Module ASB-2307:
Microeconomics

Module Facts

School:Bangor Business School
Credits:20 (or 10 ECTS credits)
Level:2
When:Semester 1
Taught in:English
Organiser:Marco Pelliccia

Overall aims and purpose

To develop students understanding of the core components of microeconomics, building upon the material introduced in first year Introduction to Economics. To provide a basis on which to study theoretical and applied microeconomics in third year modules. In particular, the module will extend students’ analytical skills in relation to consumer and producer theories, and introduce students to general equilibrium analysis and game theory.

Course content

• Demand and supply microfoundations • Rational choice • Individual and market demand • Uncertainty and consumer behaviour • The cost of production and profit max • Market structure • Strategic interdependence • Game theory • General equilibrium • Markets with asymmetric info • Externalities

Assessment Criteria

threshold

Satisfactory standard: 40-49: No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work’s objectives.

excellent

Excellent standard: 70+: An outstanding performance, exceptionally able. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

good

Average Standard: 50-59: Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

High Standard: 60-69: Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

Learning outcomes

  1. Appraise the role of the government and regulation in markets.

  2. Understand the impact of uncertainty and asymmetric information on consumer choices and firm behaviour.

  3. Evalute the model of rational choice model.

  4. Demonstrate a thorough understanding of demand and supply microeconomic foundations.

Assessment Methods

Type Name Description Weight
On-line Test 10
Class Test 25
Final Examination S1 2.5hrs 65

Teaching and Learning Strategy

Hours
Tutorial 10
Private study 156
Lecture

4 hours of lectures in Week 1. 3 hours of lectures per week for rest of Semester 1. Theoretical explanations during the lectures. Use of slides and other on-line materials.

34

Transferable skills

  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Exploring - Able to investigate, research and consider alternatives
  • Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
  • Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting

Resources

Reading list

"Microeconomics. An Intuitive Approach with Calculus" by T. Nechyba

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses:

Optional in courses: