Module overview
This module will provide an introduction to microeconomic analysis, the detailed analysis of individuals and groups within the economy. Combined with Principles of Macroeconomics this module will provide an appropriate foundation for subsequent economic modules.
This module is designed for students that do not have an A-Level in Economics. Students cannot take both Foundations and Principles of Microeconomics, only one of these two modules can be selected.
Aims and Objectives
Learning Outcomes
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- basic analytical mehtods and models in microeconomics
- the basic theoretical and practical concepts of microeconomics
- the application of core microeconomic concepts to applied topics, including the analysis of government interventions
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- abstract the essential features of some complex systems to models for comparative statics and welfare analysis.
- recognise the consequences of and potential constraints for the implementation of government intervention.
Transferable and Generic Skills
Having successfully completed this module you will be able to:
- Collaborate with others in groups and recognise problems of working in groups and possible solutions
- communicate logical arguments in written form.
Syllabus
The first part of the module will concentrate on how markets work and on what determines the prices and quantities of goods traded in the market. To examine this question, we study the behaviour of consumers and producers both separately and in relation to each other. Different forms of market structure will be analysed, with the emphasis on the nature of competition in markets. Having established the basic analytics of markets, we then examine some normative properties of market activity and some strategic aspects of market interaction.
List of topics:
- Consumers and firm behaviour
- Strategic behaviour
- Competitive equilibrium and welfare
- Monopoly
- Externalities and public goods
Learning and Teaching
Teaching and learning methods
Lectures and tutorials
| Type | Hours |
|---|---|
| Independent Study | 108 |
| Lecture | 32 |
| Problem Classes | 10 |
| Total study time | 150 |
Resources & Reading list
Textbooks
H. Varian (2014). Intermediate Microeconomics: A Modern Approach. Norton.
J. Perloff (2018). Microeconomics. Pearson.
D. Besanko, R. Braeutigam (2014). Microeconomics. John Wiley.
Assessment
Assessment strategy
The summative assessment includes coursework and a final exam, supplemented by formative assessments like problem sets and/or reports. Students can work in small study groups and peer-review each other's work for certain formative assessment tasks. The assessment method remains the same for internal repeat students. For students needing referral or undertaking external repeats, their assessment consists solely of a final examination, which accounts for 100% of their grade.
Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Final Exam | 90% |
| Coursework | 10% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Final Exam | 100% |
Repeat
An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.
| Method | Percentage contribution |
|---|---|
| Final Exam | 100% |
Repeat Information
Repeat type: Internal & External