INTERMEDIATE MICROECONOMICS 1 - 2023/4
Module code: ECO2045
The module builds on the first year microeconomics modules and serves as a foundation for subsequent study of microeconomic topics within the relevant degree programs such as consumer choice and game theory. The module uses some mathematical techniques (from the Level 4 Mathematics modules) and graphical analysis and helps develop concise writing skills of the students with the assignment.
WALKER-JONES David (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 5
JACs code: L120
Module cap (Maximum number of students): N/A
Overall student workload
Independent Learning Hours: 69
Lecture Hours: 22
Tutorial Hours: 5
Guided Learning: 32
Captured Content: 22
Prerequisites / Co-requisites
Indicative content includes:
- Consumer choice
- Comparative statics and the Slutsky equation
- Intertemporal consumer choice
- Technology, profit maximisation and cost minimisation
- Game theory and applications
- Perfect competition, monopoly and oligopoly models
- General equilibrium
|Assessment type||Unit of assessment||Weighting|
|Online Scheduled Summative Class Test||Online Test within a 4hr window||25|
|Examination||EXAM (120 MIN)||55|
The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of microeconomics.
Thus the summative assessment for this module consists of:
- A class test (25%)
- A critical reasoning/writing assignment (20%)
- A final exam (55%)
Formative assessment and feedback
Students will receive verbal feedback during lectures and tutorials through direct questioning. After the class tests, the test questions, solutions, and main feedback will be discussed in class. All this feedback will help students to judge their own performance and prepare for the final exam. Practice exams will provide the students with guided learning so they can identify issues they may be having with the content by comparing their answers to the provided solutions before the tests. Readings from the textbook will also be assigned so the students can see the material presented in a different way since breadth of perspective is typically helpful. Feedback on the writing assignment will also help the students to identify any misconceptions. In addition, students will be encouraged to attend student consultation hours of the teaching staff to receive further individual verbal feedback.
- Provide students with a firm understanding of some of the core principles of microeconomics.
- Help students to understand contemporary issues in consumer and firm behaviour.
- Build upon the students' foundation in game theory from their first year.
- Develop students' critical reasoning and concise writing skills in the context of microeconomic analysis.
|001||To understand the fundamental ideas and techniques of microeconomics at an intermediate level.||KCT|
|002||To understand microeconomic models and problems expressed in standard mathematical terms and be able to solve and interpret problems based on such models.||KCT|
|003||To understand and be able to use diagrams to analyse basic economic arguments.||KCT|
|004||To be able to use microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena and to assess and convey issues of microeconomic policy in writing.||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- enhance skills in analytical thinking, and in written presentation
- appreciate the complexities of decision making, weighing theory and practice
Lectures focus on the theoretical frameworks and enhance skills in analytical thinking which can be applied in the tutorial problems. Tutorial problems will be provided in advance and students are encouraged to work on the problems before coming to see the solutions presented so that they can engage in a discussion about the material and identify any problems they are having at an early stage. The writing assignment combines the analytical models with real world environments and teaches the value of concisely conveying arguments when facing the complexities of decision making and weighing theory and practical considerations. For the writing assignment the students will analyse economic arguments from the popular press and identify strengths and weaknesses, concluding by either agreeing or disagreeing with the conclusion of the article. Critically evaluating the merits of economic arguments in the popular press helps the students become more resourceful because they are able to draw their own conclusions when presented with biased information.
The learning and teaching methods include:
- 2 hour lectures x 11 weeks
- 1 hour tutorial x 5 weeks
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: ECO2045
The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following areas:
Resourcefulness and resilience: Students in this module will learn to critically evaluate the strength of economic arguments in the popular press with the models they are taught and then convey their findings concisely with writing during the writing assignment.
Sustainability: Students will learn about the microeconomic foundations of choice and the potential disparities between individually optimal and pareto optimal outcomes. Situations where reducing the number of options available to consumers can paradoxically increase their well-being will be studied through examples.
Programmes this module appears in
|Politics and Economics BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Economics and Mathematics BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Economics and Finance BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Business Economics BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Economics BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Financial Mathematics BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2023/4 academic year.