Intermediate Microeconomics

Summary module description:
This module introduces students to the core material in microeconomics, including consumer and producer theory, imperfect competition, and general equilibrium theory.
The module will also help students understand key elements involved in career development, and help access relevant work experience and internships while at University.

Aims:
Microeconomics
The aim of this module is to provide students with a more in-depth and rigorous understanding of core concepts and methods of microeconomics. The module builds on topics familiar to students from the first year, such as consumer and producer theory, and introduces new topics including imperfect competition, general equilibrium and welfare.

Career Development
In addition this module aims to provide students with the opportunity to develop self-awareness in the context of career decision making, knowledge of the career opportunities that are available to them and the skills to make effective applications for both work experience opportunities and in the longer term graduate opportunities.

Assessable learning outcomes:
Microeconomics
At the end of the module, students should be able to:
- demonstrate a sound understanding of microeconomic principles, theories and methods of analysis;
- apply analytical methods to solve and interpret economic problems such as utility and profit maximisation when there are constraints on choice;
- apply microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena.

Career Development
At the end of the module students will be able to:
? identify, assess and articulate their skills, interests, values and personality traits in the context of career decision making.
? develop careers information retrieval, research and decision making skills, using a variety of sources including the Internet and interviews.
? recognise and be able to write an effective CV; identify the purpose and processes of recruitment interviews and how to perform effectively.

Additional outcomes:
Students will develop business awareness through understanding broad trends in the graduate labour market and the personal attributes and achievements that employers require. Students will gain a good understanding of where to find and apply for appropriate work experience opportunities.

Outline content:
Microeconomics
Topics to be covered include:
- the theory of consumer behaviour
- decision-making under uncertainty
- supply in perfectly competitive markets and imperfect competition
- markets for factor inputs
- general equilibrium and welfare
- market failure

Career Development
The module consists of three taught sessions, supported by extensive on line materials and two short written assignments. Together these elements provide students with (a) the tools to make relevant career choices, (b) an understanding of both graduate and internship/work experience opportunities that exist for Economics students and (c) how to produce an effective CV.

Global context:
This module is compulsory for all single honours Economics degree programmes.

Brief description of teaching and learning methods:
Microeconomics
Lectures will develop all the main material. Tutorials will cover exercise material designed to facilitate understanding of lecture topics. Office hours will be available for students to consult the lecturer on an individual basis.

Career Development
There will be lecture sessions, some involving a high level of student participation and a session where students can meet recent graduates and employer representatives that reflect job areas typically pursued by Economics students.

Summative Assessment Methods:
Written exam 80%
Set exercise 10%
Class test administered by School 10%

Other information on summative assessment:
Microeconomics
There will be one mid-term test, worth 10% of the final mark, and one set exercise submitted at the end of the term worth 10%.

Career Development
There will be one piece of coursework which will be marked on a Pass/Fail basis. This will involve developing a CV and covering application letter which must be targeted towards an appropriate work experience opportunity. Successful completion of this coursework is a compulsory requirement and students failing to submit or pass this piece of work will be penalised by a deduction of 25% of their overall mark for this module.

Formative assessment methods:

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late, in accordance with the University policy.
where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Length of examination:
One 3-hour unseen written paper. The examination covers Microeconomics topics only.
Part 2 examinations are held in the Summer term.

Requirements for a pass:
A minimum overall mark of 40%.