Course Information Undergraduate prospectus

Microeconomics I (2000)

Course summary

Course code: ECON1009
Level: 4
Credits: 30
School: Business Faculty
Department: International Bus and Economics
Course Coordinator(s): Tomas Nielsen Rotta

Specification

Aims

This is an introductory course in Microeconomics for all students following an economics programme.
It aims to introduce students to the basic ideas, concepts and principles of neo‐classical
microeconomics and provide them with the tools to analyse the behaviour of economic agents under
different assumptions and different market conditions. While laying down the foundations of the core
principles of economic theory and analysis, it contextualises the relevance, applicability and limitations
of theories providing a pluralistic view from the microeconomic perspectives. Students taking this
course should be able to understand a range of economic issues and problems and appreciate the
relevance of economic theory in the formulation of microeconomic policy, and its international and
global implications. It has an international perspective and applications to account for the growing
importance of the global economy and the rising openness of economies and it aims at enabling
students to apply all the material to international themes.

Learning outcomes

1
Gain knowledge of the underpinning concepts and principles associated with neoclassical
microeconomics, and an ability to evaluate these within the context of free
market economies.
2 Gain clear insights of different theories, and analytical methods in microeconomics,
and become aware of the importance of and evaluate the appropriateness of
different approaches of microeconomic analysis.
3 Contextualise and apply economic theories to real world factual evidence and current
microeconomic policy issues (including inequality and environmental sustainability)
4 Research a topic (theory and data), and to communicate basic economic
reasoning and findings in written reports, essays and verbal presentation,
using appropriate academic conventions.
5 Assess critically alternative economic systems and identify the strengths and
limitations of free markets.
6 Handle and interpret data relevant to the study of microeconomics in the context of
international markets; to examine the effects of government price regulation in
competitive markets.

Indicative content

 Tools and methods of economic analysis and development
 The working of competitive market: DEMAND and SUPPLY
 The Elasticity of demand and supply
 Government intervention in Free Markets
 Further analysis of demand: Consumer Behaviour
 Further analysis of supply: the Behaviour of Firms
 Analysis of Factor Markets: Labour, Capital, and Land
 Firm’s behaviour Part 1: Perfect Competition
 Firm’s behaviour Part 2: Monopoly
 Firm’s behaviour Part 3: Imperfect Competition
 Modern Industrial and business behaviour: Price discrimination
 Alternative Theories of the firm
 The case for government intervention: Equity and Economic Efficiency,
 Environmental economics and policy
 Overview of microeconomic Theory and Policy : Efficiency, Competition Policy, and Privatisation
& Regulation
 Behavioural economics
 Impact of microeconomic theories in the global market
 Economic and Social Inequality :
 Defining and Measuring Inequality
 Data and Trends
 Causes and Consequences of Inequality
 Policy Reforms

Teaching and learning activity

This course will have one hour lecture, one hour seminar / tutorial per week.
The core of teaching and learning activities will be lectures (50%) in which the subject areas of the
course will be explained, followed by tutorials in which there an opportunity for building upon
knowledge already gained through questions and discussion. Students will be given directed reading
and also asked to participate actively in weekly tutorials.

Assessment

Portfolio: 50%
Problem sets: 1,2,4, and 6 Patchwork 1, 3, 4, 5, and 6
4000 Words
Problem sets are online exercises to assess engagement during the year and to work on feedback to improve performance during terms. The
integrated patchwork is a series of tasks and activities built around a theme to be developed by integrating
different perspective and approaches.


Examination: 50%
Outcome 1,2,3 & 5
Closed book exam built around learning outcomes.

Pass Mark 40%