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 RR Routledge
Economics
R.R.Routledge@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2022-23 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 24

 6

         30
Timetable (if known)              
Private Study 120
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Mid-term test Assessment Type: Written Exam Duration: 45 minutes Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies An  45    20       
Assessment 2: Written Unseen Examination (Online) Assessment Type: Written Exam Duration: 2 hours Weighting: 80% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL pen  2    80       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
             

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: Lecture
Scheduled Directed Student Hours: 24
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

Self-Directed Learning Hours: 120
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< /p>

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 workshops
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.