To introduce students to firm behaviour. The core method is an introduction to game theory and oligopoly theory to illustrate the way firms compete and how the different parts of the firm co-operate to achieve success. This is central to the understanding of industrial economics and hence important for L116, but also of interest of all students of economics and related courses who wish to better understand how firms compete and co-operate in the modern economy, and also useful for those with an interest in game theory and how it can help economists to understand behaviour.
Principal Learning Outcomes
By the end of the module the student should be able to demonstrate general knowledge and understanding of the Industrial Economy demonstrate familiarity with some applications of economics that have been specific to the Industrial Economy communicate their knowledge and understanding to others using seminar presentations and an essay; apply critical analysis to the topics of the module, formulate concepts and hypotheses, and show how they are tested in relevant literature and critically review the relevant literature and evidence.
The module will typically cover the following topics:
What are firms and why do they exist; How firms compete; Analysis of strategy (using basic game theory)
However, the module leader may add additional topics and sub-topics where appropriate.
- Optional Module
- LM1D (LLD2) - Year 1, L116 - Year 1, V7ML - Year 1, LA99 - Year 1, L100 - Year 1, L1L8 - Year 1, R9L1 - Year 1, R3L4 - Year 1, R4L1 - Year 1, R2L4 - Year 1, R1L4 - Year 1
- Pre or Co-requisites
- There are no pre-requisites for students on any of our single honours or joint honours degrees. For any other student, grade B or better in Mathematics and Economics at A-level, or the equivalent.
- Part-year Availability for Visiting Students
- Not available on a part-year basis
- Assessment Method
- 1.5 hour exam (100%)
- Exam Timing
Time Allowed: 1.5 Hours.
Answer TWO questions ONLY. All questions are of equal weight (50 marks each). Answer each question in a separate answer booklet.
Approved pocket calculators are allowed.
Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.
Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.