EC221-12 Mathematical Economics 1B
Introductory description
EC221-12 Mathematical Economics 1B
Module aims
To develop the notion of competitive equilibrium and the fundamental properties of competitive equilibria.
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 the following topics:
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Foundations and Definitions for the Study of Walrasian Equilibrium: Commodities, Consumer preferences, Edgeworth boxes, Production
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Efficiency of Allocation and Production
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Walrasian Equilibrium in Exchange Economies
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Walrasian Equilibrium in Production Economies
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The First Welfare Theorem of Economics
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The Second Welfare Theorem of Economics
Learning outcomes
By the end of the module, students should be able to:
- Subject Knowledge and Understanding:...acquire a sense of the normative significance of competitive markets in obtaining Pareto optimal allocations via appropriate extensions of the commodity space. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and Seminars. The summative assessment methods that measure the achievement of this learning outcome are: Final Exam.
- Subject Specific and Professional Skills:...learn that a few simple, intuitive principles, formulated precisely, can go a long way in understanding the fundamental aspects of many economic problems. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and Seminars. The summative assessment methods that measure the achievement of this learning outcome are: Final Exam.
Indicative reading list
Please see Talis Aspire link for most up to date list.
View reading list on Talis Aspire
Subject specific skills
Students will have the opportunity to develop skills in:
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
Understanding of Uncertainty and Incomplete Information
Transferable skills
Students will have the opportunity to develop:
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 1 hour (80%) |
| Seminars | 5 sessions of 1 hour (20%) |
| Total | 25 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 must pass all assessment components to pass the module.
Students can register for this module without taking any assessment.
Assessment group B2
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
Assessment component |
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| Online Examination | 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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Reassessment component is the same |
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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
Any of:
EC106-24 Introduction to Economics
OR
EC107-30 Economics 1
OR
EC137-15 Economics 1: Micro
Courses
This module is Option list A for:
- Year 2 of USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics