|Assessment length / details
|2 x Written Essays (1,000 words)
|Written Essay (2,000 words). (Students must take elements of assessment equivalent to those that led to failure of the module.)
|3 Hours (Students must take elements of assessment equivalent to those that led to failure of the module.)
On successful completion of this module students should be able to:
1. Apply the rational choice framework to the consumption decision and other decisions;
2. Apply the mainstream consumer theory and its limitations, and be able to appreciate alternative approaches and their drawbacks;
3. Explain the microeconomic foundations of production theory and cost theory;
4. Demonstrate the implications of different assumptions regarding market structure for the behaviour and performance of firms;
5. Demonstrate an understanding of the impact of uncertainty and asymmetric information on consumer choices and firm behaviour.
This module teaches essential concepts in microeconomic theory, comprising examination of consumer behavior, the theory of the firm, and welfare economics. The module builds upon foundations of elementary microeconomic theory to deepen and extend knowledge of concepts and techniques of neoclassical microeconomics. This will involve application of the theory of rational choice to individuals and firms under conditions of certainty.
• Utility maximisation, consumer choice
• Price Changes and Consumer Welfare
• Income-leisure choice and labour supply
• Inter-temporal choice: individual saving and investment behaviour
DECISION MAKING BY FIRMS
• Cost Minimisation, the Demand for Inputs and the Cost Function
• Profit Maximisation,
• Monopoly and Price Discrimination
• Oligopoly, Cartels and Introduction to Game Theory
|Application of Number
|Assignments and exams will require students to undertaken numerical analysis of micro-economics theories.
|Written communication developed through essay writing.
|Improving own Learning and Performance
|Independent work on assessed coursework requiring basic research skills; Students will be required to build on their knowledge and understanding of micro-economic concepts.
|Use of internet resources to assess relevant pages (such as that of the Competition Commission).
|Personal Development and Career planning
|Development of various transferable personal and interpersonal skills, including time-management, critical thinking, writing structured arguments.
|Assignments and exam will require students to solve problems relating to consumer choice and theory of the firm.
|Assignment and exam will require students to research the academic and policy literature.
|Subject Specific Skills
|Assignments and exams will require students to develop an understanding of micro-economic concepts relating to consumer choice and theory of the firm.
This module is at CQFW Level 5