Microeconomics I

Module description

This is the first course in Microeconomic Theory for the first year undergraduates. It covers the fundamental topics which you can later use as tool to learn/understand many other topics in Economics. The module equips students with key tools for conducting microeconomic analysis and introduces students to a number of policy applications. The specific topics include consumption and production theories, perfectly competitive markets, market power, game theory, risk and uncertainty, and market failures.

Internationalisation:
Due to the broad scope of this module, internationalisation is embedded in the content of this module, and globalisation is explored in some of the core case studies.


Sustainability:
The topics on Externalities and Public Goods will involve the issue of sustainability.


Employability:
In this module, students acquire confidence and skills in understanding analytical issues, writing and working to deadlines. This will help you to become more employable.

Full module specification

Module title:Microeconomics I
Module code:BEE1030
Module level:1
Academic year:2016/7
Module lecturers:
  • Dr Luke Lindsay - Lecturer
Module credit:30
ECTS value:

15

Pre-requisites:

None

Co-requisites:

Cannot be taken with BEE1029 or BEE1034

Duration of module: Duration (weeks) - term 1:

11

Duration (weeks) - term 2:

11

Module aims

The module covers a range of fundamental models in microeconomic theory and their applications.

ILO: Module-specific skills

  • 1. demonstrate comprehensive and detailed knowledge and understanding of main topics in intermediate microeconomic theory
  • 2. explain any basic problem in microeconomics using diagrams and to some extent using math

ILO: Discipline-specific skills

  • 3. identify, present and explain standard theoretical economic models and apply them to analyses of economic questions and policy issues
  • 4. develop skills to undertake further economic courses, as this module is one of the building blocks to understand the subject

ILO: Personal and key skills

  • 5. communicate concepts/definitions/arguments
  • 6. prepare for and meet strict deadlines

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
542460

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Contact hours54Lectures (44 hours) and Tutorials (10 hours)
Guided independent study95Review the content covered in the lectures regularly
Guided independent study115Revise as discussed in the tutorials and prepare before attempting the online assignments and taking the online assignments
Guided independent study36Prepare for exams

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
An in-class discussion of the covered topicsOn average about 5-8 minutes per lecture1,2,3,4Oral feedback

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
20800

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination 1 (January)402 hours1,2,3,4, 5, 6Written feedback
Examination 2 (May/June)402 hours1,2,3,4, 5, 6Written feedback
Continuous participation in a web-based interactive learning system - term 110One problem set every week, starting from week 21,2,3,4, 5, 6Through the help hours, there will be verbal comments from tutor (to the group attending the help-hour) after delivery of online submission. This formative feedback will develop knowledge and skills to perform well in the summative assessment tasks. In addition, the web-based interactive learning system will provide feedback on individual questions answered.
Continuous participation in a web-based interactive learning system - term 210One problem set every week, starting from week 21,2,3,4, 5, 6Through the help hours, there will be verbal comments from tutor (to the group attending the help-hour) after delivery of online submission. This formative feedback will develop knowledge and skills to perform well in the summative assessment tasks. In addition, the web-based interactive learning system will provide feedback on individual questions answered.
0
0

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Examination I and Continuous participation in a web-based interactive learning system - term 1Examination (50%) 2 hours 1,2,3,4, 5, 6August exam period
Examination II and Continuous participation in a web-based interactive learning system - term 2Examination (50%) 2 hours1,2,3,4, 5, 6August exam period

Syllabus plan

Term 1

  • Economic models (Chapter 1)
  • Demand and supply (Chapter 2)
  • Utility and choice (Chapter 3)
  • Consumer Choice (Chapter 4)
  • The Theory of Demand (Chapter 5)
  • The theory of Production (Chapter 6)
  • Costs and cost Minimization (Chapter 7)

Term 2

  • Cost Curves (Chapter 8)
  • Perfectly Competitive Markets (Chapter 9)
  • Competitive Markets: Applications (Chapter 10)
  • Monopoly and Monopsony (Chapter 11)
  • Game theory and strategic behaviour (Chapter 14).
  • Risk and uncertainty (economics of information) (Chapter 15)
  • Externalities and public goods (Chapter 17)

Indicative learning resources - Basic reading

Besanko, David and Ronald R. Braeutigam, (2014). Microeconomics, 5th Edition, Wiley, International Student Version, ISBN: 978-1-118-71653-3

Module has an active ELE page?

Yes

Indicative learning resources - Web based and electronic resources

For formative assessment and other useful resources the Aplia learning environment is used.

Origin date

01/09/2012

Last revision date

18/11/2013