Module ASB-2307:
Microeconomics

Module Facts

Run by Bangor Business School

20 Credits or 10 ECTS Credits

Semester 1

Organiser: Dr 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

The content includes Demand and supply microfoundations, Rational choice, Individual and market demand, the cost of production and profit maximisation, Market structures, Game Theory, Public Goods and Externalities.

Assessment Criteria

threshold

D- to D+ (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

A- to A+ (70%+): Outstanding performance. 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.

C- to C+

C- to C+ (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.

good

B- to B+ (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. Develop "economic reasoning" skill

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

  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
CLASS TEST On-line Test

On-line test with multiple choices. This will cover the first part of the module, Consumer choice Theory and Game Theory.

15
CLASS TEST On-line Test

On-line test with multiple choices. This will cover the second part of the module, Producer Theory and Market failures.

15
EXAM Final Examination S1

Written exam at the end of the semester. The exam consists of multiple questions/exercises covering all the topics presented during the term.

70

Teaching and Learning Strategy

Hours
Tutorial

Tutorial covering exercises related to topics of the week

9
Private study

Private Study to review module material from lectures, further reading from textbooks and the internet, plus practice numerical questions

160
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.

31

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

Subject specific skills

  • Abstraction. From the study of economic principles and models, students see how one can abstract the essential features of complex systems and provide a useable framework for evaluation and assessment of the effects of policy or other exogenous events. Through this, the typical student will acquire proficiency in how to simplify while still retaining relevance. This is an approach that they can then apply in other contexts, thereby becoming more effective problem-solvers and decision-makers.
  • Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
  • Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
  • Framing. Through the study of economics, a student should learn how to decide what should be taken as given or fixed for the purposes of setting up and solving a problem, i.e. what the important 'parameters' are in constraining the solution to the problem. Learning to think about how and why these parameters might change encourages a student to place the economic problem in its broader social and political context. This 'framing' skill is important in determining the decision-maker's ability to implement the solutions to problems.

Resources

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses: