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.
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.
The topics on Externalities and Public Goods will involve the issue of sustainability.
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|
Cannot be taken with BEE1029 or BEE1034
|Duration of module:||
Duration (weeks) - term 1: |
11Duration (weeks) - term 2:
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|
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|
|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|
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.|
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|
- 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)
- 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?
Indicative learning resources - Web based and electronic resources
For formative assessment and other useful resources the Aplia learning environment is used.
Last revision date