Core
5
6 ECTS
Autumn
Introduction to Microeconomics (EC110)
EC240
Tahir Mahmutefendic
2017
The firm and the market
The consumer and the market
Individual Decision Making
General equilibrium
Uncertainty and risk
Games of Complete Information
Games of Incomplete Information
Competitive Markets
Duopoly and imperfect competition
Adverse Selection and Moral Hazard
Signalling and Screening
The Principal-Agent Problem
Externalities
Public goods
| Type | Number per Term | Duration | Total Time |
|---|---|---|---|
|
Lectures |
15 | 1.5 | 22.5 |
|
Workshops |
5 | 1.5 | 7.5 |
|
Seminars |
5 | 1.5 | 7.5 |
| Tutorials | 5 | 1.5 | 7.5 |
|
Total Contact Hours |
45.0 | ||
|
Total Guided/Independent Learning Hours |
105.0 | ||
| Total Engagement Hours | 150.0 | ||
| Type | Number Required | Duration / Length | Weighting | Timing / Submission Deadline |
|---|---|---|---|---|
|
Exam |
1 |
3 hours |
50% |
Week 17 |
|
Mid-semester test |
1 |
2 hours |
20% |
Week 8 |
|
Individual project (including presentation) |
1 |
2000 words 20 minutes presentation |
20% 10% |
Week 13 |
Intended Learning Outcomes:
To be engaged and critical learner and be able to recognize and critically analyse relationships in the fields of Microeconomics
Critically analyse economic constraints and problems and to systematically approach analysis (and perhaps resolution) of such problems.
To notice and critically analyse the complexities and complex relationships between various economic factors (and with non-economic factors as well)
Critically analyse micro-economics models and graphs
Evaluate how real life situations are applicable in a simplified modelled world of microeconomics
Present information on supply and demand to specialist and non-specialist audiences
Demonstrate critical understanding of consumer theory and the theory of the firm
Effectively analyse the behaviour of agents under competitive market, monopoly, oligopoly
Evaluate price discrimination and articulate on this
Use already defined methods to undertake research and obtain new information
Teaching and Learning Strategy:
Teaching will mostly be done in a lecture-type style with plenty of real-world examples crucial for a core understanding of the topic. (ILO:1-10)
Lectures will contain theoretical and application-based examples as well as some thought provoking exercises for students to engage with. (ILO:1-10)
Most of the application-based problems will be done in tutorial sessions. Students are encouraged to participate in group discussions and exercises. (ILO:1-10)
Assessment Strategy:
Midterm exam and Final exam (ILO: 1-4,7-9)
Individual project (ILO: 2,5)
Practical Skills:
To explain economic concepts, problems, possible solutions and other relevant economic information to both “expert” and lay audiences
To coherently, logically and succinctly advocate positions (not necessarily their own) on economic matters
Ability to use calculus in deriving optimum output for the firm
Ability to use calculus to determine deadweight loss for the economy under different policy choices
Recognise and interpret data relating to microeconomics
Aplication of mathematical tools to problems in microeconomics and applications of game theory to industrial organisation and to information problems
Teaching and Learning Strategy:
In-class exercises and demonstration of model applications with active student participation (PS:1-6)
Lectures and tutorials (PS:1-6)
Assessment Strategy:
Written Exams (PS: 1-6)
Individual Project (PS:1-6)
Transferable Skills:
A problem-centered and problem-solving approach
Analytical skills
Evaluation skills
Critical thinking skills
Ability to effectively present own and others’ point of view
Communication skills
Teaching and Learning Strategy:
Teaching will be predominantly lectures, with ample use of case study examples. The tutorials and set class exercises will emphasize practical use of skills (TS:1-6)
Assessment Strategy:
Individual project (TS:1-6)
Written examination (TS:1-4)
Set text
Perloff J.M. (2017), Microeconomics, 8th Edition, Pearson
Supplementary Materials
Varian, Hal R. (2010) Intermediate Microeconomics: A Modern Approach, 7th edition, Norton
Perloff, J., (2016), Microeconomics with Calculus, 4th Edition, Pearson
Cowell, F.A. (2006) Microeconomics: Principles and analysis, Oxford University Press
Besanko, D. a Braeutigam R.,(2014), Microeconomics , 5th Edition, Wiley
Taylor, M., Mankiw, N., (2014), Microeconomics, 3rd Edition, Thomson Learning
Jehle, Geoffrey A., and Philip J. Reny.(2010) Advanced Microeconomic Theory.3 Edition, Prentice Hall .
Osborne, Martin J.(2009) An Introduction to Game Theory. International Edition.: Oxford University Press,.
Krishna, Vijay., (2009). Auction Theory : 2 Edition, Academic Press,
Robert H. Frank, (2013) Microeconomics and Behavior, 9th ed. McGraw Hill
Frank, Robert., (2016) Microeconomics and Behaviour [online], http://highered.mheducation.com/sites/0073375942/information_center_view0/index.html (Accessed 8th April 2017).
New York Times (2017) [online], www.nytimes.com (Accessed 8th April 2017)
Financial Times (2017), [online], www.ft.com (Accessed 8th April 2017)
Wall Street Journal (2017), [online] www.wsj.com (Accessed 8th April 2017)
Israel M. Kirzner, I. M. (1997) Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach, Journal of Economic Literature, Vol. 35, No. 1, pp. 60-85
Please note
This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.
More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.
The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.
Date of Production : April 2017
Date approved by School Learning and Teaching Committee:
Date approved by School Board of Study :
Date approved by University Learning and Teaching Committee:
Date of Annual Review:
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