ECON42450 Microeconomic Theory

Academic Year 2023/2024

This module is designed to help you think like an (micro)economist. It will provide you with the conceptual basis and the necessary tools to understand modern microeconomics at an intermediate level. Relative to your first-year modules in microeconomics, this module will use a more formal approach and all concepts will be discussed intuitively, graphically, and mathematically. By representing the basic ideas about markets and the demand and supply of goods in a mathematical manner, it will allow you to solve more complex problems. We will examine the derivation of individual and market demand and the derivation of firm and market supply curves. We will use a range of different materials (lectures, tutorials, videos, newspaper articles) based on real-world examples to explore how individuals and firms make economic decisions.

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Curricular information is subject to change

Learning Outcomes:

The aim of this module is to give you the conceptual basis and the necessary tools for understanding modern microeconomics. By the end of the module, you should have an understanding of basic microeconomic theory of consumer behaviour and the theory of the producer behaviour. You will have a clear understanding of the assumptions behind these microeconomic models and of the techniques used to analyse them. On successful completion of this module you will also have plenty of practice at problem solving through attendance at tutorials and self-directed learning.

Indicative Module Content:

The course textbook is: Jeffery Perloff, Microeconomics, 7th ed., Pearson Prentice Hall International Edition. Note, however, that I will NOT be following the book and it is provided as an extra resource. The lectures will be the primary source.

1. Consumer Theory
a. Budget constraints; preferences; utility; choice;
b. Utility maximization and derivation of individual demand;
c. Market demand; consumer surplus.

2. Theory of the Firm
a. Production; isoquant; costs;
b. Cost minimization and derivation of cost function;
c. Profit maximization and derivation of firm supply and industry supply.

3. Equilibrium
a. Equilibrium
b. Externalities.

Student Effort Hours: 
Student Effort Type Hours
Lectures

24

Tutorial

12

Autonomous Student Learning

150

Total

186

Approaches to Teaching and Learning:
The primary learning approach will be in-class lecture and discussion. Note that discussion is an equal part of this and students will need to engage during class time in order to succeed. Further, note that slides will NOT be used during class. Students are encouraged to become active note-takers during both the lecture and discussion portions of class time.


 
Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Incompatibles:
ECON20010 - Intermediate Microeconomics I


 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Examination: Midterm Exam Unspecified No Alternative linear conversion grade scale 40% No

35

Continuous Assessment: Bi-weekly online quizzes. These will be graded pass-fail. Each is worth 3 percentage points each for a maximum of 15 percentage points in total. Throughout the Trimester n/a Alternative linear conversion grade scale 40% No

15

Examination: Final Exam 2 hour End of Trimester Exam No Alternative linear conversion grade scale 40% No

50


Carry forward of passed components
Yes
 
Remediation Type Remediation Timing
In-Module Resit Prior to relevant Programme Exam Board
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment
• Online automated feedback

How will my Feedback be Delivered?

Not yet recorded.

Jeffery Perloff, Microeconomics, 7th ed., Pearson Prentice Hall International Edition.
Name Role
Himani Pasricha Tutor
Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
 
Autumn
     
Lecture Offering 1 Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12 Mon 15:00 - 15:50
Lecture Offering 1 Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12 Tues 11:00 - 11:50
Tutorial Offering 1 Week(s) - 3, 5, 7, 10, 12 Tues 14:00 - 14:50
Tutorial Offering 3 Week(s) - 3, 5, 7, 10, 12 Tues 13:00 - 13:50
Tutorial Offering 4 Week(s) - 2, 4, 6, 9, 11 Tues 13:00 - 13:50
Autumn