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 to provide adequate space for teaching and assessing content that is expected to have been learned during A level education. Students cannot take both Foundations and Principles of Microeconomics, only one of these two modules can be selected.
Aims and Objectives
Learning Outcomes
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- recognise the consequences of and potential constraints for the implementation of government intervention.
- abstract the essential features of some complex systems to models for comparative statics and welfare analysis.
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- the application of core microeconomic concepts to applied topics, including the analysis of government interventions
- basic analytical mehtods and models in microeconomics
- the basic theoretical and practical concepts of microeconomics
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 | 110 |
| Tutorial | 16 |
| Lecture | 24 |
| Total study time | 150 |
Resources & Reading list
Textbooks
J. Perloff (2018). Microeconomics. Pearson.
D. Besanko, R. Braeutigam (2014). Microeconomics. John Wiley.
H. Varian (2014). Intermediate Microeconomics: A Modern Approach. Norton.
Assessment
Assessment strategy
Continuous assessment through online tests throughout the semester and a final written exam, supported by continuous formative assessment in form of problem sets and online tests. Students form small study groups to jointly submit solutions to problem sets. This is the same for internal repeats. Referral and external repeat assessment are through 100% final exam.
Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Online test | 2.5% |
| Online test | 2.5% |
| Online test | 2.5% |
| Final Exam | 90% |
| Online test | 2.5% |
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