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2010/1 Module Catalogue
Module Provider: Economics Short Name: ECO2034
Level: HE2 Module Co-ordinator: NEWMAN ME Mrs (Economics)
Number of credits: 30 Number of ECTS credits: 15
Module Availability
All year
Assessment Pattern
Unit(s) of Assessment

Weighting Towards Module Mark (%)

3 Hour Examination




Qualifying Condition(s)
A weighted aggregated mark of 40% is required to pass the module.
Module Overview
Microeconomic theory is essential to the economist's toolkit. As a result, studying and understanding it is one of the key elements in the professional training of an economist. The module also serves as a foundation for subsequent study of microeconomic topics within the relevant degree programmes. The module uses some mathematical techniques (at the level of the Level 1 Mathematics for Economists and Level 2 Formal Methods modules) and graphical analysis.
Module Aims

This module aims to provide a firm understanding of some of the core principles of microeconomics.

Learning Outcomes
By the end of the module, students will:-
  • Be able to understand the fundamental ideas and techniques of microeconomics at an intermediate level 
  • Understand microeconomic models and problems expressed in standard mathematical terms, and be able to solve and interpret problems based on such models
  • Be able to use microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena and to assess issues of microeconomic policy
Module Content
The following is an indication of the likely topics to be covered:-
  • Budget constraint, preferences, and utility
  • Consumer choice, demand and the Slutsky equation
  • Consumer’s surplus & market demand
  • Technology and production functions, profit maximisation and cost minimisation
  • Competition, Monopoly and Oligopoly
  • General Equilibrium and welfare
  • Market Failure: Externalities and public goods
  • Asymmetric information: Signalling and Screening, Adverse Selection, Moral Hazard
  • Cost Benefit Analysis
  • Behaviour under Uncertainty
  • Auctions
Methods of Teaching/Learning
Weekly two-hour lectures and workshops.
Selected Texts/Journals

The main text for the lectures will be:

Hal R. Varian Intermediate Microeconomics: A Modern Approach (2006), 7th edition, W.W. Norton & Company. 
Alternatively, the students could choose the text by Wyn Morgan, Michael L. Katz and Harvey S. Rosen: Microeconomics (2nd European edition) McGraw-Hill, 2009
At a less advanced level than the main texts any of the following would be useful:
Jeffrey Perloff, Microeconomics, Addison Wesley
Robert S. Pindyck and Daniel L. Rubinfeld, Microeconomics, Prentice Hall.
At a more advanced level, on the other hand, would be any of the following:
Hugh Gravelle and Ray Rees, Microeconomics, Longman
Walter Nicholson, Microeconomic Theory: Basic Principles and Extensions, Dryden Press
Frank Cowell, Microeconomics, Principles and Analysis, Oxford University Press.

Last Updated
28 September 2010