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SSST Subjects

EC240 Intermediate Microeconomics

 
 

Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance
 

Status (core, option, free choice)

Core

 

FHEQ Level

5

 

Unit Value

6 ECTS

 

Semester taught

Autumn

 

Pre-Requisite Modules or Qualifications

Introduction to Microeconomics (EC110)

 

Module Code

EC240

 

Module coordinator

Tahir Mahmutefendic

 

Applicable From

2017

 

Educational Aims of the Module

  • This module builds upon the microeconomics encountered in semester 1. It provides a review of selected microeconomic topics at the intermediate level.
  • Its focus is on the behaviour of individual agents in the economy: consumers, households, and businesses.
  • The topics covered include the theory of the consumer, the theory of supply (including monopoly), general equilibrium and welfare, game theory, applications of game theory to industrial organisation and to information problems.
  • The module prepares students for advanced options that demand a more rigorous application of microeconomic theory.
 

Module Outline/Syllabus

  • 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

 

Student Engagement Hours

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
 

Assessment Method Summary

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

 

Module Outcomes

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)

 

Key Texts and/or other learning materials

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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