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| Module Availability |
| Spring |
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| Assessment Pattern |
| Unit(s) of Assessment |
Weighting Towards Module
Mark (%)
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| 2 hour Examination |
70
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| Coursework test 1 (multiple choice) |
10
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| Coursework test 2 (multiple choice) |
20
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Qualifying Condition(s)
A weighted aggregate mark of 40% is required to pass this module |
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| Module Overview |
| This module builds on the Economics 1 module by extending the analyses of microeconomic concepts. In particular, it looks at market failures, compares theories of the firm, studies labour markets and explains the constrained optimisation model of consumer bahaviour. The module also uses maths from the Quantiative Methods and Maths for Economics modules to demonstrated the role maths can play in economic theory |
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| Prerequisites/Co-requisites |
| None |
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| Module Aims |
- to build on the Economics 1 module by showing how the modules of perfect markets and competition are altered when their key assumptions change
- to demonstrate the possibility of government failure as well as market failure
- to apply market analysis to labour markets
- to explain the theory of consumet and constrained optimisation
- to demonstrate the link between Mathematics for Economics module and economic analysis
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| Learning Outcomes |
- At the end of this module, students who have taken it seriously should be able to:-
- explain how markets and governments can fail in producing optimal outcomes
- explain the main differences between competition, monopoly, imperfect competition and oligopoly
- explain why different jobs generate different pay, the effect this has on income distribution and the role of minimum wages in the UK labour market
- explain the origins of demand curves in consumer theory
- be able to apply basic mathematical concepts to basic microeconomic models
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| Module Content |
Indicative module content includes:-
- market failures
- government failures
- monopoly and oligopoly
- labour markets
- consumer theory and constrained optimisation
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| Methods of Teaching/Learning |
| Lectures (11) and Workshops (5) |
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| Selected Texts/Journals |
| A selection of books and journal articles will be used during the module, but the module will be based on the content and structure of "Economics" tenth edition by Mankiw and Taylor, Thomson |
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| Last Updated |
10 March 2011 |
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