ECM189-Microeconomics I

Module Provider: School of Politics, Economics and International Relations
Number of credits: 10 [5 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2020/1

Email: j.jeon@reading.ac.uk

Type of module:

Summary module description:
This module provides an introduction to the core elements of microeconomic theory which are applicable to a range of decision-making and policy problems in the public and private sectors. The module is designed for students with limited prior knowledge of microeconomics or who wish to review their knowledge of basic microeconomic theory.

Aims:
This module aims to provide students with a detailed understanding of the main microeconomic theories and models which are used to analyse individual and firm behaviour. The module combines analytical material and examples of applications to a range of policy and decision-making issues.

Assessable learning outcomes:
At the end of the module students should be able to:
(1) apply microeconomic principles and theories to describe how individuals and firms make decisions and explain the impact of these decisions on consumer welfare and firm profits;
(2) assess the impact of changes in the economic and policy environment on individual and firm behaviour;
(3) apply microeconomic concepts and methods to analyse and interpret real-world phenomena.

Additional outcomes:
Problem sets and articles for discussion will be provided during the module. These will provide an opportunity for students to develop their analytical and problem-solving skills, as well as their ability to apply theoretical knowledge to real world situations.

Outline content:

Core topics to be covered include: the theory of consumer choice (preferences, budget constraints and utility maximisation); the theory of production and costs; supply in perfectly competitive markets; decision-making under uncertainty. 

Additional topics may include: behavioural economics and consumer choice; market failure.

Brief description of teaching and learning methods:
Detailed guidance on the topics covered will be provided in the weekly lectures, together with handouts covering the material discussed, examples, exercises and solutions to facilitate understanding of key concepts. Seminars will provide an opportunity to explore applications of the theory in more depth. Students will be expected to supplement the lectures with the recommended reading and to do some research using the library, internet or other resources. Office hours are available for students to consult the lecturer on an individual basis.

Summative assessment- Examinations:
One 1-hour unseen written paper, which will cover all of the module material.
Postgraduate examinations are held in the summer term.

Summative assessment- Coursework and in-class tests:
Coursework will count for 40% of the overall mark and comprises one set exercise to be submitted in the Autumn term. The final examination for the module will take place in the Summer term.

Formative assessment methods:

Penalties for late submission:
Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Assessment requirements for a pass:
A minimum weighted average mark of coursework and examination of 50%.

Reassessment arrangements:
Re-examination for all modules takes place in August/September of the same year.
Re-assessment is by examination only; coursework is not included at the second attempt.

Additional Costs (specified where applicable):

1) Required text books: One of the following textbooks will be recommended but not a required purchase:

Nechyba, T. (2011) Microeconomics: An intuitive approach with calculus, South-Western, Cengage Learning. (£59.99)

Estrin, S., Laidler, D. and Dietrich, M. (2012). Microeconomics, 6th edition, Pearson (£58.99)

Varian, H. (2014). Intermediate Microeconomics: a modern approach, 9th edition. W.W.Norton &Company (£49.99)



2) Specialist equipment or materials:

3) Specialist clothing, footwear or headgear:

4) Printing and binding:  There may be optional costs associated with photocopying or printing sources listed on the reading list relating to this module. Please note that the Library charges approximately 5p per photocopy.

5) Computers and devices with a particular specification:

6) Travel, accommodation and subsistence: 

Last updated: 4 September 2020