BA Politics, Philosophy and Economics

Year of entry: 2024

Course unit details:
Microeconomics 3

Course unit fact file
Unit code ECON30021
Credit rating 10
Unit level Level 3
Teaching period(s) Semester 1
Available as a free choice unit? Yes

Overview

The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.

Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets.

Pre/co-requisites

Unit title Unit code Requirement type Description
Microeconomics 2 ECON20232 Pre-Requisite Compulsory
ECON20232

ECON20232 Micro 2

Aims

The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.

Learning outcomes

Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2.

Specifically, students will be able to demonstrate a firm understanding of intermediate microeconomic principles and models related to: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets.

They will also develop the ability to analyse real life scenarios and identify policy implications referring to microeconomic theories.

.

Syllabus

Brief overview of the syllabus/topics.
1.    Consumer Theory
1.1    perfect substitutes/complements, quadratic and CES utility functions, and constrained maximisation;
1.2    demand functions and elasticity
2.    Production Theory
2.1 production functions; short run - long run production decisions;
2.2 cost functions; supply functions
3.    Perfect Competition and Monopoly
3.1 short run - long run under perfect competition;
3.2 monopoly equilibrium; natural monopoly; welfare analysis and government intervention
4.    Oligopoly
4.1 elements of game theory
4.2 Bertrand, Cournot, Stackelberg oligopoly models and applications (e.g. managerial firms, socially concerned firms, public Vs private competition). 

Teaching and learning methods

Synchronous activities (such as Lectures, Feedback and Q&A sessions, and tutorials), and asynchronous resources (e.g. pre-recorded videos, weekly quizzes and interaction via discussion board) for guided self-study.

Knowledge and understanding

Students will develop a firm understanding of microeconomic theory. They will learn how to analyse and summarise different theories and they will be able to illustrate how they apply to real world problems.

Intellectual skills

Students will develop problem solving skills and learn how to analyse economic problems making use of theoretical models. They will also develop the ability to critically identify the models that best fit different real word scenarios. Through their engagement with asynchronous resources and formative assessment, they will also improve their skills for independent study.               

Practical skills

Students will learn how to apply mathematical skills to problem solving and the basic use of mathematical software, while reporting on technical economic concepts and using word processing software. 

Transferable skills and personal qualities

Students will develop presentation and interpersonal skills through participation in small group activities, live lectures and discussion board engagement.

Employability skills

Other
Students will develop skills connected to information retrieval, numeracy, literacy, computer literacy, time management.

Assessment methods

Coursework (MCQs and open question 500 word limit, 30%) 
Online Open Book Exam (70%)  

Feedback methods

Feedback to summative assessment (e.g. coursework and homework) will be provided via Blackboard/Turnitin.

Online quizzes released on Blackboard will provide opportunities for formative assessment and feedback.

Opportunities for receiving feedback will also be provided during small group activities, on the Discussion Board (Piazza) and during office hours.

Recommended reading

  • Hal R. Varian, Intermediate Microeconomics with Calculus: A Modern Approach, W.W.Norton.

Teaching staff

Staff member Role
Mario Pezzino Unit coordinator

Additional notes

For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary

Return to course details