introduction_to ECS2220

8/7/2019 introduction_to ECS2220

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E C ON O M IC S O F T H E F I R M

ECS2220



Your lecturer

y Dr Sy lvia Gottschalk (first name: Sy lvia)

y PhD. Economics, specialised in quantitativemacroeconomics, mathematical modelling of the econom y

for forecasting, credit risk modelling, and financial stabilit y .y Previous work in research institutes, e.g., National Institute

of Economic and Social Research (NIESR) which producesa quarterl y forecast of the UK and world economies.

y Publications on exchange rate risk, exchange rate volatilit y and FDI, credit risk modelling.



Your seminar tutor

y Se y ed Amir Khorasgani: Doctoral student atMiddlesex Universit y .

y Contact details: [email protected]

y Seminar timetable: as of 13th October, there is nodefinitive seminar timetable. For this reason, thefirst seminar of this module is optional. (week 2,18th-22nd October)



Contact details

y Room: W 223, Williams building

y Telephone: 020 8411 4348

y E-mail: use OasisPlus e-mail for communications

regarding the course.

y Office Hours: Friday 10.30-12.30



Lecture time

y Due to clashes in m y timetable, during the AutumnTerm this lecture will start at 13:30.

y In Januar y lectures will start at 13:00.



Brief outline of the course

y Business behaviour : production, cost, market sharemaximisation, business strategies, small firm sector.

y Market power: pricing theories, regulation of market

power, game theor y .y Labour market issues: as y mmetric information and

signalling.



Course blocks

y Block 1: revision of producer theor y (weeks 1-5)

y Block 2: alternative theories of the firm (weeks 7-10)

y Block 3: pricing theor y (weeks 12-16)

y B

lock 4: labour market (weeks 18-20)y Block 5: preparation for final exam (weeks 22-24)



Assessment

y Coursework¶s weight: 40% of module grade

1. Mid-term tests: 20%

2. End-of-term tests:20%

y Examination: 60% of module grade.



Coursework details

y 2 mid-term tests: week 6, and week 17. 7-da y homework assignment to be uploaded ontoOasisPlus.

y 2 end-of-term tests: week 11 and week 21. Tests will

be 90 mins long and open book .1. Each test will be structured like the final

examination.2. Part 1 will contain 5 short-answer questions. All

must be answered.3. Part 2 numerical problems and business case

studies (choose 1 out of 5 questions).



Examination

y 2 hours long

y 2 parts: part 1 will have 5 compulsor y short-answerquestions. Part 2 will have 5 questions, onl y 1 of

which must be chosen. Onl y 1 question will bemarked.

y CLOSED BOOK.

y Weight: 60% of module grade.



Main textbooks

y Sloman, J. and Hinde, K: Economics for business, (latest edition),Prentice Hall.

y Morgan, W., M. Katz, and H. Rosen (2009), Microeconomics, 2nd

European ed., McGrawHill.y Pind y ck, R. and Rubinfeld, D. (2008) Microeconomics 7th ed., Prentice

Hall.Mandel, M.:Economics: The basics, MacGraw-Hilly Case, K. and Fair, R. : P rinciples of microeconomics, 9th ed. Pearson

international Edition.

NOTES:y An electronic cop y of Case-Fair is available.Contact Amir for details.

y You are required to bu y Sloman-Hinde. Copies of relevant chapters of Morgan et al. and Pind y ck-Rubinfeld will be provided.



Lectures and seminars

y Seminars will begin in week two and run until thefinal week of term.

y Seminar questions are listed in the Module

Handbook.y A Seminar Handbook will be necessar y for Block 3

and 4. A hard cop y will be handed in week 5. Anelectronic cop y will be available on OasisPlus.



Attendance

y Attendance to lectures is strongl y recommended. All lecture slides will be available on OasisPlus theda y before the lecture. Revision slides will be

available on weeks 10 and 23.y Seminars are compulsor y (except week 2¶s

seminar), and attendance will be recorded.



Open book vs closed book

y In an open book exam y ou are allowed to use an y printed material y ou want to answer the exam.

y In an closed book exam y ou are not allowed an y

printed material.y An open book exam tests what y ou know. A closed

book exam tests whether y ou know what is in the book.



Missed assessments and resits

y If y ou miss an y of the coursework components, y ou will be given a 0% grade.

y resits must take place in August/September (29

Aug. to 11th

September). If y ou miss the Augustresits, y ou will fail the module.

y If y our grade at the end of week 24 is less than40%, y ou will have to resit in August/September.

y

All resits will be capped at the pass rate (40%)



Autumn term lectures

Lecture 1 Revision: Business behaviour under perfect competition

Lecture 2 Revision: Costs

Lecture 3 Revision: Monopoly and Monopolistic Competition

Lecture 4 Revision: OligopolyLecture 5 Revision: Oligopoly and strategic behaviour

Lecture 6 Reading Week and Mid-Term Test 1

Lecture 7 Test Feedback / Alternative theories of the firm

Lecture 8 Growth strategy

Lecture 9 Small firm sector

Lecture 10 Preparation for End-of-Term Test 1



Spring Term lectures

Lecture 11 End-of-Term Test 1

Lecture 12 Test Feedback/ Pricing theory Lecture 13 Pricing theory

Lecture 14 Monopoly

Lecture 15 Oligopoly, cartels, collusion

Lecture 16 Game theory and its applications to business strategyLecture 17 Reading Week and Mid-term Test 2

Lecture 18 Test Feedback / Labour market

Lecture 19 Labour markets, wages and industrial relations

Lecture 20 Asymmetric information and labour market signalling

Lecture 21 End-of-term test 2

Lecture 22 Preparation for final exam





Block 1:

y Main textbook: Case-Fair, Principles of Microeconomics, 9th edition. Pearson

y Electronic copies will be distributed b y Amir

y Chapters 6,8,13,14,15.



Block 2

y Main textbook: Sloman-Hinde

y Chapters 13,14,15,16.



Block 3

y Main textbooks: Pind y ck-Rubinfeld and Morgan etal.

y Chapters 11, 10,12,13 and 13,15,16

y Alternative textbook: Sloman-Hindey Chapter 17.



Block 4

y Main textbooks: all of them

y Chapter 10 (C-F); chapter 17 (P-R); chapter 17 (M);chapter 18 (S-H).



Block 5

y Mock test (lecture time)

y Exam drill 1: part 1 (during seminars)

y Exam drill 2: part 2 (during seminars)

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introduction_to ECS2220