ECON1003 Principles of Microeconomics
Module Overview
This module aims to provide an introduction to microeconomic analysis - the detailed analysis of individuals and groups within the economy. Combined with ECON1002 - Principles of Macroeconomics - it forms an appropriate foundation for subsequent economic modules. This module is geared towards students that have an A-Level in Economics. Students cannot take ECON1003 AND ECON1001, only one of these two modules can be selected. One of the pre-requisites for ECON1004, ECON2001, ECON2003, ECON2005, ECON2013 and ECON3027
Aims and Objectives
Learning Outcomes
Learning Outcomes
Having successfully completed this module you will be able to:
- Understand the technical language of economics
- Apply the basic concepts of microeconomic analysis and use appropriate tools in solving economic problems
- Recognise the consequences of government intervention to the functioning of markets
Syllabus
This module introduces basic microeconomic principles. It will cover: - Technology - Competitive firm - Consumer’s theory - Commonly used normative criteria - Competitive equilibrium - Welfare properties of competitive equilibria - Monopoly - Imperfect competition and game theory - Externalities and public goods
Learning and Teaching
Teaching and learning methods
The structure of the unit includes: - 24 Lectures (2 Lectures per week, from W1 to W12); - 8 Master Classes (1 MCs per week, from W3 to W10) There is an emphasis on analytical methods of reasoning and thus problem-solving exercises (rather than essays) are the main learning tools. All material will be made available via Blackboard.
| Type | Hours |
|---|---|
| Independent Study | 118 |
| Teaching | 32 |
| Total study time | 150 |
Resources & Reading list
Hal R. Varian. Intermediate Microeconomics: A Modern Approach.
David Besanko, Ronald Braeutigam (2013). Microeconomics.
E Jeffrey M. Perloff (2018). Microeconomics.
Assessment
Assessment Strategy
The module assessment will be based on a 2-hour closed-book final examination (90%), and 4 problem sets (2.5% each). Students can form small study groups to jointly submit solutions to the problem sets. The questions on the final examination will be similar to those in the problem sets. However, the marking strategy is different: marking of the problem sets rewards effort, and is lenient if the answer is not correct; the final examination evaluates whether students learned how to apply the analytical tools of Microeconomics correctly.
Summative
| Method | Percentage contribution |
|---|---|
| Coursework | 10% |
| Exam (2 hours) | 90% |
Repeat
| Method | Percentage contribution |
|---|---|
| Exam (2 hours) | 100% |
Referral
| Method | Percentage contribution |
|---|---|
| Exam | 100% |
Repeat Information
Repeat type: Internal & External
Costs
Costs associated with this module
Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.
In addition to this, students registered for this module typically also have to pay for:
Books and Stationery equipment
Texts should generally be available on the reserve list in the library. However due to demand, students may prefer to buy their own copies. These can be purchased from any source
Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.