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Study information

Microeconomics

Module titleMicroeconomics
Module codeBEEM101
Academic year2024/5
Credits15
Module staff

Dr Pauline Vorjohann (Convenor)

Duration: Term123
Duration: Weeks

11

Number students taking module (anticipated)

50

Module description

Summary:

In this Microeconomics module we will learn and use maths and rigorous logic to consider deep questions of…

- individual preferences, choices and optimization subject to constraints- firms’ profit-maximising choices and the implications of these for society (how much value is created, who gets what, how do we consider these outcomes as a society);

- psychological influences on the above, and limits to optimization.

This is a selective and bespoke module. We will focus on a limited set of concepts, models and applications. We will aim to incorporate material that is particularly relevant to your careers and your research interests.

This is an inquisitive module: we ask ‘the 'how?', 'why?', 'so what?', and 'is this reasonable?' ... of the models and concepts.

Additional Information:

Internationalisation

This is a basic and applied theory course, but the content is applicable in every country. The examples used in this module can be applied to any firm or decision.

Sustainability

All of the resources for this module are available on the ELE (Exeter Learning Environment).

Module aims - intentions of the module

The aim of the module is to develop:

  • the basic (model-building, logic, maths) economic tools for analysing a wide variety of problems faced by economists working in research, government and business,
  • an understanding of how models are formulated, considered, evaluated, and applied in research and practice, and some ability to do this,
  • the ability to think like an Economist, while being carefully critical of Economic models and applications of these, and an ability to discuss and communicate economic ideas

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

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

  • 1. consider issues choice, decision, and welfare logically and precisely;
  • 2. represent the key ingredients of microeconomic problems in the form of tractable models
  • 3. solve the models
  • 4. derive testable implications of the models
  • 5. critically discuss the adequacy of the models

ILO: Discipline-specific skills

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

  • 6. apply economic reasoning to decision problems;
  • 7. use economic analysis to construct explanations for observed economic actions;
  • 8. explain the nature of incentives and opportunity costs, as well as behavioural considerations, in decision-making.

ILO: Personal and key skills

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

  • 9. engage in abstract thinking, extracting essential features of complex systems to facilitate problem solving and decision-making;
  • 10. engage in deductive and inductive reasoning to enhance problem solving and decision-making skills;
  • 11. communicate and present complex arguments in oral and written form with clarity and succinctness.

Syllabus plan

We first cover basic Economic (and behavioural) models of individual preferences and choices. We treat this rigorously and abstractly/mathematically. At the same time, we consider the applications of this, and aim at an intuitive and logical understanding of the assumptions and how the parts fit together. The model of preferences and optimization leads to consumer and market demand and its properties. Next, we focus on how (especially monopoly) firms consider consumer demand in making (especially pricing and market segmentation) decisions to maximise profit. Finally, we bring the two sides of the market together in a general equilibrium model. We consider Psychology, heuristics/biases, and bounded rationality throughout the module.

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

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
251250

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled Learning and Teaching Activity20Lectures
Scheduled Learning and Teaching Activity5Tutorials
Guided Independent Study125Reading, research, reflection; Preparation for lectures, tutorials and assessments

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Problem sets, exercises, discussions; mock exams 1 hour per week plus asynchronous feedback1-11Formative feedback

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
20800

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Coursework20Problem set1-11Indicative answers will be posted on ELE Some individual feedback will be given as well.
Final exam802 hours1-11Indicative answers will be posted on ELE Some individual feedback will be given as well.

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Coursework (20%)Problem set (20%)1-11Referral/Deferral period
Final exam (80%)Final exam (80%)1-11Referral/Deferral period

Re-assessment notes

Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 50%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 50%.

Indicative learning resources - Basic reading

The main resources for this course are:

“Models in Microeconomic Theory”, by Osborne and Rubinstein (free at https://www.openbookpublishers.com/product/1171)

“Microeconomic Analysis”, by Varian, W. W. Norton and Company

“Microeconomic Theory”, by Mas-Colell, Whinston and Green, Oxford University Press

Indicative learning resources - Web based and electronic resources

ELE

Key words search

Microeconomics; decision theory and optimisation; formal modelling; consumer behaviour; consumer theory; policy; management and entrepreneurship insights; behavioural economics.

Credit value15
Module ECTS

7.5

Module pre-requisites

None

Module co-requisites

None

NQF level (module)

7

Available as distance learning?

No

Origin date

16/07/2014

Last revision date

30/04/2024