EC204: Economics 2

Damiano Turchet
Module Leader
Jennifer Smith
Module Lecturer

30 CATS - Department of Economics

Summer Module

Spring Module

Autumn Module

Principal Aims

From this module students can develop a deeper understanding of economic concepts introduced in analysis. It will also introduce to new concepts in both micro and macroeconomic analysis and in the analysis of public policy issues such as market failure and counter-inflation policy.

Principal Learning Outcomes

Subject knowledge and understanding:...demonstrate knowledge of macroeconomic policies and understand the role of theory in analysing their effectiveness. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:... abstract and simplify economic problems through the application of theoretical models.

Key Skills:... communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...apply rigorous knowledge of theoretical models which underlie economic analysis. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...understand the uses, applications and limitations of theoretical models. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...demonstrate knowledge of microeconomic policies. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Cognitive Skills:...analyse competing models and hypotheses in a critical way. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Readings and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).

Key Skills:...present the output of their own work to an audience. The teaching and learning methods that enable students to achieve this learning outcome are: Seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)

Key Skills:...conduct individual and collaborative research into an Economic topic, using world wide web and library resources. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)

Cognitive Skills:...analyse and formulate models for understanding and solving problems. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.

Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems especially those of a policy nature. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject-Specific/Professional Skills:...produce concise and analytical reports relating to economic problems and issues. The teaching and learning methods that enable students to achieve this learning outcome are: Assessed Essays and Seminar presentations. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...understand key concepts and principles in intermediate microeconomics and macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Syllabus

The module will typically cover some of the following topics:

Microeconomics: consumer theory, preferences, indifference curves, budget constraints, optimisation, revealed preference, Hicksian and Slutsky analysis. Choice under uncertainty: expected value and expected utility, insurance, asymmetric information including moral hazard and adverse selection. The analysis of general equilibrium and welfare economics. Consideration of the economics of public policy issues such as externalities and public goods. Game theoretic approaches to oligopoly, entry and other strategic areas in industrial and business economics. Macroeconomics The three equations underlying modern macroeconomic theory and policymaking. Monetary policy. The open economy. Macro-labour models.

Context

Core Module

V7ML - Year 2, LM1D (LLD2) - Year 2, GL11 - Year 2, L1L8 - Year 2, R9L1 - Year 2, R3L4 - Year 2, R4L1 - Year 2, R2L4 - Year 2, R1L4 - Year 2, L1CA - Year 2, R2L5 - Year 2, R4LA - Year 2, R1L5 - Year 2

Optional Module

LA99 - Year 2

Pre or Co-requisites

Any of:

EC106-30 Introduction to Economics OR

EC107-30 Economics 1 OR

EC108-30 Macroeconomics 1 AND EC109-30 Microeconomics 1 OR

EC131-15 Economics for Business AND EC229-15 Economics of Strategy AND IB121-15 Business Statistics (with a mark of at least 60%) AND IB122-15 Business Analytics (with a mark of at least 60%)

Summary:

Modules: EC106-24 or EC107-30 or (EC108-30 and EC109-30) or (EC131-15 and EC229-12 and EC229-15 and IB121-15 and IB122-15)

Restrictions

May not be combined with modules EC202-30 or EC201-30

Assessment

Assessment Method: Coursework (40%) + Examination (60%)
Coursework Details: 4 x quizzes (2.5% each) (10%) , Essay 1 (10%) , Essay 2 (10%) , Examination (60%) , Participation in and engagement with Support and Feedback classes (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 THREE sections in this paper. Answer ALL questions in Section A (50 marks in total), ONE question in Section B (25 marks) and ONE question in Section C (25 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.