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EC238: Economics 2: Microeconomics

  • Elizabeth Jones

    Module Leader
15 CATS - Department of Economics
Autumn Module

Principal Aims

EC238-15 Economics 2: Microeconomics

Principal Learning Outcomes

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

Subject knowledge and understandingTo 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, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).

Key SkillsCommunicate 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, Essay and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).

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

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

Subject knowledge and understandingTo abstract and simplify economic problems through the application of theoretical models.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).

Key SkillsPresent 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 essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative)

Cognitive SkillsAnalyse 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, Essay and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.

Subject knowledge and understandingTo 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, Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).

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

Subject-Specific/Professional SkillsSelect 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, Essay and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (summative), Summer Examination (summative).

Cognitive SkillsAnalyse 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 Essay.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).

Syllabus

The exact topics may vary, but the syllabus will include a selection of the following topics:

• Consumer Theory: indifference analysis, tastes and preferences, applications.• Choice Under Uncertainty: risk, uncertainty, expected value, expected utility, asymmetric information, insurance, moral hazard, adverse selection and solutions.• Producer theory: isoquants and isocost analysis; marginal rate of transformation.• General equilibrium and welfare economics• Market Failures: externalities, public goods and solutions• Game Theory: Simultaneous and sequential games, Pure strategy and Mixed strategy Nash equilibrium; sub-game perfect Nash equilibrium• Competition and Firm Behaviour: price discrimination, models of oligopoly and monopoly

Context

Core Module
X35B - Year 2, L1L8 - Year 2
Pre or Co-requisites
EC106 (for MORSE students) or EC137 or EC131 and EC229 with a mark of 60% in each plus passes in IB121 and IB122.
Part-year Availability for Visiting Students
Not available on a part-year basis

Assessment

Assessment Method
Coursework (40%) + 1.5 hour examination (Summer) (60%)
Coursework Details
1000-word essay (20%), Participation in and engagement with Support and Feedback classes (10%), 2 x online quizzes (5% each) (10%), 1.5 hour examination (Summer) (60%)
Exam Timing
N/A

Exam Rubric

Time Allowed: 1.5 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 BOTH questions in Section A (40 marks in total) and ONE question in Section B (60 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.

Reading Lists