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ECON06022 2021 Microeconomics

General Details

Full Title
Microeconomics
Transcript Title
Microeconomics
Code
ECON06022
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
06 - NFQ Level 6
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2021 - Full Academic Year 2021-22
End Term
9999 - The End of Time
Author(s)
Carol Moran
Programme Membership
SG_MBUSI_H08 202100 Bachelor of Arts (Honours) in Business and ICT SG_GLAWB_H08 202100 Bachelor of Arts (Honours) in Law and Business SG_GLAWB_H08 202200 Bachelor of Arts (Honours) in Law and Business SG_MBUSI_H08 202200 Bachelor of Arts (Honours) in Business and ICT SG_HBUIR_H08 202300 Bachelor of Arts (Honours) in Business and Irish
Description

This module will introduce the fundamental concepts of microeconomics aimed at providing the student with the ability to understand the behaviour of individuals, firms and markets.  Students will learn how demand and supply are determined in markets from the consumer and business perspectives.  They will be introduced to the concepts of economic costs and will learn how firms can establish profit maximising pricing strategies.  Various types of market structures will be outlined and the way in which the market structures impact on price will be examined.  

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Understand economic principles and why they are relevant to business operations. 

2.

Explain demand and supply analysis and use graphical analysis to illustrate and describe effects of changes in the determinants of demand and supply.  

3.

Define, describe and calculate elasticity of demand and supply. 

4.

Identify the factors of production and their associated costs and determine profit maximising output levels. 

5.

Understand increasing, constant and diminishing marginal returns.

6.

Understand the differences between monopoly, oligopoly, perfect competition and monopolistic competition and give examples of each market structure. 

Teaching and Learning Strategies

Two lecture and one tutorial per week.  

Self directed learning to help students contextualise the learning in the business environment. 

Module Assessment Strategies

The continuous assessment will consist of any of the following:

  • Multiple choice questions examination
  • Written assessment
  • Report
  • Group project

Repeat Assessments

Repeat exam only.

Indicative Syllabus

LO 1: Understand economic principles and why they are relevant to business operations.

  • Principles of economics
  • Differences between microeconomics and macroeconomics
  • Choice
  • Scarcity
  • Opportunity cost
  • Economic systems

LO 2: Explain demand and supply analysis and use graphical analysis to illustrate and describe effects of changes in the determinants of demand and supply.  Define market, demand and supply

  • Determinants of demand and supply
  • Drawing demand and supply curves
  • Movements and shifts of the demand and supply curves
  • Equilibrium price and quantity
  • Price ceilings and floors

LO 3: Define, describe and calculate elasticity of demand and supply. 

  • Definition of elasticity
  • Components that determine elasticity
  • Elasticity, inelasticity, zero elasticity and unit elasticity
  • Calculating and interpreting elasticity 
  • Uses of elasticity

LO 4: Identify the factors of production and their associated costs and determine profit maximising output levels. 

  • Factors of production
  • Costs of production - economic and accounting costs
  • Economics and diseconomies of scale

LO 5: Understand increasing, constant and diminishing marginal returns.

  • Marginal, average and total costs
  • Marginal analysis
  • Profit maximisation

LO 6: Understand the differences between monopoly, oligopoly, perfect competition and monopolistic competition and give examples of each market structure. 

  • Criteria to classify market structures
  • Characteristics of each market structure
  • Monopoly, oligopoly, perfect competition, monopolistic competition
  • Market power and regulation

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous assessment - MCQ, written exam, report or group project. Coursework Assessment Assessment 40 % Week 6 1,2,3,4,5
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Final Exam Closed Book Exam 60 % Week 13 1,2,3,4,5,6
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Tiered Classroom Lecture 2 Weekly 2.00
Tutorial Flat Classroom Tutorial 1 Weekly 1.00
Independent Learning Not Specified Independent learning 4 Weekly 4.00
Total Full Time Average Weekly Learner Contact Time 3.00 Hours

Required & Recommended Book List

Required Reading
2011-09 Principles of Economics Gill Education
ISBN 0717149889 ISBN-13 9780717149889

Updated edition of this successful textbook, which introduces the theory andpractice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. m Includes a CD-ROM with interactive graphs, self-test multiple choice questions and interactive lessons/tutorials. New to this edition: New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 Revised chapter on economic growth and the Irish economy, which includesthe banking crisis and the property crash Reflections on the Celtic Tiger era, including causes and consequences New section on the eurozone and sovereign debt crisis New case studies and questions, with answers now available online Continues to provide the reader with a solid theoretical grounding in bothmicroeconomics and macroeconomics Includes a CD-ROM with interactive graphs, self-test, multiple choice questions and interactive lessons/tutorials. SUITABLE FOR: Students taking economics at degree, diploma or certificate level. Updated edition of this successful textbook, which introduces the theory and practice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. New to this edition: _ New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 _ Revised chapter on economic growth and the Irish economy, which includes the banking crisis and the property crash _ Reflections on the Celtic Tiger era, including causes and consequences _ New section on the eurozone and sovereign debt crisis _ New case studies and questions, with answers now available online _ Continues to provide the reader with a solid theoretical grounding in both

Required Reading
2016-12-05 Principles of Microeconomics Cengage Learning
ISBN 9781305971493 ISBN-13 1305971493

Now readers can master the principles of microeconomics with the help of the most popular introductory book in economics today that is widely used around the world -- Mankiws PRINCIPLES OF MICROECONOMICS, 8E. With its clear and engaging writing style, this book emphasizes only the material that readers are likely to find most interesting about the economy, particularly if they are studying economics for the very first time. Reader discover interesting coverage of the latest relevant microeconomic developments with real-life scenarios, useful economic facts, and clear explanations of the many ways microeconomic concepts play a role in the decisions that individuals make every day. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Module Resources

Journal Resources

The Economist

URL Resources
Other Resources