ECM101NU-Microeconomic Policy

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:7
Semesters in which taught: Semester 1 module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2022/3

Module Convenor: Dr Andy Chung
Email: chunkit.chung@reading.ac.uk

Type of module:

Summary module description:

This module is intended to give an understanding of the core theories necessary to understand microeconomic policy. It is aimed both at master’s students without previous economics and as a refresher course for other master’s students.

Aims:

This module aims to provide students with an 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. demonstrate a sound understanding of microeconomic principles, theories and methods of analysis;


2. 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;


3. assess the impact of changes in the economic and policy environment on individual and firm behaviour;


4. 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: supply & demand; elasticity; consumption; production; perfect competition; monopolistic competition; monopoly; oligopoly; 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 studen ts to consult the lecturer on an individual basis.

Contact hours:

	Semester 1	Semester 2
Lectures	22
Seminars	4
Guided independent study:
Wider reading (independent)	40
Wider reading (directed)	40
Exam revision/preparation	20
Advance preparation for classes	20
Preparation for seminars	16
Completion of formative assessment tasks	20
Revision and preparation	18
Total hours by term	200	0
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	60
Set exercise	40

Summative assessment- Examinations:

One two-hour unseen written exam, weighted at 60% of the overall module mark. 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 is to be submitted in the Autumn term. The coursework will include four to five problem-solving questions covering the topics in the module. 

Formative assessment methods:

Penalties for late submission:

The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy £Penalties for late submission for Postgraduate Flexible programmes£, which can be found here: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmissionpgflexible.pdf
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 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:  Mankiw, N. Gregory and Taylor, Mark P. (2020). Economics, 5th edition, Cengage Learning EMEA

2) Specialist equipment or materials:  None

3) Specialist clothing, footwear or headgear:  None

4) Printing and binding:  None

5) Computers and devices with a particular specification:  None

6) Travel, accommodation and subsistence:  None

Last updated: 22 September 2022