BSc International Business, Finance and Economics with Industrial/Professional Experience

Year of entry: 2020

Course unit details:
Business Economics I

Unit code ECON20312
Credit rating 20
Unit level Level 2
Teaching period(s) Semester 2
Offered by Economics
Available as a free choice unit? Yes

Overview

The aim of this course is to develop an understanding of the economic analysus of the behaviour of firms as business institutions and to introoduce students to essential elements of competition policy and regulation.

At the end of this course studens should be able to demonstrate their understanding of: (i) welfare implications of diferent market structures; (ii) competition policy and its implementation; (iii) different regulatory policies and their implementation.

Pre/co-requisites

Unit title Unit code Requirement type Description
Microeconomic Analysis 1 ECON10171 Pre-Requisite Compulsory
Microeconomics 1 ECON10221 Pre-Requisite Compulsory
Microeconomics 1 ECON10331 Pre-Requisite Compulsory
Introductory Mathematics ECON10061 Pre-Requisite Compulsory
Advanced Mathematics ECON10071 Pre-Requisite Compulsory
ECON20312 Prerequisites: (ECON10171 or ECON10221 or ECON10331) and (ECON10061 or ECON10071)

(ECON10171 or ECON10221 or ECON10331) and (ECON10061 or ECON10071)

Aims

The aim of this course is to develop an understanding of the economic analysis of the behaviour of firms as business institutions and to introduce students to essential elements of competition policy and regulation.

Learning outcomes

At the end of this course students should be able to demonstrate their understanding of: (i) welfare implications of different market structure; (ii) competition policy and its implementation; (iii) different regulatory policies and their implemenatation.

Syllabus

Lecture 1: Introduction

Lecture 2-4: Welfare Implications of Monopoly - Oligopoly - Perfect Competition; Price Regulation of Natural Monopoly; see supplementary reading list item (C), Sections 8.1, 8.2, 18.1 and 18.2; and (B) Chapter 12, esp. pp. 258 onwards

Lectures 5-7 Market Conentration and Collusive Behaviour; (C) Chapter 14; (A) Section 23.4; (B) Chapter 14

Lectures 8-10 Horizontal Mergers and Vertical Intergration (C) Sections 15.1, 15.2, 17., Appendix B; (A) Chapters 18 and 19

Lectures 11-12; Revision/Mock Exam

Assessment methods

70% Exam

10% Group project presented in class

10% Online test 1

10% Online test 2

 

Feedback methods

Students are expected to submit answers to a set of multiple-choice questions (via the course Blackboard site) before tutorials. Feedback will be provided automatically, and students who fail the test will not be able to receive feedback and model answers to the tutorial questions via Blackboard. Feedback on the group project will be provided as well.

Students will also have an opportunity to submit questions via an 'online course notebook' and receive feedback the same way, and to attend a revision mock exam session (as part of the final lecture). In addition to generic feedback given in the session, they will then have the opportunity to submit their answers electronically for individual feedback. 

Recommended reading

The following readings are not compulsory, but may support your learning:

Industrial organization competition, strategy, policy / John Lipczynski, John O.S. Wilson and John Goddard; Harlow, England ; New York : Pearson/Education 4th ed. 2013

on-line access via https://www.dawsonera.com/ (sign-in via UoM Shibboleth, then use search)

Economics, 6th Edition (2005) by Michael Parkin

on-line access via https://www.dawsonera.com/ (sign-in via UoM Shibboleth, then use search)

Industrial organization : markets and strategies / Paul Belleflamme, Martin Peitz, Cambridge Univ. Press 2010 

 

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Michal Krol Unit coordinator

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