EC238: Economics 2: Microeconomics

Damiano Turchet
Module Leader
Jennifer Smith
Module Lecturer

15 CATS - Department of Economics

Summer Module

Spring Module

Autumn Module

Principal Aims

EC238-15 Economics 2: Microeconomics

Principal Learning Outcomes

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

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

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

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, Essay and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essay (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: Essay and Seminar presentations. The 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. Decomposition and welfare of price changes

• Choice Under Uncertainty: risk, uncertainty, expected value, expected utility, asymmetric information, insurance, moral hazard, adverse selection and solutions.

• General equilibrium and welfare economics

• Market Failures: externalities, public goods and solutions

• Game Theory: Simultaneous and sequential games, Nash equilibrium and sub-game perfect Nash equilibrium; repeated games

• Competition and Firm Behaviour: models of oligopoly and monopoly

Context

Core Module

X35B - Year 2, L1L8 - Year 2

Optional Module

Y602 - Year 2, G100 - Year 2, GG14 - Year 2

Pre or Co-requisites

Any of:

EC106-24 Introduction to Economics OR

EC107-30 Economics 1 OR

EC137-15 Economics 1: Micro

EC131 Economics for Business AND

EC229 Economics of Strategy

with a mark of 60% in each plus passes in

IB121-15 Business Statistics AND

IB122-15 Business Analytics

Summary:

Modules: EC106-24 or EC107-30 or EC137-15 or (IB121-15 and EC131-15 and IB122-15 and IB122-15)

Restrictions

May not be combined with modules EC204-30 or EC202-30

Assessment

Assessment Method: Coursework (40%) + In-person Examination (60%)
Coursework Details: 1000-word essay (20%) , 2 x online quizzes (5% each) (10%) , In-person Examination (60%) , Participation in and engagement with Support and Feedback classes (10%)
Exam Timing: Summer

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 ALL questions in Section A (50 marks in total) and ONE question in Section B (50 marks).

Answer each whole question in a separate booklet.

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.