Description
Microeconomics 1
Module title | Microeconomics 1 |
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Module code | INT1203 |
Academic year | 2018/9 |
Credits | 30 |
Module staff | Dr Olayinka Oyekola (Convenor) |
Duration: Term | 1 | 2 | 3 |
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Duration: Weeks | 12 | 12 |
Number students taking module (anticipated) | 20 |
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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
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 |
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120 | 180 |
Details of learning activities and teaching methods
Category | Hours of study time | Description |
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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 |
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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 |
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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 |
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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
Credit value | 30 |
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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 |