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: | 2018/9 |
| Module lecturers: |
|
| 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 Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 54 | 246 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Contact hours | 54 | Lectures (44 hours) and Tutorials (10 hours) |
| Guided independent study | 95 | Review the content covered in the lectures regularly |
| Guided independent study | 115 | Revise as discussed in the tutorials and prepare before attempting the online assignments and taking the online assignments |
| Guided independent study | 36 | Prepare for exams |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| An in-class discussion of the covered topics | On average about 5-8 minutes per lecture | 1,2,3,4 | Oral feedback |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 20 | 80 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Examination 1 (January) | 40 | 2 hours | 1,2,3,4, 5, 6 | Written feedback |
| Examination 2 (May/June) | 40 | 2 hours | 1,2,3,4, 5, 6 | Written feedback |
| Continuous participation in a web-based interactive learning system - term 1 | 10 | One problem set every week, starting from week 2 | 1,2,3,4, 5, 6 | Through 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 2 | 10 | One problem set every week, starting from week 2 | 1,2,3,4, 5, 6 | Through 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 assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Examination I and Continuous participation in a web-based interactive learning system - term 1 | Examination (50%) 2 hours | 1,2,3,4, 5, 6 | August exam period |
| Examination II and Continuous participation in a web-based interactive learning system - term 2 | Examination (50%) 2 hours | 1,2,3,4, 5, 6 | August 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
18/01/2019