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 | MICROECONOMICS 1 | ||
Code | ECON221 | ||
Coordinator |
Dr E Moon Economics E.Moon@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2024-25 | Level 5 FHEQ | First Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
ECON111 MATHEMATICS FOR ECONOMICS AND BUSINESS; ECON113 MATHEMATICAL ECONOMICS; ECON121 PRINCIPLES OF MICROECONOMICS |
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 |
10 |
34 | ||||
Timetable (if known) | |||||||
Private Study | 116 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: 2 Hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies An | 2 | 70 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 2: Individual Exercises Assessment Type: Coursework Duration/Size: Not applicable Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Non-Standard UoL penalty app | 0 | 30 |
Aims |
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This module, in accordance with Microeconomics 2, aims to provide a solid foundation of intermediate level microeconomic theory. It develops and extends three of the topics introduced in Principles of Microeconomics, namely, Consumer Theory, Producer Theory and General Equilibrium. It prepares the students for the more advanced modules in the second and third year like Microeconomics 2 and Game Theory. |
Learning Outcomes |
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(LO1) Students will be able to demonstrate a thorough understanding of the core concepts and models used in consumer theory, producer theory and general equilibrium and an ability to apply these to arange of markets and settings. |
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(LO2) Students will be able to think and apply themselves analytically to problems in the above-mentioned topics. |
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(LO3) Students will be able to gain problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics. |
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(LO4) Students will be able to have a critical perspective regarding the assumptions underlying microeconomics models. |
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(S1) Adaptability |
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(S2) Problem solving skills |
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(S3) Numeracy |
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(S4) Organisational skills |
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(S5) communication skills |
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(S6) IT skills |
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(S7) Lifelong learning skills |
Teaching and Learning Strategies |
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Teaching Method: Lecture Teaching Method: Seminar This module is a pre-requisite for the following modules: Skills/Other Attributes Mapping Skill/Other A
ttribute: Lifelong learning skills Skill/Other Attribute: IT skills Skill/Other Attribute: communication skills Skill/Other Attribute: Organisational skills Skill/Other Attribute: Numeracy Skill/Other Attribute: Problem solving skills Skill/Other Attribute: Adaptability |
Syllabus |
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Introducing Key Concepts: competitive markets; demand and elasticities; supply; equilibrium. The budget set. Discuss preference theory. Revealed preference. Utility functions and indifference curves. Marginal rate of substitution. Optimal consumer choice. Learn how to optimise using Lagrangian method. Demand: classification of goods; introducing income and substitution effects. Indirect utility function. Cost minimisation. Marshallian vs Hicksian demand functions. Income & Substitution effects: diagramatically; Slutsky equation. More Utility functions: examples; monotonic transformations. Applications of consumer theory (part one): Labour supply Applications of consumer theory (part two): Education Welfare Costs. Consumer surplus. Compensa
ting variation. Discuss: Evolution of firms; production; technology; isoquants; marginal rate of technical substitution. Discuss: The production technology; different types of production technology; complementary inputs; substitutes; Cobb-Douglas. Consolidation (part one): finding links between microeconomic theory. Consolidation (part two): finding links between microeconomic methods. |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |