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EC202: Microeconomics 2

  • Christian Soegaard

    Module Leader
  • James Massey

    Module Lecturer
30 CATS - Department of Economics

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
L100 - Year 2, L116 - Year 2, L1P5 - Year 1, L1PA - Year 1
Pre or Co-requisites
EC109 or EC107 with a mark of 65% plus guided reading in summer vacation. Modules: EC109-30 or EC107-30
Part-year Availability for Visiting Students
Available in the Autumn term only (1 x test – 12 CATS) and in the Spring term only (1 x test -12 CATS) and in the Autumn and Spring terms together (2 x tests - 24 CATS)

Assessment

Assessment Method
Coursework (20%) + 3-hour examination (Summer) (80%)
Coursework Details
Test 1 (10%) - Eligible for self-certification: No, Test 2 (10%) - Eligible for self-certification: No, 3-hour examination (Summer) (80%) - Eligible for self-certification: No CATS:
Exam Timing
N/A

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. Answer ALL FOUR questions in Section A (18 marks each), and ONE question in Section B (28 marks).

Approved 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.

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