Principal Aims

This module aims to introduce students to firm behaviour including central questions such as why firms exist, what they can do better (and worse) than markets and how they compete. The course involves the use of descriptive, graphical and mathematical models (such as very basic game theory) twinned with topical examples. By the end of the course students should have a good grasp of how and why firms act as they do and will have a better understanding of related topical issues in the real world. The course also serves as a basic introduction to the field of industrial economics.

Principal Learning Outcomes

Subject Knowledge and Understanding:...understand why firms play an important role in modern economies, including why firms exist. The teaching and learning methods that enable students to achieve this learning outcome are: this is covered during the first few lectures of the course and supported by seminar questions .The summative assessment methods that measure the achievement of this learning outcome are: the exam which typically includes at least one question relating to this part of the course.

Cognitive Skills:...outline and analyse the reasons why firms might choose to merge and when this might happen. The teaching and learning methods that enable students to achieve this learning outcome are: this is covered in the middle of the course and supported by seminar questions. The summative assessment methods that measure the achievement of this learning outcome are: the exam which typically includes at least one question relating to this part of the course.

Subject Knowledge and Understanding:...understand how we model how firms price and position their products and how they interact and compete with each other. The teaching and learning methods that enable students to achieve this learning outcome are: this is covered in the final more technical part of the course and supported by seminar questions. The summative assessment methods that measure the achievement of this learning outcome are: the exam which typically includes at least one question relating to this part of the course.

Subject Knowledge and Understanding:...explain the problems that firms have to overcome (relating to cooperation and coordination) and understand different interpretations of firms’ role. The teaching and learning methods that enable students to achieve this learning outcome are: this is covered during the first few lectures of the course and supported by seminar questions. The summative assessment methods that measure the achievement of this learning outcome are: the exam which typically includes at least one question relating to this part of the course.

Subject Knowledge and Understanding:...understand the resources and assets firms use to generate and maintain profits such as innovation and reputation. The teaching and learning methods that enable students to achieve this learning outcome are: this is covered in the middle of the course and supported by seminar questions. The summative assessment methods that measure the achievement of this learning outcome are: the exam which typically includes at least one question relating to this part of the course.

Syllabus

Context

Optional Module

LM1D (LLD2) - Year 1, V7ML - Year 1, L1L8 - Year 1, LA99 - Year 1, R9L1 - Year 1, R3L4 - Year 1, R4L1 - Year 1, R2L4 - Year 1, R1L4 - Year 1, R2L5 - Year 1, R4LA - Year 1, R1L5 - Year 1, L1CA - 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.

Assessment

Assessment Method

In-person Examination (100%)

Coursework Details

In-person Examination (100%)

Exam Timing

Summer

Exam Rubric

Time Allowed: 1 hour 30 minutes

Read all instructions carefully - and read through the entire paper at least once before you start entering your answers.

There are TWO sections in this paper. Answer ONE question in Section A (50 marks) and ONE question in Section B (50 marks).

Answer each whole question in a separate booklet.

Approved scientific (non-graphical) pocket calculators are allowed.

You should not submit answers to more than the required number of questions. If you do, we will mark the questions in the order that they appear, up to the required number of questions in each section.

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.

Reading Lists