This module introduces participants to the microeconomic theory of the market and the firm. First, we discuss economics in general. Then, we explore the theory of demand and supply and market equilibrium. Later in the semester, we turn our attention to firms, looking at the production function of firms as well as cost and revenue concepts. Finally, we examine the different types of market structures. Topics covered in this module include Market Demand, Market Supply, and Equilibrium; Firm Production and Costs; Market Structure; Perfect Competition; Monopoly; Monopolistic Competition; and Oligopoly. Learning Objectives and Outcome Knowledge and understanding This module develops a knowledge and understanding of: The development and operation of markets for resources, goods and services. A coherent core of economic principles, including the microeconomics of decision and choice, production and exchange. Understanding extends to economic policy, analytical methods and modelbased argument. Ability to apply core economic theory and economic reasoning to applied topics. The application of economics, in particular the fields of business economics and ndustrial economics.
Intellectual skills This module develops: The cognitive skills of critical thinking, analysis and synthesis, including the ability to identify assumptions, evaluate statements in terms of evidence, to detect false logic or reasoning, to identify implicit values, and to define terms adequately and to generalise appropriately. Professional practical skills The ability to apply economic models to economic problems and phenomena. Transferable (key) skills Effective oral and written communication skills in a range of traditional and electronic media.
Effective self-management in terms of time, planning and behaviour, motivation, self- starting, individual initiative and enterprise. 2 3. Lectures and Seminars a. Lectures Lectures take place on Mondays, 1400 – 1600 at F3A12 from Week 2 (23/9/13) to Week 11 (25/11/13). b. Seminars You should sign up for one (1) seminar group. Please make sure that there are no potential clashes with other lectures or seminars before you sign up for a group. Seminar groups meet three (3) times during the semester. You should only attend the seminar group for which you have signed up.
The essay should be no more than 1,500 words. All essays must be submitted to the Admin Office by the deadline date. Please note that this deadline is strict. Unapproved late submission of the essay will result in a loss of 5% absolute on the standard University scale per normal working day until the mark reaches zero. Students must submit their essays in word-processed format, and they must cite and list any source reading material. References should be listed on the last page in the standard style. Marks may be deducted for poor presentation, grammar or spelling. Plagiarism will not be tolerated.
Please consult the Business School Undergraduate Student Handbook for more guidelines on how to present and submit your essays. Assessed assignments will be returned to students through the Admin Office. Deadline: 22 November 2013, (Friday of Week 10) at 2 p. m. to the Business School Administrative Office b. Examination The examination will consist of 40 multiple-choice questions. The questions will cover material from lectures and seminars. Negative marking will be adopted in the examination to ensure that guesswork is avoided. All correct answers will be awarded the same mark.
The negative mark awarded to an incorrect answer will depend on the number of available answers. For illustration, see the below: Question: XXXX a) Answer: Incorrect b) c) d) Answer: Correct (Mark -0. 33) You should only give one answer to each question. If you give more than one answer to a question, you will not get a mark for the question. If you do not give an answer to a question, you will not get a mark for the question. N. B. Should you require any of the materials associated with this module in non-standard format (e. g. large print) please contact me.