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ES50114: Applied microeconomics

Follow this link for further information on academic years Academic Year: 2019/0
Further information on owning departmentsOwning Department/School: Department of Economics
Further information on credits Credits: 6      [equivalent to 12 CATS credits]
Further information on notional study hours Notional Study Hours: 120
Further information on unit levels Level: Masters UG & PG (FHEQ level 7)
Further information on teaching periods Period:
Semester 1
Further information on unit assessment Assessment Summary: CW 30%, EX 70%
Further information on unit assessment Assessment Detail:
  • Coursework - Problem sets 30% (CW 30%)
  • Exam 70% (EX 70%)
Further information on supplementary assessment Supplementary Assessment:
ES50114 Reassessment 100% Exam (where allowed by programme regulations)
Further information on requisites Requisites:
Further information on descriptions Description: Aims:
The unit aims to provide students with advanced knowledge of the theory and techniques of modern microeconomic analysis and to equip them with skills for modelling individual decision making in applied settings.

Learning Outcomes:
At the end of the unit students will be expected to be able to:
* Understand how to model individuals' preferences and decision making with and without risk;
* Evaluate how market equilibrium is formed and the welfare characteristic of such equilibrium with/without market failures;
* Understand how microeconomic theory can be applied to a variety of practical settings.

Skills:

* Develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed);
* Employ advanced analytical tools for analysing individual behaviour and decision making (T/F/A);
* Understand different solution concepts in market equilibrium (T/F/A).

Content:

* Individual Decision-Making: Preference and Choice, Choice under Uncertainty;
* Market Equilibrium and Market Failure: Competitive Markets, Externalities and Public Goods;
* General Equilibrium: Equilibrium, Competitive Equilibria;
* Welfare Economics and Incentives.
Further information on programme availabilityProgramme availability:

ES50114 is a Designated Essential Unit on the following programmes:

Department of Economics

Notes: