AF5041 - Intermediate Microeconomics

What will I learn on this module?

This module will provide you with a thorough understanding of intermediate microeconomics theory, building on microeconomics keyconcepts and principles introduced to you in the first year. You will enhance your understanding of more complex microeconomics concepts and theories, such as general equilibrium, welfare analysis, behavioural economics, and game theory. You will be expected to understand the
defining assumptions and internal structure of the different analytical frameworks, their mathematical basis, applications and limitations.

At the end of this module, will be able to use the knowledge gained to provide a critical analysis of real world microeconomic issues. The topics covered in this module include:
• Mathematical Concepts in Microeconomics: Constrained Optimisation, Comparative Static Analysis;
• The Envelope Theorem;
• General Equilibrium and Social Welfare;
• Fundamental Welfare Theorems;
• Market Failure and Public Goods;
• Choice under Uncertainty;
• Introduction to Behavioural Economics of Risk, Uncertainty And Ambiguity;
• Game Theory I: Static Games of Complete Information;
• Game Theory II: Dynamic Games of Complete Information.

How will I learn on this module?

You will be supported by a teaching and learning plan (TLP), which outlines the lecture and seminar sessions, together with tutor-directed study and independent reading. The module will be taught through lectures (24 hours) and seminars (12 hours). The lectures will be used to deliver the core theoretical knowledge and concepts required to meet the module learning outcomes. Lectures will be research led and will draw from the latest empirical studies in the field of microeconomics. The main emphasis of the lectures will be to provide you with a critical understanding of a range of ideas and conceptual frameworks informing microeconomic analysis.

Seminars will be used to reinforce knowledge and understanding of key theories and principles, based on material distributed in advance. The seminars sessions will comprise of a number of activities including classroom games, solving problem sets, discussion of case studies and class presentations based on journal articles. Seminars will provide you with an opportunity to interact with other students and with the
teaching team and gain one to one feedback.

The module will involve both directed and independent learning. Directed learning plays a key part in the achievement of the module learning outcomes and provides an opportunity for self-assessment of your progress throughout the semester. Independent learning will include a range of activities including pre-reading, preparation for seminars and discussion boards on the e-learning platform.

Formative assessment will take place through individual and group activities during the seminar sessions including discussion of open questions, solving problem sets, group presentations in class, and classroom games. Two of the seminar sessions will take place in the form of feedback surgeries. In these sessions students will be required to solve problem sets at home and will be provided individual feedback in
class.

The summative assessment requirements will expect you to critically engage with a wide range of academic sources. There will be an individual assignment and an end of semester exam, covering the key learning outcomes of the module. Critical reflection on knowledge, experience and practice underpins the teaching and learning philosophy of this module.

How will I be supported academically on this module?

The module is supported by the e-learning portal, which includes the Teaching and Learning Plan, lecture materials, seminar tasks, detailed guidance on the assessment, as well as additional material for independent study. The module tutor will ensure that all relevant materials and instructions are readily accessible to you. All lectures will be recorded and uploaded to the e-learning portal which you will be able to access to consolidate your knowledge and develop understanding. An electronic reading list includes core material to support your lectures/seminars and a comprehensive range of academic journal articles relevant to your studies.

In addition to the lectures and seminars, the teaching team will maintain dedicated office hours where you can drop in and ask any questionspertaining to the module.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

What will I be expected to achieve?

Knowledge & Understanding:
• Develop knowledge and critical understanding of intermediate microeconomic principles and theories
including theories of market failure, risk, choice under uncertainty, behavioural economics and game theoretic models (ML01)
• Apply microeconomic models to formulate advance practical problems (ML02) Intellectual / Professional skills & abilities:
• You will acquire analytical and quantitative skills through application of microeconomics models to practical
problem sets(ML03)

Personal Values Attributes:
• Acquire knowledge and analytical abilities, reasoning and research skills essential for progression to post
graduate study in Economics and related multi-disciplinary areas (ML04)

How will I be assessed?

Formative Assessment:
Formative assessment will take place through directed questions/problem sets, class presentations and case studies during seminars. There will be a discussion of substantive areas in the seminars after each
lecture so that you can obtain direct feedback on any questions you may have on the module content and the assigned tasks. Two of the seminar sessions will comprise of feedback surgeries, where in you will have the opportunity to gain one to one feedback on pre-assigned work.

Summative Assessment:
The module is assessed by:

1. A 2,000 word assignment (40% weight) in which students will be required to solve a problem set. The
assignment aims at testing students’ ability to formalise and analyse game theoretic models. The problem set
structure will resemble the classroom games that students will be carrying out during seminar sessions. The
assignment will be released in Week 3 and students will be required to submit the assignment in Week 11. (MLO1, MLO3, MLO4)

2. A 2 hour long, end of the semester open notes exam (60% weight) where students will be required to answer three out of five open questions. The exam will test student’s understanding of microeconomic theories and the ability to apply them to real world problems (60%). (MLO1, MLO2, MLO4)

Pre-requisite(s)

None

Co-requisite(s)

None

Module abstract

This module will give you a thorough grounding in intermediate microeconomic theory and key mathematical techniques used in microeconomic analysis. You’ll be equipped with the tools to understand and analyse strategic decision-making behaviours applied in various situations, such as the choices made under risk and uncertainty. You’ll also look at how to apply game theory and welfare economics in real-world scenarios. Building on your knowledge from the introductory module, you’ll develop your ability to independently analyse and evaluate contemporary economic events. By acquiring more advanced numeracy and problem solving skills, as well as a thorough understanding of microeconomic theoretical concepts, you’ll be well prepared for work or further study in this field.  

Course info

UCAS Code L101

Credits 20

Level of Study Undergraduate

Mode of Study 3 years full-time or 4 years with a placement (sandwich)/study abroad

Department Newcastle Business School

Location City Campus, Northumbria University

City Newcastle

Start September 2022

Fee Information

Module Information

All information on this course page is accurate at the time of viewing.

Courses starting in 2021 are offered as a mix of face to face and online learning. We continue to monitor government and local authority guidance in relation to Covid-19 and we are ready and able to flex accordingly to ensure the health and safety of our students and staff.

Contact time is subject to increase or decrease in line with additional restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors, potentially to a full online offer, should further restrictions be deemed necessary in future.

Our online activity will be delivered through Blackboard Ultra, enabling collaboration, connection and engagement with materials and people.

 

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