AF6044 - Advanced Microeconomics

You will be supported by a teaching and learning plan (TLP), which outlines the formal sessions, together with tutor-directed study and independent reading. The module will be taught through lectures (24 hours) and seminars (12 hours). The lectures are the primary medium used to deliver the subject material required to enable students to achieve the module learning outcomes. Lectures will be research-led with a significant practical component attached to them. The emphasis will be on having high levels of engagement in understanding theory, analysing real word problems and interpreting results.



The seminars will be used to reinforce knowledge and critical understanding of advanced theories and principles covered in class through problem sets and pre-assigned readings. The seminar materials will be distributed in advance. The seminars will involve discussion of these problem sets, group work, mind mapping and class presentations based on pre-assigned readings. Seminars will also provide you with an opportunity to interact with the teaching team and gain one to one feedback. Formative assessment will take place through individual and group activities during the seminars including discussion of journal articles, solving problem sets and individual/group presentations. In addition to this, there will be quizzes put up on the e-learning portal to ensure that the students are engaging with and understanding the course content taught on the module.





The module will involve both directed and independent learning. Directed learning will centre upon a range of activities including pre-reading, engaging with suggested readings and revision materials, preparation for interactive activities, solving problem sets, revising the feedback solutions provided and use of the discussion board to learn and share knowledge. Independent learning will thus centre upon deepening/broadening your knowledge of the subject matter of economics through a range of learning activities that will include reading, problem solving, critical thinking and research. Critical reflection on knowledge, experience and explicit development of competence

underpins the learning and teaching philosophy.

You will be supported by a teaching and learning plan (TLP) that outlines the pattern and content of the formal sessions, together with tutor-directed study and independent reading. 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 deeper understanding of the subject material. An electronic reading list includes core material to support your lectures/seminars and a comprehensive range of academic journal articles, conference papers, academic reports and video links that will introduce you to the theory and practical applications introduced in the module.





Lectures and seminars are designed to be interactive and will utilise the latest educational technology to ensure your learning experience is useful and enjoyable. Seminars are also designed to provide you with continuous relevant and timely feedback to support your learning. Two of the seminars will take place in the form of feedback surgeries. In these sessions students will be provided with the opportunity of receiving individual feedback on pre assigned work and address their queries.



In addition to the lectures and seminars, the teaching team will maintain dedicated office hours each week where you can drop in and ask any questions pertaining to the 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)

Knowledge & Understanding:

ML01: Demonstrate a thorough understanding of advanced microeconomic models, their applications and limitations.



ML02: To equip students with the appropriate analytical rigour and methodological tools to analyse complex economic issues and related policy debates.





Intellectual / Professional skills & abilities:



ML03: Awareness of how microeconomic analysis can be used to design, guide and interpret relevant economic and industrial policies



Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):



ML04: Develop in students problem solving, numeracy, research and critical thinking skills that will be valuable in employment and self-employment

Formative Assessment

The formative assessment will comprise of discussion questions and problem sets which will be distributed to you in advance. There will be individual and group discussion of the answers to these problem sets and questions during the seminars. This will encourage your active participation in the learning process throughout the semester. The e-Learning portal will be used to permanently host these tasks after release to ensure that you can access the information required at all times.



Two of the seminars will comprise of feedback surgeries where in you will be provided with the opportunity to get one to one feedback on the summative assignment.



There will be quizzes put up on blackboard to check your engagement and understanding with the subject matter covered in the module.



A mock exam paper will be discussed with the students in Week 12. The mock exam will be modelled on the final exam paper.







Summative Assessment

A portfolio project which comprises of students solving a structured problem set and analysing the results using key microeconomic models covered in the module (50%). The details of the portfolio project will be released to the students in Week 2 and the submission will be expected in Week 9. The questions in the problem set will test student’s critical knowledge, application of micro models, as well as their mathematical intuition. The portfolio projects will address the following learning outcomes: ML02, ML03 and ML04.



An end of semester final exam (50%) in which students will be required to answer four out of five questions. The exam will cover module outcomes, ML01, ML02, ML03.

None

None

This module provides students with a thorough understanding of advanced microeconomic models and their application to relevant policy debates. You will be given rigorous training and equipped with the necessary tools to apply economic theory to practical problems in a multidisciplinary learning environment through the course of the module.

The module is centred on advanced microeconomics theory, while engaging with cutting-edge research within the discipline. You’ll combine current mainstream theoretical and applied techniques with a range of alternative critical perspectives, equipping you to meet the growing demand for economics in an era of global challenges such as climate change.

You’ll gain unique insight into pressing economic issues, from the microeconomics of firms and markets to the problem of asymmetric information, the collective action problem and choice under uncertainty. There will be a substantial practical/applied component of the module, which would involve solving problem sets, mind mapping exercises and group presentations. The assessment tasks are designed to provide you with further insights on the application of economic theories to policy issues. The module will give you useful skills in critical thinking and analysis, research and problem solving and enhance your employability prospects upon graduation.