory and Imperfect
Competition
4. Workshop (overview and revision)
BUSINESS ECONOMICS 2023
(weeks 12-13)
(weeks 13 & 15)
(weeks 15-16)
(weeks 17-18)
(week 19)
AHMAD HASSANI
6
OMISSIONS
Sections 3.3 and 3.5
Nonstandard Budget Constraints in Section 4.3 (p. 114-117)
Corner Solutions in Section 4.4 (p. 122-125)
Section 5.3
Section 6.7
Section 9.6
Sections 10.5, 10.6
Section 11.2, 11.6
Mixed and Maximin strategies in 12.2 (p. 429-433), and 12.3, 12.5
Appendices of Chapters 4, 5-7, and 9
BUSINESS ECONOMICS 2023
AHMAD HASSANI
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TUTORIALS
Problem Set 1 (week 8)
Problem Set 2 (week 10)
Problem Set 3 (week 12)
Problem Set 4 (week 15)
Problem Set 5 (week 17)
Problem Set 6 (week 19)
Problem Set 7 (week 20)
BUSINESS ECONOMICS 2023
AHMAD HASSANI
8
REQUIREMENTS
What is expected from you?
Active participation in class, readings, problem sets:
● Before lecture, you prepare readings.
● Before tutorial: try to solve the problems within your study groups.
● Before tutorial: actively participate in tutorial sessions, compare
your solutions with the suggested solutions provided by TAs, and ask
your questions.
Working knowledge of basic mathematics. For example,
● solving (linear) equations in unknowns
● taking (partial) derivatives
Refresher in Math Review Appendix (after p. 649)
BUSINESS ECONOMICS 2023
AHMAD HASSANI
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HOW TO PRACTICE
Tutorials: Solve problems sets and attend tutorials.
Additional tools in the book:
1.
Review Questions: At the end of each book chapter. Solutions in the back of the book
2.
Problems: Some select problems have solutions in the back of the book. For each
chapter, I go through some of the problems and give you links for the pre-recorded
videos (short but useful).
3.
Figure It Outs: Illustrate how to translate theory, graphs, and mathematics into
successful problem-solving skills and show step-by-step solutions. Understand this and
you can solve all other problems too.
4.
Make the Grade Boxes: These help you avoid some common mistakes made by
students.
BUSINESS ECONOMICS 2023
AHMAD HASSANI
10
INSTITUT FOR ØKONOMI
AARHUS UNIVERSITET