EC109-30 Microeconomics 1
Introductory description
This module provides students with a thorough understanding in basic principles of microeconomics. You will be exposed to a range of the application theories. You will gain an understanding of how markets work, including strategic behaviour of firms and the various models under which firms might behave. You will gain skills and techniques to analyse problems from a mathematical, graphical and intuitive perspective applying your knowledge to real world scenarios.
Module aims
To provide students with a thorough grounding in the basic principles of microeconomics and exposure to a range of applications of the theory. Students should develop an understanding of consumer and producer theory and how they can be used to solve problems. The module aims to provide students with an understanding of how markets work, including strategic behaviour of firms and the various models under which firms might behave. The module aims to provide students with the skills and techniques to analyse problems from a mathematical, graphical and intuitive perspective and to apply their knowledge to real world scenarios.
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 module will typically cover SOME OF the following topics:
Supply and Demand. Supply; demand; market equilibrium; equilibrium shocks; government intervention; supply and demand elasticities. Consumer theory. Preferences; utility; budget constraints; individual demand; substitution effects; income effects; revealed preferences, applications, behavioural economics and critiques of rational choice framework; Production. Technology; isoquants; marginal rate of technical substitution; marginal products; cost curves; long and short run; returns to scale; profit maximisation; cost minimisation; cost curves; supply curves. Competition. Profit maximisation; short run; long run; market equilibrium; consumer welfare; producer welfare; applications. Imperfect Competition; Models of Oligopoly: Cournot Model; Stackelberg Model; Comparison of Collusive, Cournot, Stackelberg, and Competitive Equilibria; Bertrand Model; Game Theory. An introduction to terminology and Nash equilibria; an introduction to economic models.
Learning outcomes
By the end of the module, students should be able to:
- Demonstrate a solid grasp of the basic theoretical material in microeconomics, including consumer and producer theory.
- Demonstrate an ability to apply their knowledge to important areas of application, including policy analysis.
- Show understanding of core concepts in consumer and producer theory
- Explain a variety of concepts using different approaches, including those involving mathematical, graphical and intuitive analysis.
- Construct models of both consumer and producer behaviour and understand the implications and understand the way in which economic models are used to analyse problems and the limitations of them.
Indicative reading list
Please see Talis Aspire link for most up to date list.
View reading list on Talis Aspire
Subject specific skills
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Concepts of Simultaneity and Endogeneity
Analysis of optimisation
Transferable skills
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills
Study time
| Type | Required |
|---|---|
| Lectures | 20 sessions of 2 hours (13%) |
| Seminars | 8 sessions of 1 hour (3%) |
| Demonstrations | 8 sessions of 1 hour (3%) |
| Private study | 244 hours (81%) |
| Total | 300 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.
Students can register for this module without taking any assessment.
Assessment group D4
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Test 1 | 5% | No | |
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Online multiple choice question test |
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| Test 2 | 10% | No | |
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Online multiple choice question test |
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| Test 3 | 5% | No | |
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Online multiple choice question test |
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| Test 4 | 10% | No | |
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Online multiple choice question test |
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| Online Examination | 70% | No | |
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A paper which examines the course content and ensures learning outcomes are achieved. ~Platforms - AEP
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Assessment group R3
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Online Examination - Resit | 100% | 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
A-level Mathematics or the equivalent
Post-requisite modules
If you pass this module, you can take:
- EC228-15 Political Economy: Theory and Applications
- EC242-15 Environmental and Resource Economics
- EC241-15 Experimental Economics
Courses
This module is Core for:
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UECA-3 Undergraduate Economics 3 Year Variants
- Year 1 of L100 Economics
- Year 1 of L116 Economics and Industrial Organization