Module Code: EC201B
Module Title: Intermediate Economics
- ECTS Weighting: 5
- Semester/Term Taught: Michaelmas Term
- Contact Hours: 22 hours of lectures and approximately 9 hours of tutorials
- Module Personnel: Lecturer - Francis O'Toole
Module Learning Aims
This module aims to:
- provide those with a fundamental level of economics (e.g. EC1010) with the required foundation in microeconomic analysis/theory necessary for tackling more advanced economic policy and economic theory modules (e.g. EC3010);
- provide the core building block for degree programmes specializing in economics, such as single or joint honors economics (e.g. BESS, PPES and TSM Economics);
- provide the appropriate microeconomic tools and terminology for the explanation and interpretation of economic phenomena;
- provide the generic theoretical concepts required for a critical analysis of real world economic issues; and,
- facilitate the use of the clear and concise English that is required for microeconomic reasoning and policy-making.
Module Learning Outcomes
Having completed this module (successfully), you will be able to:
- describe, interpret and evaluate economic events through the application of economic analysis/theory;
- formulate and address economic policy issues using the language and approach of economic analysis/theory;
- set up and solve theoretical economic problems related to the topics in this module; and,
- articulate economic reasoning and results.
This module provides students with a broad overview of intermediate-level microeconomic theory. The material is built around the study of economic agents (e.g. consumers or producers) maximizing objectives (e.g. utility or profits) in an environment of economic constraints (e.g. income or costs). The theory will be supported by a number of applications (e.g. labour-leisure choice, consumption-savings choice).
Topics discussed include:
- Consumer theory (indifference curves and budget constraints);
- Producer theory (isoquant curves and isocost lines);
- Market structure (perfect competition, monopoly, monopolistic competition and oligopoly);
- Game theory (Nash equilibrium);
- Factor markets;
- Welfare economics and general equilibrium.
Recommended Reading List
Estrin, Laidler and Dietrich, Microeconomics, (recent edition) or Varian, H., Intermediate Microeconomics with Calculus or Intermediate Microeconomics Norton, (recent edition).
In addition to the above two standard textbooks, Microeconomics, (Second Edition): Goolsbee, Levitt and Syverson, Macmillan, 2016, provides some excellent examples of applied economics.
Module Pre Requisite
EC1010 (or equivalent, e.g. EC1040) and EC1030 (or equivalent).
It is envisaged that the mid-term test (usually held on a Saturday at the end of teaching week 8) will account for 100% of the grade.