Microeconomics 1

ECON10331A Microeconomics 1 10 Semester 1 Undergraduate Level 1 Daniel Rigby Unit coordinator Economics 1 FHEQ level (Framework for Higher Education Qualifications) ' First part HE study/Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 The aims of this course are to:<ul><li>provide a self-contained introduction to microeconomics</li><li>introduce a range of microeconomic concepts and analytical tools</li></ul>Intended Learning Outcomes<ul><li>ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values</li><li>understanding of the role and limits of markets</li><li>understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought</li><li>ability to analyse the behaviour of firms</li></ul> The aims of this course are to:<ul><li>provide a self-contained introduction to microeconomics</li><li>introduce a range of microeconomic concepts and analytical tools</li></ul>Intended Learning Outcomes<ul><li>ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values</li><li>understanding of the role and limits of markets</li><li>understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought</li><li>ability to analyse the behaviour of firms</li></ul> The aims of this course are to:<ul><li>provide a self-contained introduction to microeconomics</li><li>introduce a range of microeconomic concepts and analytical tools</li></ul>  Intended Learning Outcomes<ul><li>ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values</li><li>understanding of the role and limits of markets</li><li>understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought</li><li>ability to analyse the behaviour of firms</li></ul> Analytical skills Problem solving Written communication      Provisional1. The Capitalist RevolutionCapitalism, Growth, Demographic TransitionCore Reading: ‘The Economy’ Chapter 1      2. Economic Models: Technological Change, Population & GrowthMalthus, the Industrial Revolution, Introduction to Economic Models, the Nature of EconomicsCore Reading: ‘The Economy’ Chapter 2      3. Classical Economic ThoughtSmith, Ricardo, MarxCore Reading: Notes provided by the lecturer.4. The Marginal Revolution: Scarcity, Work And ChoicePreferences, Opportunity Costs, Decision-making and scarcityCore Reading: ‘The Economy’ Chapter 3      5. Social and Strategic InteractionsConflict, Co-operation, Institutions, Norms and BehaviourCore Reading: ‘The Economy’ Chapter 4      6. The Price-Making FirmProduction, Costs, Revenue, Demand and its Elasticity, Competition & Market PowerCore Reading: 'The Economy' Chapter 7      7. The PriceTaking FirmPerfect Competition, Competitive Equilibrium Taxes.Core Reading: 'The Economy' Chapter 8 & Chapter 11 [section 11.1 - 11.3]8. Markets, Efficiency & Market failureMarket Failure. Pollution.Core Reading: ‘The Economy’ Chapter 12 Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study 0 Other 100% Online Test  1, 22.5%Online Test 2,  22.5%Essay 55% - 1,200 words Individual and group work in the tutorials, and feedback thereon.Online practice tests on CanvasOnline discussion and feedback (from peers and staff)  ECON 10331A: Microeconomics 1 This unit is only available to BA Econ students on the Accounting & Finance, Economics & Finance, and Finance pathways. N The primary textbook for this course will be:The CORE project (2017) The Economy. Economics for a Changing World. Oxford University Press.See the e-book, and additional resources, at:  www.core-econ.org 0 For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary.