Course Topics
I: MICROECONOMICS 1. Introduction 2. Demand theory 3. Household theory 4. Production theory 5. Cost functions 6. Perfect competition 7. Monopoly 8. Price discrimination 9. Oligopoly II. MACROECONOMICS 1. Introduction 2. National accounting 3. Overview over long-run growth 4. Production model 5. Solow growth model 6. Romer model 7. Inflation 8. Short-run model 9. IS-curve 10. Monetary policy and Phillipscurve 11. Government in the economy

Teaching format
lectures (in person)

Educational objectives
ILO (Intended Learning Outcomes) ILO 1 - Knowledge and understanding ILO 1.1 of corporate decisions in monopolies in terms of quality, quantity and prices ILO 1.2 of models of strategic interaction between companies in oligopolistic contexts ILO 1.3 the basic principles of the theory of supply and demand ILO 1.4 the theory of price formation ILO 1.5 the role of the state in the economy ILO 1.6 the fundamentals of the monetary economy ILO 1.7 the fundamentals of tax policy and budget planning ILO 1.8 growth theory ILO 2 - Ability to apply knowledge and understanding ILO 2.1 Analysis of the effects of public measures to increase the attractiveness of travel destinations ILO 2.2 Ability to argue like an economist, i.e. to apply the schemata and criteria typical of economic analysis ILO 2.3 Ability to understand the interaction between individual consumer and business decisions and market equilibrium ILO 2.4 Application of incentive theory to the relationship between incentives and consumer and business decisions ILO 2.5 Analysis of the impact of various economic and fiscal policy decisions on the development of macro- and microeconomic variables ILO 2.6 Planning and evaluation of economic development processes in the tourism sector at the macro and micro levels ILO 2.7 Analysis of the economic impact of economic policy measures for the tourism sector at local, regional and national level ILO 2.8 Basic concepts that are useful for attending courses in economics, business administration and management ILO 3 - Making judgements ILO 3.1 Identifying the most important variables to be used in decision-making in complex situations ILO 3.2 Reporting analytically and critically on information, empirical values and data in order to make appropriate business decisions ILO 3.3 Selecting the most appropriate quantitative and qualitative analysis tools to support decision-making ILO 3.4 Find solutions by using logical conclusions and combining information and analytical tools ILO 4 - Communication skills ILO 4.1 Achievement of this objective is assessed by means of written examinations, group work, homework assignments, presentation of case studies and projects, and the final thesis ILO 5 - Learning skills ILO 5.1 The ability to analyse, critically evaluate and integrate data, information and experience ILO 5.2 The ability to develop possible solutions to problems in economic and operational areas relating to those work contexts that represent potential career prospects for graduates

Additional educational objectives and learning outcomes
none

Assessment
Written exam (100 %), consisting of multiple choice questions and problems to solve. All ILOs are assessed (ILO 1 - 5) Same exam for attending and non-attending students.

Evaluation criteria
Economic knowledge, analytical skills

Required readings

for Microeconomics:

 

Allen, Weigelt, Doherty and Mansfield: Managerial

Economics – Theory, Applications, and Cases, 8th edition

W. W. Norton & Company

 

for Macroeconomics:

 

Jones

Macroeconomics, 4rd edition

W. W. Norton & Company

 

Supplementary readings

Varian, Intermediate Microeconomics, 9. edition, W W Norton

 

Blanchard, Macroeconomics, 7. ed., Pearson

Nechyba: Microeconomics – An Intuitive Approach with Calculus, 2nd edition

South-Western Cengage Learning

(particularly recommended for an calculus base approach)

 

Pindyck and Rubinfeld: Microeconomics, 6th edition Pearson Addison Wesley

 

Varian: Intermediate Microeconomics with Calculus: A Modern Approach, 1st edition

W. W. Norton & Company

 

Frank: Microeconomics and Behavior, 8th edition McGraw-Hill

 

Blanchard

Macroeconomics, 5th edition Pearson/Addison-Wesley

 

Dornbusch, Fischer and Startz Macroeconomics, 10th edition McGraw-Hill

 

Acemoglu, Laibson and List: Economics, 1st edition

Pearson

Further information
none