Module Identifier EC36420  
Module Title CONSUMERS, FIRMS AND MARKETS  
Academic Year 2002/2003  
Co-ordinator Mr Dennis A Thomas  
Semester Semester 2 (Taught over 2 semesters)  
Pre-Requisite EC10510 or, EC10120  
Mutually Exclusive EC30230  
Course delivery Lecture   30 Hours  
  Seminars / Tutorials   10 Hours  
Assessment Semester Exam   2 Hours Examination is at the end of Semester 2 only   70%  
  Semester Assessment   two class tests   30%  
  Supplementary Exam     100%  

Learning outcomes

On completing the module students will have gained an understanding of the following topics:

· the application of conventional indifference-curve analysis of consumer choice.
· an alternative, characteristics, approach to consumer behaviour.
· the basic neo-classical theory of the firm.
· the nature, derivation and representation of production costs.
· the meaning and implications of competitive product markets.
· monopoly and dominant firm behaviour and associated costs and benefits.
· collusive behaviour between oligopolistic firms.
· the employment of basic game theory to treat strategic firm behaviour.
· product differentiation and its implications for competitive behaviour.
· the basic theory of factor input markets.

Aims

This second year module is taught over two semesters. Building on the basic economics principles modules taught at Level One it provides a background in applied microeconomics for students studying Business Economics, Business Finance, Business Studies and various Accounting and Finance schemes. It treats the economic analysis of consumer behaviour, demand, production and cost, together with firm decision-making and behaviour within different market structure contexts.

Reading Lists

Books
D. Brewster. (1997) Business Economics: Decision-Making and the Firm. The Dryden Press
P Ferguson, G G Ferguson and R Rothschild. Business Economics. Macmillan
T C G Fisher and R G Waschick. (2002) Managerial Economics: A Game Theoretic Approach. Routledge
M Katz and H Rosen. Microeconomics. Irwin
R Stead, P Curwen and K Lawler. Industrial Economics: Theory Applications and Policy. McGraw Hill