ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title PRINCIPLES OF MICROECONOMICS
Code ECON121
Coordinator Dr A Marchesiani
Economics
A.Marchesiani@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 4 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

8

      12

6

38
Timetable (if known) 60 mins X 1 totaling 12
 
60 mins X 1 totaling 8
 
      120 mins X 1 totaling 26
 
 
Private Study 112
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Mid-term test (Online) Assessment Type: Written Exam Duration: 24 hours (Expected completion time is 45 minutes.) Weighting: 30% Reassessment Opportunity: Yes Penalty for Lat  24 hours    30       
Assessment 2: Written Unseen Examination (Online) Assessment Type: Written Exam Duration: 72 hours (Expected completion time is 2 hours.) Weighting: 50% Reassessment Opportunity: Yes Penal  72 hours (Expected c    50       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 3: Assignments (quizzes and/or short essays) Assessment Type: Practical Assignments Duration: 5 days Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission:   Various quizzes / sh    20       

Aims

This module aims to provide students with a clear foundation of the purpose, scope and topics of microeconomic analysis. Students will develop their ability to think critically and analytically, and understand how to frame real world problems in an economic model. This module forms the starting point for all future courses in Microeconomics.  
This module also emphasizes the role of mathematics in economics.


Learning Outcomes

(LO1) Students will have the ability to understand, explain, analyse and solve core problems in microeconomics.

(LO2) Students will be able to practice and develop their mathematical techniques and understand the role of mathematical analysis in microeconomics.

(LO3) Students will be able to familiarise themselves with the principles of using an 'economic model' and how to model individual decision-making for both consumers and producers.

(LO4) Students will be able to apply their understanding of economic decision-making, optimisation and equilibrium to real world situations.

(S1) Problem solving skills

(S2) Numeracy

(S3) Communication skills

(S4) IT skills


Teaching and Learning Strategies

Teaching Method: Online asynchronous Learning Materials
Description: Videos will introduce students to the main principles of microeconomic theory. Students are expected to read the required texts and review all lecture notes.
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Seminar
Description: Seminars are an opportunity to practice how to apply the materials introduced in the learning materials and contained in the required reading. Seminar questions will be made available on the VLE and it is important that students prepare complete answers to these questions in advance.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Biweekly 1 hour sessions to foster student community and engagement by working with others on their ‘ac tive learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 112
Description: Students are expected to read the recommended materials to prepare for tutorials, and to prepare for tutorial questions in order to be able to participate fully in classes.
Costs Information:
There are no specific costs attached to this module.

This module is a pre-requisite for the following modules:
ACFI320, ECON213, ECON221, ECON222, ECON227, ECON233, ECON241, ECON250, ECON251, ECON307, ECON333, and ECON312

Skills/Other Attributes Mapping

Skills / attributes: IT skills
How this is developed: Non-assessed coursework component
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Workshops
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Numeracy
How this is developed: Lectures and wor kshops
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Problem solving skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-term test


Syllabus

 

Part 1: Introduction:
Introduction to microeconomics and rational decision making;
Introduction to supply and demand analysis.

Part 2: Consumer Theory:
Rational consumer choice: indifference curves and budget constraints;
Fundamentals of utility and utility functions;
Lagrangian Optimisation;
Individual and market demand;
Applications of rational choice.

Part 3: Producer Theory:
Production and production functions;
Theory of costs;
Introduction to competition.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.