An Examination, length 1.5 HOURS weighted at 100% (Tests learning outcomes 1, 2, and 3).

This module extends students' understanding of key concepts in the analysis of consumer and producer behaviour under different market conditions. Particular attention will paid to the role of choice and information in economic decision making. Economic efficiency, including the coverage of externalities and public goods, will be also studied. Throughout the module, the emphasis will be on the application of theory to practical problems and policy issues. The mathematics required for understanding the concepts and models will be integrated into the deliveries.

Topics:
Introductory concepts, principles of economics
Demand and supply
Market equilibrium
Elasticity
Consumer behaviour
Producer behaviour
Market failure
Government intervention
Market structures: Perfect competition, monopoly, oligopoly

Supporting maths:
Basic algebra
Demand and supply equations
Graphical representations of changes in prices and quantities
Elasticity calculations and their effects on firms’ revenue
Calculating the level of output and price to maximise profits

1. DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF THE MICROECONOMIC CONCEPTS AND PRINCIPLES
Knowledge & Understanding

2. APPLY MICROECONOMIC DATA AND ANALYSIS TO DIFFERENT BUSINESS AND SOCIETAL SITUATIONS
Analysis
Learning
Problem Solving

3. BE ABLE TO EXPLAIN THE EFFECTS OF GOVERNMENT INTERVENTION AND CHANGES IN MARKET STRUCTURE ON CONSUMERS AND FIRMS BASED ON MIRCOECONOMIC ANALYSIS
Problem Solving

A range of resources, including the university library and IT facilities, the internet, academic journals and databases.

FOR INTERNATIONAL COLLABORATIVE PARTNERS ONLY.

Gillespie, A. (2014) Foundations of Economics, 3rd ed. New York: Oxford University Press

Sloman, J. and Garratt, D. (2013) Essentials of Economics, 6th ed. Essex: Pearson

Sloman, J., Wride, A., and Garratt, D. (2012) Economics, 8th ed. Essex: Pearson

The learning strategy for this module is based around students committing a total of 150 hours of activities towards achieving the learning outcomes. These will be split between 39 hours of direct contact with a tutor and 111 hours of directed, guided and self-study, together with preparation for and completion of the assessment tasks. Learning support material will be provided for the module.
The module will draw upon a mixture of activities including lectures, web-based activities, case study analysis, relevant videos and in-class discussions, individual and group problem solving and self-directed learning.