Module ECON2021: MICROECONOMICS

Department: Economics

ECON2021: MICROECONOMICS

Prerequisites

• Principles of Economics (ECON1011) and EITHER Economic Methods (ECON1021) OR Calculus I (MATH1061) AND Linear Algebra I (MATH1071) AND Probability I (MATH1597) AND Statistics I (MATH1617)

Corequisites

• Macroeconomics (ECON2011)

Excluded Combination of Modules

• Economic Theory (ECON2291)

Aims

• The module aims to develop your knowledge and understanding of essential components of microeconomics by building upon the material introduced at Level 1 and with a view to prepare you to both extend your knowledge of microeconomics and apply microeconomic concepts to more specialist areas of economics at Level 3.

Content

• Topics, reflecting the current state of the field, may include:
• Budget constraints.
• Consumer preferences.
• Utility function and utility maximisation problem.
• Compensated and uncompensated demand.
• Slutsky decomposition.
• Revealed preference theory.
• Inter-temporal choice problem.
• Choice under uncertainty.
• Consumer's surplus.
• Firm, production and technology.
• Costs of production.
• Profit maximisation and competitive supply.
• Monopoly and oligopoly markets.
• Strategic behaviour and game theory.
• General equilibrium and exchange economies.

Learning Outcomes

• Have knowledge and understanding of essential components of microeconomics

• Be able to apply problem solving and analytical skills to microeconomic issues
• Be able to apply microeconomics to the analysis of individual's behaviour and public policy decisions

• Written Communication - e.g. through summative assessment.
• Planning, Organising and Time Management - e.g. by preparing for the examination.
• Problem Solving and Analysis - e.g. by applying the necessary analytical and quantitative skills, as well as the ability to manipulate microeconomic concepts, in answering exam questions
• Numeracy - e.g. by applying core mathematical and statistical skills to answer a range of exam questions

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Teaching is by lectures and tutorials. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes, and private study.
• Formative assessment to help prepare for in-person exam.
• Summative assessment is by means of an in-person examination, and assignment.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

At least one written piece of work to prepare students for the summative exam.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University