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ECON2021: MICROECONOMICS

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Type	Open
Level	2
Credits	20
Availability	Available in 2023/24
Module Cap
Location	Durham
Department	Economics

Prerequisites

Principles of Economics (ECON1011) and EITHER Economic Methods (ECON1021) OR Calculus I (MATH1061) AND Linear Algebra I (MATH1071) AND Probability I (MATH1597) AND Statistics I (MATH1617)

Corequisites

Macroeconomics (ECON2011)

Excluded Combinations of Modules

Economic Theory (ECON2291)

Aims

The module aims to develop your knowledge and understanding of essential components of microeconomics by building upon the material introduced at Level 1 and with a view to prepare you to both extend your knowledge of microeconomics and apply microeconomic concepts to more specialist areas of economics at Level 3.

Content

Topics, reflecting the current state of the field, may include:
Budget constraints.
Consumer preferences.
Utility function and utility maximisation problem.
Compensated and uncompensated demand.
Slutsky decomposition.
Revealed preference theory.
Inter-temporal choice problem.
Choice under uncertainty.
Consumer's surplus.
Firm, production and technology.
Costs of production.
Profit maximisation and competitive supply.
Monopoly and oligopoly markets.
Strategic behaviour and game theory.
General equilibrium and exchange economies.

Learning Outcomes

Subject-specific Knowledge:

Have knowledge and understanding of essential components of microeconomics

Subject-specific Skills:

Be able to apply problem solving and analytical skills to microeconomic issues
Be able to apply microeconomics to the analysis of individual's behaviour and public policy decisions

Key Skills:

Written Communication - e.g. through summative assessment.
Planning, Organising and Time Management - e.g. by preparing for the examination.
Problem Solving and Analysis - e.g. by applying the necessary analytical and quantitative skills, as well as the ability to manipulate microeconomic concepts, in answering exam questions
Numeracy - e.g. by applying core mathematical and statistical skills to answer a range of exam questions

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Teaching is by lectures and tutorials. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes, and private study.
Formative assessment to help prepare for in-person exam.
Summative assessment is by means of an in-person examination, and assignment.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total	Monitored
Lectures	40	2 per week	1 hour	40
Revision Lectures	2	1 per week	1 hour	2
Tutorials	8	4 in Term 1, 4 in Term 2	1 hour	8	Yes
Preparation and Reading				150
Total				200

Summative Assessment

Component: Assignment		Component Weighting: 20%
Element	Length / Duration	Element Weighting	Resit Opportunity
IOne written assignment	1500 words	100	Same

Component: Examination		Component Weighting: 80%
Element	Length / Duration	Element Weighting	Resit Opportunity
One in-person witten examination	2 hours	100	Same

Formative Assessment

At least one written piece of work to prepare students for the summative exam.

More information

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