EC201-Intermediate Microeconomics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Autumn term module
Pre-requisites: EC113 Introductory Microeconomics and EC114 Introductory Macroeconomics
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2022/3

Module Convenor: Dr Carolyn Molesworth-St Aubyn
Email: c.molesworth-staubyn@reading.ac.uk

Type of module:

Summary module description:

This module builds on material covered in introductory microeconomic courses and introduces students to some of the more advanced topics in microeconomic theory, including intertemporal choice, decision-making under risk, game theory, and general equilibrium theory.

Aims:

The aim of this module is to provide students with a more in-depth and rigorous understanding of core concepts and methods of microeconomics. The module builds on topics familiar to students from the first year, such as consumer and producer theory, and introduces new topics including intertemporal choice, decision-making under uncertainty, game theory, general equilibrium and welfare.

Assessable learning outcomes:

At the end of the module, students should be able to: - demonstrate a sound understanding of microeconomic principles, theories and methods of analysis; - apply analytical methods to solve and interpret economic problems; - apply microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena.

Additional outcomes:

Outline content:

Topics to be covered include: - applications of the rational choice model - intertemporal choice - decision-making under uncertainty - markets and market structure - game theory - general equilibrium and welfare - missing markets

Global context:

This module is compulsory for all single and joint honours Economics degree programmes.

Brief description of teaching and learning methods:
Lectures will develop all the main material. Tutorials will cover exercise material designed to facilitate understanding of lecture topics. Office hours will be available for students to consult the lecturer on an individual basis.

Contact hours:

	Autumn	Spring	Summer
Lectures	20		2
Tutorials	4
Practicals classes and workshops	10
Guided independent study:	150		14
Total hours by term	184	0	16
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	60
Set exercise	40

Summative assessment- Examinations:

One 3-hour unseen written paper with count for 60% of the overall grade.

Part 2 examinations are held in the Summer term. 

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

Coursework will count for 40% of the overall grade and will consist of 2 short online tests.

Visiting students in Reading for the autumn term only who wish to earn full credits will be set an extended problem set in place of the final exam. 

Formative assessment methods:

Weekly problem sets to help with students’ understanding of the topics and preparation for summative assessment. 

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:
A minimum overall mark of 40%.

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

Additional Costs (specified where applicable):

1) Required text books: 

The main textbook for this course is: Frank, R. and Cartwright, E. (2020). Microeconomics and Behaviour, McGraw-Hill Education; other recommended textbooks include:

Estrin, S., Laidler, D. and Dietrich, M. (2012). Microeconomics, 6th edition. Pearson Education. [a copy of this textbook is available electronically through the University library]

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

These textbooks are substitutes for one another, so students need only use one for their independent study.

2) Specialist equipment or materials:  None

3) Specialist clothing, footwear or headgear:  None

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:  None

6) Travel, accommodation and subsistence:  None

Last updated: 22 September 2022