EC353: Industrial Economics 1: Market Structure for Finalists

Introduction

This module is available to final year Joint Degree students and presents core topics in Industrial Economics. There is a focus on understanding market structure (explain why firms are grouped together in industries in particular ways). Also, students will learn about the nature of market power, why firms interact as they do in markets, and how the nature of these interactions influences economic performance in terms of efficiency, profits, technical progress and welfare.

Principal Aims

To provide explanations of why firms are grouped together in industries in particular ways, the nature of market power, why firms interact as they do in markets, and how the nature of these interactions influences economic performance in terms of efficiency, profits, technical progress and welfare.

Principal Learning Outcomes

Understand the nature of empirical support for the theoretical models and demonstrate an in depth understanding of key concepts in industrial economics.

Understand the nature of market power, why firms interact as they do in markets and how the nature of these interactions influences economic performance in terms of efficiency, through better interpretability of the results.

Solve more advanced algebraic problems relating to the standard models. Demonstrate knowledge and understanding of how to formulate, model and analyse issues in industrial organisation.

Understand more of the methodology of model-building, demonstrating a capacity for abstraction and problem solving.

Syllabus

Context

Optional Module

V7ML - Year 3, V7MP - Year 3, V7MR - Year 3, V7MM - Year 4, R9L1 - Year 4, R3L4 - Year 4, R4L1 - Year 4, R2L4 - Year 4, R1L4 - Year 4, L1L8 - Year 3, LA99 - Year 3, L1CB - Year 4, L1CG - Year 4, L1CH - Year 4

Pre or Co-requisites

Any of:

EC106-24 Introduction to Economics OR

EC107-30 Economics 1 OR

EC109-30 Microeconomics 1 OR

EC137-15 Economics 1 (Micro)

AND

EC139-15 Mathematical Techniques A AND

EC122-12 Statistical Techniques A AND

OR

EC140-15 Mathematical Techniques B AND

EC124-15 Statistical Techniques B AND

MORSE/GL11 students – EC106 or EC107

All other students - EC120 + (EC107 or EC109 or EC137)

Summary:

Modules: (EC106-30 or EC107-30) and (EC106-30 or EC107-30 or EC109-30 or EC137-15) and (EC139-15 or EC122-15) and (EC140-15 or EC124-15)

Assessment

Assessment Method

Coursework (10%) + Centrally-timetabled examination (On-campus) (90%)

Coursework Details

Centrally-timetabled examination (On-campus) (90%) , Test 1 (10%)

Exam Timing

Summer

Exam Rubric

Time Allowed: 2 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 THREE questions in Section A (20 marks each) and FIVE questions in Section B (40 marks in total).

Use a separate booklet for each Section.

• Use a PINK booklet for Section A questions.

• Use a SEPARATE PINK 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.