EC403-7-AU-CO:
MREs Microeconomics

The details
2019/20
Economics
Colchester Campus
Autumn
Postgraduate: Level 7
Current
Thursday 03 October 2019
Saturday 14 December 2019
20
11 July 2019

 

Requisites for this module
(none)
(none)
(none)
(none)

 

EC992

Key module for

DIPLL10009 Economics,
MA L10012 Economics,
MA L10024 Economics,
MRESL10012 Economics,
MRESL100EK Economics,
MRESL100KE Economics,
MSC L10012 Economics,
MSC L10024 Economics,
MSC L100EK Economics,
MSC L100KE Economics,
MSC L100PP Economics with Professional Placement,
MSC L100UH Economics,
MPH L10024 Economics,
MPH L10048 Economics,
MPHDL10036 Economics,
MPHDL10048 Economics,
MPHDL10072 Economics,
MPHPL10036 Economics,
MPHPL10072 Economics,
MSD L10012 Economics,
MSD L10024 Economics,
PHD L10036 Economics,
PHD L10048 Economics,
PHD L10072 Economics,
PHP L10036 Economics,
PHP L10072 Economics

Module description

This course covers the concepts and methods of modern microeconomics. We begin with an overview of the competitive economy and develop the two fundamental theorems of welfare economics. We then study various types of imperfections in markets such as differential information and strategic interaction with a view to understanding the potential role for government policy. Topics covered include contract theory (with moral hazard and adverse selection problems), equilibrium concepts in game theory, and market signalling.

The assessment in this module takes the form of a midterm test and a final examination during the main examination period.

The final mark is given as follows:
1. if the midterm test is a failing mark (strictly less than 50), the final mark is the average of the final examination mark and the midterm test mark;
2. if the midterm test is a pass mark (more than 50), the final mark is the greater of
a. the final examination mark or
b. the average of the final examination mark and the midterm test mark.

Module aims

The aim of this course is to provide the students with the knowledge of fundamentals of Microeconomic analysis. The first part of the course will cover consumer theory. After describing consumer’s demand as a function of price, we will set up the foundations of consumption theory, by formally introducing preferences and choice. Then we will describe demand as a function of income and introduce the practical estimation of demand functions. We will conclude the part on consumer theory by applying the developed general concepts to demand with labour supply and choice under uncertainty. We will then turn to production theory, described by exploiting the formal analogy with consumption theory. We conclude the “neoclassical” part of the course by composing consumer and production theory in the general equilibrium of the economy. Our study of modern microeconomics will then include an introduction to basic game theory, divided in the sections on normal form games, extensive form games and repeated games. Finally, the game-theoretical techniques will be applied to the problems of monopoly and oligopoly, to provide an introduction to industrial economics. We will make extensive use of calculus and formal mathematical arguments in the course.

Module learning outcomes

Upon successful completion of this course, students will have acquired a grasp of the main principles and theories of modern microeconomics. In particular, students should have strong insights into the power and logic of economic reasoning and be able to apply those arguments to general issues.

Module information

No additional information available.

Learning and teaching methods

One 2 hour lecture and two 1 hour classes per week.

Bibliography*

This module does not appear to have a published bibliography for this year.
Assessment items, weightings and deadlines
Coursework / exam Description Deadline Weighting
Coursework Test
Exam 120 minutes during January (Main)
Overall assessment
Coursework:
50%
Exam:
50%
Reassessment
Coursework:
50%
Exam:
50%
Module supervisor and teaching staff
Prof. Simon Weidenholzer
For further information, send a message to sweide@essex.ac.uk

 

Availability
Yes
No
No

External examiner

No external examiner information available for this module.
Resources
Available via Moodle
Of 44 hours, 42 (95.5%) hours available to students:
2 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).

 

Further information
Economics

* Please note: due to differing publication schedules, items marked with an asterisk (*) base their information upon the previous academic year.

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