EC202-5-FY: MICROECONOMICS (INTERMEDIATE)
Essex credit: 30
ECTS credit: 15
Available to Study Abroad / Exchange Students: Yes Pre-requisites: EC111 OR IA151 OR IA153
|Module is taught during the following terms
The microeconomics course studies some of the fundamental concepts and methods in economics. It equips students with the basic tools and methods of analysis used in economic reasoning. In the first term, the basic theories of consumer and producer behaviour are studied in the context of competitive markets. Then, by combining these two theories, various properties of such markets are investigated together with their welfare properties. In the second term, the focus is on the study of how various imperfections, or frictions, affect the outcomes of decentralised markets.
Upon completion of the course, students should be able to understand the basic model-building methodology of microeconomics and should have conducted some original model-building of simple microeconomic problems. Relatedly, students should be able to conceptualise simple microeconomic issues and understand the analytical reasoning underlying microeconomic analysis. Students should understand the topics covered on several different levels: mathematical as well as graphical and heuristic or verbal. They should have a critical appreciation of the approach taken to economic issues and policies. Students should be able to express their analyses and appraisals in written form.
The module provides students with the following employability skills. Academic skills (literacy, numeracy, ICT skills) are enhanced through essay writing, mathematical problem solving and the use of ICT equipment. Students are encouraged to carry out research and information gathering as background reading. Communication skills are enhanced through various forms of assessment and class participation. Personal development planning (target setting and time management) is also promoted.
Learning & Teaching Methods
2 hours of lectures per week, weeks 2-11, 16-25
One hour class per week, weeks 3-11, 16-25, 30.
Whichever is the Greater:
EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark
OR 100 per cent Exam Mark
Exam Duration and Period
3:00 hour exam during Summer Examination period.
Coursework consists of one test and one assignment, the average of which equals the 'coursework mark' for EC202
Year 2 students on Single Honours Economics Schemes or Joint Schemes with Economics
- Main texts:
Morgan, W., M. Katz and H. Rosen: Microeconomics, 2nd edition, McGraw-Hill, 2009.
H. R. Varian: Intermediate Microeconomics, 8th edition, Norton, 2010.