Introductory description

EC238-15 Economics 2: Microeconomics

Module web page

Module aims

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. Decomposition and welfare of price changes
• Choice Under Uncertainty: risk, uncertainty, expected value, expected utility, asymmetric information, insurance, moral hazard, adverse selection and solutions.
• General equilibrium and welfare economics
• Market Failures: externalities, public goods and solutions
• Game Theory: Simultaneous and sequential games, Nash equilibrium and sub-game perfect Nash equilibrium; repeated games
• Competition and Firm Behaviour: models of oligopoly and monopoly

Learning outcomes

By the end of the module, students should be able to:

• Subject knowledge and understanding:...understand key concepts and principles in intermediate microeconomics.
• Subject knowledge and understanding:...apply rigorous knowledge of theoretical models which underlie economic analysis.
• Key Skills:...communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms.
• Key Skills:...conduct individual and collaborative research into an Economic topic, using world wide web and library resources.
• Subject knowledge and understanding:...demonstrate knowledge of microeconomic policies.
• Subject knowledge and understanding:...abstract and simplify economic problems through the application of theoretical models.
• Key Skills:...present the output of their own work to an audience.
• Cognitive Skills:...analyse and formulate models for understanding and solving problems.
• Subject knowledge and understanding:...to understand the uses, applications and limitations of theoretical models.
• Cognitive Skills:...analyse competing models and hypotheses in a critical way.
• Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems especially those of a policy nature.
• Subject-Specific/Professional Skills:...produce concise and analytical reports relating to economic problems and issues.

Indicative reading list

Reading lists can be found in Talis

Specific reading list for the module

Subject specific skills

Applied Economics
Economic information
Economic principles
Research and debate
Abstraction
Analysis of incentives
Analysis of institutions
Analytical reasoning
Analytical thinking and communication
Creative thinking
Critical thinking
Policy evaluation
Problem solving
Strategic thinking

Transferable skills

IT skills
Numeracy and quantitative skills
Research skills
Information technology
Math, Statistical, data-based research skills
Oral communication
Team work skills
Written communication