EC238: Economics 2: Microeconomics
Damiano Turchet
Module Leader
Introduction
EC238-15 Economics 2: MicroeconomicsPrincipal Aims
To enable students to develop a deeper understanding of microeconomic concepts introduced in first-year analysis. To introduce students to new concepts in intermediate microeconomic analysis. To develop students’ understanding of more complex micro concepts, such as general equilibrium analysis and game theory. To provide students with an understanding of the application of microeconomics to policy. To equip students with a range of appropriate analytical skills, including descriptive, graphical and mathematical methods; and to develop the capacity to apply analytical techniques to real world problems.
Principal Learning Outcomes
Subject knowledge and understanding:...understand key concepts and principles in intermediate microeconomics.
Subject knowledge and understanding:...apply rigorous knowledge of theoretical models which underlie economic analysis.
Key Skills:...communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms.
Key Skills:...conduct individual and collaborative research into an Economic topic, using world wide web and library resources.
Subject knowledge and understanding:...demonstrate knowledge of microeconomic policies.
Subject knowledge and understanding:...abstract and simplify economic problems through the application of theoretical models.
Key Skills:...present the output of their own work to an audience.
Cognitive Skills:...analyse and formulate models for understanding and solving problems.
Subject knowledge and understanding:...to understand the uses, applications and limitations of theoretical models.
Cognitive Skills:...analyse competing models and hypotheses in a critical way.
Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems especially those of a policy nature.
Subject-Specific/Professional Skills:...produce concise and analytical reports relating to economic problems and issues.
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
OR
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 EC229-15)
- Restrictions
- May not be combined with modules EC202-30 or EC204-30
Assessment
- Assessment Method
- Coursework (40%) + Centrally-timetabled examination (On-campus) (60%)
- Coursework Details
- Centrally-timetabled examination (On-campus) (60%) , Participation in and engagement with Support and Feedback classes (10%) , Test 1 (30%)
- Exam Timing
- Summer
Subject Specific Skills
- Applied Economics
- Economic information
- Economic principles
- Research and debate
- Abstraction
- Analysis of incentives
- Analysis of institutions
- Analytical reasoning
- Analytical thinking and communication
- Creative thinking
- Critical thinking
- Policy evaluation
- Problem solving
- Strategic thinking
Transferable Skills
- IT skills
- Numeracy and quantitative skills
- Research skills
- Information technology
- Math, Statistical, data-based research skills
- Oral communication
- Team work skills
- Written communication
Exam Rubric
Time Allowed: 1 hour 30 minutes
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).
Use a separate booklet for each Section.
• Use a GREEN booklet for Section A questions.
• Use a SEPARATE GREEN booklet for Section B questions.
You must write the number(s) of the question(s) you have answered on the front cover of each booklet. Make sure the numbers are clearly visible and correspond to the questions you completed inside that booklet.
Do not submit answers to more than the required number of questions. If you do, only the first answers (in the order they appear) will be marked, up to the required number for each section.
Approved scientific (non-graphical) pocket calculator are allowed.
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.