Microeconomics
| Module title | Microeconomics |
|---|---|
| Module code | BEEM101 |
| Academic year | 2024/5 |
| Credits | 15 |
| Module staff | Dr Pauline Vorjohann (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| 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 Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 25 | 125 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning and Teaching Activity | 20 | Lectures |
| Scheduled Learning and Teaching Activity | 5 | Tutorials |
| Guided Independent Study | 125 | Reading, research, reflection; Preparation for lectures, tutorials and assessments |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Problem sets, exercises, discussions; mock exams | 1 hour per week plus asynchronous feedback | 1-11 | Formative 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 | 20 | Problem set | 1-11 | Indicative answers will be posted on ELE Some individual feedback will be given as well. |
| Final exam | 80 | 2 hours | 1-11 | Indicative 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 assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Coursework (20%) | Problem set (20%) | 1-11 | Referral/Deferral period |
| Final exam (80%) | Final exam (80%) | 1-11 | Referral/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
| Credit value | 15 |
|---|---|
| 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 |
