EC202: Microeconomics 2
Principal Aims
This module builds on students’ understanding of basic principles of economics from EC109 by providing an intermediate level exposition to microeconomic principles. You will be exposed to a range of applications and theories. You will gain an understanding of how markets work in general equilibrium, choice under uncertainty as well as an introduction to strategic behaviour (game theory) for both cooperative and non-cooperative games. You will gain skills and techniques to analyse problems from a mathematical, graphical and intuitive perspective applying your knowledge to real world scenarios.”
Principal Learning Outcomes
Subject Knowledge and Understanding:...demonstrate an understanding of intermediate and some advanced principles of microeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
Subject Knowledge and Understanding:...demonstrate an understanding of important areas of application of theory. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
Key Skills: Communicate your knowledge and understanding to others in writing. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
Subject Specific and Professional Skills:...demonstrate analytical thinking, reasoning and application. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
Cognitive Skills:...demonstrate a capacity for critical, analytical and strategic thinking. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
Cognitive Skills:...demonstrate a capacity for abstraction and problem solving. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
Syllabus
• Mathematical concepts: Constrained optimisation, comparative static analysis
• The Envelope Theorem
• General equilibrium and social welfare
• Fundamental welfare theorems
• Market failure: externalities and public goods
• Choice under uncertainty
• Static games of complete information
• Dynamic games of complete information
• Static and dynamic games of Incomplete Information
Context
- Core Module
- L1P5 - Year 1, L1PA - Year 1
- Pre or Co-requisites
EC109 or EC107 with a mark of 65% plus guided reading in summer vacation.
Summary:Modules: EC109-30 or EC107-30
Assessment
- Assessment Method
- Coursework (20%) + Examination (80%)
- Coursework Details
- Examination (80%) , Test 1 (10%) , Test 2 (10%)
- Exam Timing
- Summer
Exam Rubric
Time Allowed: 3 Hours
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 ALL FOUR questions in Section A (18 marks each) and ONE question in Section B (28 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
2024 EC202: Microeconomics 2 (Full Year)
Core course textbook
Intermediate microeconomics: an intuitive approach with Calculus
- Type
- Book
- Authors
- Date
- 2018
- Publisher
- Cengage
- Pub Place
- Australia
- Edition
- EMEA edition
- ISBN-10
- 1473759005
- ISBN-13
- 9781473759008
- Web address
- http://webcat.warwick.ac.uk/record=b3473237~S1
Game theory: an introduction
- Type
- Book
- Authors
- Date
- c2013
- Publisher
- Princeton University Press
- Pub Place
- Princeton
- ISBN-10
- 0691129088
- ISBN-13
- 9780691129082
- Web address
- https://go.exlibris.link/H662hg57
Advanced microeconomic theory
- Type
- Book
- Authors
- Date
- 2011
- Publisher
- Financial Times/Prentice Hall
- Pub Place
- Harlow
- Edition
- Third edition
- ISBN-10
- 0273731912
- ISBN-13
- 9780273731917
- Web address
- https://go.exlibris.link/Thsztd35
Intermediate microeconomics with calculus: a modern approach
- Type
- Book
- Authors
- Date
- 2023
- Publisher
- W.W. Norton and Company
- Pub Place
- New York
- Edition
- Second edition
- ISBN-10
- 1324034432
- ISBN-13
- 9781324034438
- Web address
- https://go.exlibris.link/thXpw4KX
Microeconomics: theory & applications with calculus
- Type
- Book
- Authors
- Date
- 2021
- Publisher
- Pearson
- Pub Place
- Upper Saddle River
- Edition
- Fifth edition
- ISBN-10
- 1292359137
- ISBN-13
- 9781292359137
- Web address
- http://ebookcentral.proquest.com/lib/warw/detail.action?docID=6681069
Additional textbook for Game Theory (Term 2)
An introduction to game theory
- Type
- Book
- Authors
- Date
- c2009
- Publisher
- Oxford University Press
- Pub Place
- New York
- Edition
- International ed
- ISBN-10
- 0195322487
- ISBN-13
- 9780195322484
Note:
This title is not available as an ebook. If all print copies are on-loan, please find the item in Library Search and click on ‘Click and Collect’. You can then request a copy and it will be recalled from loan and made available for you to borrow (JH - Librarian - 09/10/2023).
Course Extracts
The theory of the consumer
- Type
- Chapter
- Authors
- Page end
- 45
Note:
Please read: Chapter 2 The theory of the consumer pp.11-45
Insurance and the Selection Problem
- Type
- Chapter
- Authors
- Page end
- 112
Note:
Please read: Chapter 7 Insurance and the Selection Problem pp.98-112
The Economic Approach to the Optimal Choice of Punishment
- Type
- Chapter
- Authors
- Page end
- 110
Note:
Please read: Chapter 5 The Economic Approach to the Optimal Choice of Punishment pp.89-110
Adverse Selection
- Type
- Chapter
- Authors
- Page end
- 274
Note:
Please read: Chapter 9 Adverse Selection pp.243-274
Uncertainty, Information and Insurance
- Type
- Chapter
- Authors
- Page end
- 78
Note:
Please read: Chapter 3 Uncertainty, Information and Insurance pp.47-78
Static Games of Complete Information
- Type
- Chapter
- Authors
- Page end
- 53
Note:
Please read: Chapter 1 Static Games of Complete Information pp.1-53