Microeconomics 1

Module title	Microeconomics 1
Module code	INT1203
Academic year	2018/9
Credits	30
Module staff	Dr Olayinka Oyekola (Convenor)

Duration: Term	1	2	3
Duration: Weeks	12	12

Number students taking module (anticipated)	20

Description - summary of the module content

Module description

This is the first course in Microeconomic Theory for the first year undergraduates. It covers the fundamental topics which you can later use as tool to learn/understand many other topics in Economics. The module equips students with key tools for conducting microeconomic analysis and introduces students to a number of policy applications. The specific topics include consumption and production theories, perfectly competitive markets, market power, game theory, risk and uncertainty, and market failures. This module is the equivalent of BEE 1030.

Module aims - intentions of the module

Internationalisation:
Due to the broad scope of this module, internationalisation is embedded in the content of this module, and globalisation is explored in some of the core case studies.

Sustainability:
The topics on Externalities and Public Goods will involve the issue of sustainability.

Employability:
In this module, students acquire confidence and skills in understanding analytical issues, writing and working to deadlines. This will help you to become more employable.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

1. Demonstrate comprehensive and detailed knowledge and understanding of main topics in intermediate microeconomic theory.
2. Explain any basic problem in microeconomics using diagrams and to some extent using mathematics.

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

3. Identify, present and explain standard theoretical economic models and apply them to analyses of economic questions and policy issues.
4. Develop skills to undertake further economic courses, as this module is one of the building blocks to understand the subject.

ILO: Personal and key skills

On successfully completing the module you will be able to...

5. Communicate concepts/definitions/arguments.
6. Prepare for and meet strict deadlines.

Syllabus plan

Term 1

Economic models (Chapter 1)
Demand and supply (Chapter 2)
Utility and Choice (Chapter 3)
Consumer Choice (Chapter 4)
The Theory of Demand (Chapter 5)
The Theory of Production (Chapter 6)
Costs and Cost Minimization (Chapter 7)

Term 2

Cost Curves (Chapter 8)
Perfectly Competitive Markets (Chapter 9)
Competitive Markets: Applications (Chapter 10)
Monopoly and Monopsony (Chapter 11)
Game theory and strategic behaviour (Chapter 14).
Risk and uncertainty (economics of information) (Chapter 15)
Externalities and public goods (Chapter 17)

Learning and teaching

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
120	180

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled Learning & Teaching activities	48	Lectures
	72	Seminar these will be teacher led. You should prepare for each seminar based on the related lecture
Study Clinic	24	Optional sessions to reinforce key skills
Guided Independent study	156	Reading and research, Practice of techniques, Web-based activities

Assessment

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
An in-class discussion of the covered topics	On average about 5-8 minutes per lecture.	1-4	Oral feedback

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
20	80	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Coursework - Online exercise every week during Term 1.	10	Approx. 10 hours	1-6	Online feedback when assessment closes.
Coursework - Online exercise every week during Term 2.	10	Approx. 10 hours	1-6	Online feedback when assessment closes.
Examination 1 (end of Term 1)	30	2 hours	1-6	Via SRS
Examination 2 (end of Term 2)	50	2 Hours	1-6	Via SRSV

Re-assessment

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Examination 1 and 2 and coursework	Written examination (100%)	1-6	During next examination period

Re-assessment notes

The pass mark for award of credit in this module is 40%. Referral or deferral is a process whereby a further attempt at the module examination, following an initial failure, is permitted without the requirement to repeat any attendance. This will constitute a second formal examination – coursework will not be included in the re-assessment. All summative coursework must be completed before entitlement to a referral or deferral.

The grade for the re-assessment, and therefore the module grade, will be capped at 40%.

Resources

Indicative learning resources - Basic reading

Basic reading:

Besanko, David and Ronald R. Braeutigam, (2014). Microeconomics, 5th Edition, Wiley, International Student Version, ISBN: 978-1-118-71653-3

Web based and electronic resources:

For formative assessment and other useful resources the Aplia learning environment is used.

Indicative learning resources - Web based and electronic resources

ELE – http://vle.exeter.ac.uk/

Module has an active ELE page

Key words search

Economics, microeconomics, economics models, demand and supply, consumer choice, production, competitive markets, monopoly, economics of information.

Credit value	30
Module ECTS	15
Module co-requisites	Cannot be taken with INT1013 or INT1014
NQF level (module)	4
Available as distance learning?	No
Origin date	24/04/2017