Microeconomics (Competitive Markets and Government Policy)

Following on from EC101A, this module introduces students to some of the other core issues that affect the behaviour of economic agents. Topics to be analysed include: production; production costs; profit maximization; perfect competition; monopoly; oligopoly; monopolistic competition; government intervention; externalities; public goods.

Learning Outcomes:

On successful completion of the module, students should be able to:
-Determine the explicit and implicit costs and benefits of economic behaviour.
-Illustrate the conditions required for optimal decision making by economic agents.
-Show how the optimal choices of economic agents are affected by whether they are operating in the short run or the long run.
-Outline how the incentives of economic agents are affected by the market structure in which they operate.
-Outline how market outcomes are affected by market structure.
-Illustrate how market failure can occur and how market efficiency can be achieved.
-Determine what private actions and public policies can be implemented to offset market failure.

Teaching & Learning methods:
Continuous Assessment: 25%
University scheduled written examination: 75%

Continuous Assessment detail(s): Students will be required to undertake a multiple choice examination that is worth a minimum of 10% and a maximum of 20% of overall module marks. Students may be required to submit a maximum of two assignments, with a maximum combined weight of 10% of overall module marks. 5% of overall module marks will be awarded for attending a specific number of tutorials.