Economics (BT1210)
Course load:
Block:
Coordinator:
Teaching staff:
Course structure:
Course schedule:
Examination:
5 EC
3a
Prof. dr. Wolf Wagner
Prof. dr. Wolf Wagner and Yifan Ma
9 live (online) sessions of 90 mins, 3 (online) workshops of 90 minutes, 9 (online) Q&A sessions
timetables.eur.nl
Written test: 100% of grade (open questions)
3 Multiple Choice Quizzes for a bonus question at exam
Contact information
1. Students are expected to use the Discussion Board on Canvas for content-related and
administrative questions.
2. In addition, after each live session a Q&A session will be held during which students
can ask questions.
3. There are also three workshops scheduled during which questions about specific exercises can be asked.
Students are expected to make use of the above three communication channels and not to contact teachers via personal email.
Course overview
The course examines three interrelated questions:
1) How do firms (and individuals) make optimal choices?
2) In what way do these choices interact through markets?
3) How do businesses and managers adjust their decision making process to the characteristics of the markets in
which they operate?
The first part of the course focuses on developing a sound understanding of the basic principles of consumer choice
and the efficient use of inputs by firms. The second part of the course brings consumers and firms to the market
place. Here we study how different market structures (perfect competition, monopoly, oligopoly, monopolistic competition) affect pricing and the allocation of resources. The final part of the course studies how various imperfections
(such as asymmetric information and/or non-cooperative behaviour) affect outcomes.
A strong emphasis is placed on the applicability of theories, principles and concepts to actual situations
and concrete management problems. The skills developed during the course enable the students to (1) understand
concrete situations and (2) to have an impact on these situations.
Note: The course delivery (live session + workshops) takes place online.
Learning goals
To understand producer (and consumer) behavior and its impact on markets
To grasp basic economic theories and principles and their impact on business strategies
To develop an understanding of the basic market structures and what they imply for a company’s
strategic behaviour
To apply the tools of economics to solve business as well some economic problems
1
Course information
Pre-requisites: No specific requirements
Division of workload:
Live sessions
Workshops (3x)
MC quizzes (3x)
Written test
Self-study
Total
18
6
1.5
2
112.5
140
hrs
hrs
hrs
hrs
hrs
hrs
Course structure
Course
Week
1
Content
Literature
Chapter 1
Chapter 2
Chapter 4
Chapter 5
Chapter 6 (6.6 can be skipped)
Chapter 7
Bonus test I
Introduction
Supply and Demand
Consumer Behaviour
Individual and Market Demand
Producer Behaviour
Producer Costs
Covering Sessions 1-3
Workshop I
Live Session 4
Covering Sessions 1-3
Supply in a Competitive Market
Live Session 5
Market Power and Monopoly
Live Session 6
Pricing Strategies
Bonus test II
Covering Sessions 4-6
Workshop II
Covering Session 4-6
Live Session 7
Imperfect Competition
Live Session 8
Live Session 9
Asymmetric Information
Game Theory
Bonus test III
Covering Sessions 7-9
Workshop III
Exam
Covering Sessions 7-9
Live Session 1
Live Session 2
Live Session 3
2
3
4
Chapter 8 (8.5 can be skipped,
Chapter 3.1
Chapter 9 (9.5 and 9.6 can be
skipped)
Chapter 10 (10.6 can be
skipped)
Chapter 11 (11.6 and 11.7 can
be skipped
Chapter 16
Chapter 12 (12.3 can be
skipped)
Structure of the Live Sessions
The purpose of the life sessions is to give an overview of the basic theories about the organization and behaviour of
companies and markets. The emphasis is on the compulsory literature, but we will also discuss some examples of
concrete situations in which the practical relevance of theoretical concepts is shown. Attending live sessions is not
compulsory, but strongly advised.
Students are advised to read the respective chapters that are covered in each live session prior to the session.
The live sessions will take place via ZOOM. Prior to each live session, the slides will be made available to students
through Canvas.
Recordings: The live sessions will be recorded. For students who miss a live session, recordings will be made available (typically the day after the live session).
2
Workshops
To encourage students to solve the exercises from the book systematically and to provide additional guidance on the
solutions students can attend 3 workshops. Attendance to these sessions is NOT MANDATORY. The objective is to
solve and discuss the exercises that turn out more difficult for the students. Each workshop will deal with the material
of the immediately preceding live sessions. Before each workshop there will be an online poll on Canvas that allows
students to indicate the exercises they would like to receive more guidance on.
Study material
1. The course will follow the following text book: Goolsbee, Levitt, and Syverson, Microeconomics, 3rd Edition
(International Edition), ISBN: 9781319306793 (the live sessions closely follow the content of the textbook,
though not always exactly).
2. Course material provided on Canvas
3. Supplementary study material: Achieve, the online study platform for the textbook. The platform has useful
exercises, videos, general study advice, and tips.
Notes:
•
•
•
Feedback from prior-year students has indicated that for almost all of them the exercises in the
book provide already sufficient study material.
Achieve has to be bought at the time of the book purchase (through the Studystore) but is not
available separately.
There is a 14-day trial period for using Achieve.
Attendance rules
Attendance at live sessions and workshops is not mandatory. Note, however, that every week features a quiz that
can earn the right to a bonus question at the exam.
Assessment and examinations
Written test: There is a single written test that makes up the entire course grade. This test
covers the material covered in the nine live sessions. The specific book chapters covered are
mentioned in the course structure above. The test has open questions.
MC quizzes: During the period of the course, there are three MC quizzes. Each MC quiz will
consist of 10 questions relating to the content of the three immediately preceding live sessions.
Students who have overall at least 70% of the questions correct (that is, at least 21 questions
out of 30) earn the right to answer a bonus question at the exam. The bonus question allows
students to earn up to 0.8 points on top of their grade (the maximum final grade remains capped
at 10 though).
Bonus credits are only valid if the grade from the written test (excluding the bonus) is at least 5.5. The bonus grade
cannot be carried over to future years.
To pass the course, the grade on the written test (excluding the bonus) has to be at least 5.5.
Re-sit test: The re-sit exam will have the same structure as the written test.
Note: Students are expected to take individual tests to the best of their own ability, without seeking or accepting the
help of others, without using resources that are not explicitly allowed, and without helping others. Please be aware
that violation of these terms will be considered fraud.
Examination dates
Written test: See timetables.eur.nl (120 mins, 100%)
3
Re-sit written test: See timetables.eur.nl (120mins, 100%)
Examination registration
Registration for the course in Osiris means that you will automatically be registered for the regular written tests and
non-written tests. Course registration will be done by Programme Management for all students who have not yet
followed or passed this course (based on studying in or beyond nominal time).
Students who have not passed the course after the regular written test will be automatically registered for the re-sit
by Programme Management. If you have already passed the course but would like to take the re-sit of the written
test to improve your grade, then you must register yourself in Osiris Student. Registration for the re-sit will be possible via Osiris 26 to 5 working days before the date of the written test. Specific registration dates per course can be
found via courses.eur.nl (see test enrolment). Please make sure you register before the deadline and to check
whether you have received a confirmation e-mail upon your re-sit registration. Registration after the deadline is not
possible.
For RSM minors: If you have already passed the minor but would like to take the re-sit of the written test to improve
your grade, send an email to BSc Programme Management (bsc.pm@rsm.nl) to register for the re-sit. Registration for the re-sit will be possible 26 to 5 working days before the date of the written test. Please make sure you
register before the deadline. Registration after the deadline is not possible.
Examination perusal
The date and time of perusal will be announced once the examination results are published.
Retaking the course
Students retaking the course must complete each assessment part based on the material as required for the current academic year. Students retaking the course are not allowed to carry over their partial grades from previous
academic years. In addition, the examination for re-takers is based on the content and conditions that apply to the
current academic year.
Validity of grades
Partial grades are only valid during the current academic year.
Examination information
MC quizzes: The solutions will be made available after each quiz through Canvas. Difficult
questions will be discussed during the workshops. The overall individual performance will
be made available after all quizzes have been passed.
Written test: The specifics for the perusal will be announced when the grades are published.
4
Assessment Plan
Course: Economics [BT1210]
Educational goals per course
MC quizzes
Written test
Total
To understand producer (and consumer) behavior and its impact on markets
x
x
x
To grasp basic economic theories and principles and their impact on business strategies
x
x
x
x
x
x
x
x
x
100%
100%
After following this course, the student is able to:
To develop an understanding of the basic market structures and what they imply for a company’s strategic behaviour
To apply the tools of economics to solve business as well some economic problems
Weighting factor
Minimum grade requirement (4.5 or Pass)
Opportunity to resit within the academic year (Yes/No)
Form of examination (e.g. MC, Open-book, etc.)
Group / individual
5
Bonus question for
written test (up to
0.8)
Not applicable
No
Not applicable
Yes
MC
Open questions
Individual
Individual