EC238-15 Economics 2: Microeconomics
Introductory description
EC238-15 Economics 2: Microeconomics
Module aims
To enable students to develop a deeper understanding of microeconomic concepts introduced in first-year analysis. To introduce students to new concepts in intermediate microeconomic analysis. To develop students’ understanding of more complex micro concepts, such as general equilibrium analysis and game theory. To provide students with an understanding of the application of microeconomics to policy. To equip students with a range of appropriate analytical skills, including descriptive, graphical and mathematical methods; and to develop the capacity to apply analytical techniques to real world problems.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
The exact topics may vary, but the syllabus will include a selection of the following topics:
- Consumer Theory: indifference analysis, tastes and preferences, applications.• Choice Under Uncertainty: risk, uncertainty, expected value, expected utility, asymmetric information, insurance, moral hazard, adverse selection and solutions.• Producer theory: isoquants and isocost analysis; marginal rate of transformation.• General equilibrium and welfare economics• Market Failures: externalities, public goods and solutions• Game Theory: Simultaneous and sequential games, Pure strategy and Mixed strategy Nash equilibrium; sub-game perfect Nash equilibrium• Competition and Firm Behaviour: price discrimination, models of oligopoly and monopoly
Learning outcomes
By the end of the module, students should be able to:
- Subject knowledge and understandingTo understand key concepts and principles in intermediate microeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Subject knowledge and understandingTo apply rigorous knowledge of theoretical models which underlie economic analysis.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Key SkillsCommunicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essay and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Subject knowledge and understandingTo understand the uses, applications and limitations of theoretical models.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Seminar discussions, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Subject knowledge and understandingTo demonstrate knowledge of microeconomic policiesThe teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Subject knowledge and understandingTo abstract and simplify economic problems through the application of theoretical models.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Key SkillsPresent the output of their own work to an audience.The teaching and learning methods that enable students to achieve this learning outcome are: Seminar discussions and essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative)
- Key SkillsConduct individual and collaborative research into an Economic topic, using world wide web and library resourcesThe teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative)
- Cognitive SkillsAnalyse and formulate models for understanding and solving problems.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essay and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.
- Cognitive SkillsAnalyse competing models and hypotheses in a critical way.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Readings and Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).
- Subject-Specific/Professional SkillsSelect and apply appropriate economic models and techniques to particular problems especially those of a policy nature.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Essay and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
- Subject-Specific/Professional SkillsProduce concise and analytical reports relating to economic problems and issues.The teaching and learning methods that enable students to achieve this learning outcome are: Essay and Seminar presentations.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).
Indicative reading list
Please see Talis Aspire link for most up to date list.
View reading list on Talis Aspire
Subject specific skills
No subject specific skills defined for this module.
Transferable skills
No transferable skills defined for this module.
Study time
| Type | Required |
|---|---|
| Lectures | 20 sessions of 1 hour (13%) |
| Seminars | 8 sessions of 1 hour (5%) |
| Private study | 122 hours (81%) |
| Total | 150 hours |
Private study description
Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group D1
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| 1000-word essay | 20% | Yes (extension) | |
| Participation in and engagement with Support and Feedback classes | 10% | No | |
| 2 x online quizzes (5% each) | 10% | No | |
| Online Examination | 60% | No | |
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A paper which examines the course content and ensures learning outcomes are achieved. ~Platforms - AEP
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Feedback on assessment
The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.
Pre-requisites
EC106 (for MORSE students) or EC137 or EC131 and EC229 with a mark of 60% in each plus passes in IB121 and IB122.
Post-requisite modules
If you pass this module, you can take:
- EC314-15 Topics in Economic Theory
Courses
This module is Core optional for:
- Year 2 of UIPA-L1L8 Undergraduate Economic Studies and Global Sustainable Development
This module is Optional for:
- Year 2 of USTA-G1G3 Undergraduate Mathematics and Statistics (BSc MMathStat)
- Year 2 of USTA-GG14 Undergraduate Mathematics and Statistics (BSc)
This module is Option list A for:
- Year 2 of USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics
- Year 2 of USTA-Y602 Undergraduate Mathematics,Operational Research,Statistics and Economics