EC202: Microeconomics 2
Introduction
This module builds on students鈥 understanding of basic principles of economics from EC109 by providing an intermediate level exposition to microeconomic principles. You will be exposed to a range of applications and theories. You will gain an understanding of how markets work in general equilibrium, choice under uncertainty as well as an introduction to strategic behaviour (game theory) for both cooperative and non-cooperative games. You will gain skills and techniques to analyse problems from a mathematical, graphical and intuitive perspective applying your knowledge to real world scenarios.鈥
Principal Aims
The aim of the module is to provide students with a thorough grounding in intermediate and some advanced principles of microeconomics and exposure to a range of application of the theory.
Principal Learning Outcomes
Subject Knowledge and Understanding:...demonstrate an understanding of intermediate and some advanced principles of microeconomics.
Subject Knowledge and Understanding:...demonstrate an understanding of important areas of application of theory.
Key Skills: Communicate your knowledge and understanding to others in writing.
Subject Specific and Professional Skills:...demonstrate analytical thinking, reasoning and application.
Cognitive Skills:...demonstrate a capacity for critical, analytical and strategic thinking.
Cognitive Skills:...demonstrate a capacity for abstraction and problem solving.
Syllabus
鈥 Mathematical concepts: Constrained optimisation, comparative static analysis
鈥 The Envelope Theorem
鈥 General equilibrium and social welfare
鈥 Fundamental welfare theorems
鈥 Market failure: externalities and public goods
鈥 Choice under uncertainty
鈥 Static games of complete information
鈥 Dynamic games of complete information
鈥 Static and dynamic games of Incomplete Information
Context
- Core Module
- L100 - Year 2, L116 - Year 2, L1P5 - Year 1, L1PA - Year 1
- Pre or Co-requisites
EC109 or EC107 with a mark of 65% plus guided reading in summer vacation.
Summary:Modules: EC109-30 or EC107-30
Assessment
- Assessment Method
- Coursework (20%) + Centrally-timetabled examination (On-campus) (80%)
- Coursework Details
- Centrally-timetabled examination (On-campus) (80%) , Test 1 (10%) , Test 2 (10%)
- Exam Timing
- Summer