ECO5002 - Intermediate Microeconomics

Objectives:

On successful completion of the module, students will be able to:
Investigate and illustrate changes in market equilibrium and changes in welfare.
Appraise the relationship between wages and productivity, and the nature of competition among firms.
Analyse the contexts in which markets fail, the impact of such failure on welfare and the impact of government policies.
Employ appropriate mathematical and graphical techniques in evaluating real world economic problems.

Content:

This module will introduce students to a range of intermediate microeconomic concepts and theories, including consumer behaviour, game theory, general equilibrium, utility maximisation, Pareto and welfare economics, budgets and compensation, choice under uncertainty, probability, marginal rates of substitution, externalities, public goods and public choice. Students will also discuss considerations of the firm including the technology and R&D, nature of costs and competition, production functions, and welfare implications of market failure under a range of industry structures.

Learning and Teaching Information:

The module will be delivered via a series of weekly 3-hour teaching blocks, comprising whole-group interactive lecture and seminar covering fundamental theories and applications. Lectures and seminars will be supported by in-depth applied workshops.

The module will present students with selected scenarios for basic analysis in order to develop both analytical competence and the ability to identify and apply appropriate techniques in a range of typical situations. Students will be provided problem sets or case studies to explain and illustrate specific concepts related to reservation prices, supply and demand, price elasticity, consumer choice, consumer demand, cost minimization, price-taking firms, product markets, monopolistic markets, labour/leisure, monopsonistic markets, and general equilibrium.

The module will also make use of current newsworthy case studies and developing business trends and so the nature of the topics and exercises will vary. Students will be provided with, and/or directed to, relevant reading and additional questions/ exercises to support their progress through the module material.

Lectures / seminars
Hours: 30
Intended Group Size: Cohort

Workshops / tutorials
Hours: 10
Intended Group Size: Cohort or variable-size groups

Guided independent study
Hours: 160

Further details relating to assessment
Problem sheet: Student understanding of key concepts of cost facing firms and appropriate strategies will be tested through a set of five to ten problems requiring graphical or mathematical illustration.

Essay: The second assignment tests students ability to research and collect data to inform their consideration of consumer choice and consumer demand in a particular market of their choice, as well as their ability to analyse potential market failures and appropriate government responses.

Formative feedback: Weekly lectures and tutorials are taught in an interactive manner, providing semi-formal discussion and debates, peer critique and feedback, as well as problem sets and quizzes, in which formative feedback and feed forward will be provided to students before each component of their assignment.

Assessment:

Fact File

Module Coordinator - Daniel Perez-Ruiz
Level - 5
Credit Value - 20
Pre-Requisites - ECO4002 PRINCIPLES AND APPLICATIONS OF MICROECONOMICS
Semester(s) Offered - 5S1

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