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School of Social Sciences

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BAEcon Economics
Learn how the social sciences can help you to understand today's world.

BAEcon Economics / Course details

Year of entry: 2018

Course unit details:
Microeconomics 2

Unit code ECON10232
Credit rating 10
Unit level Level 1
Teaching period(s) Semester 2
Offered by School of Social Sciences
Available as a free choice unit? Yes

Overview

See course Blackboard pages.

Pre/co-requisites

Unit title Unit code Requirement type Description
Introductory Mathematics ECON10061 Pre-Requisite Compulsory
Microeconomics 1 ECON10221 Pre-Requisite Compulsory
Microeconomics 1 ECON10331 Co-Requisite Compulsory
ECON10232 Co-requisite: (ECON10221 or ECON10331) and ECON10061

NOT available to students who have previously taken ECON10041/42 or ECON10081/82.

Aims

This module will introduce students to the basics of industrial organization, individual decision making, the role of markets and how they fail as well as issues around the measurement and study of inequality. 

Learning outcomes

Students will develop a build on the Microeconomics learned in Term 1 to more fully be able to study and discuss some of the main ideas and issues in micro.

Syllabus

Choice Theory 2

  • Revisit classic models of individual agent’s decision making and newer developments allowing for agent’s uncertainty and irrationality.

 

Understanding Markets 2: Market Failure Due to Market Conditions

  • Public goods and the role of the state.
  • Funding the provision of public goods with taxes.
  • Efficiency loss and gain from taxation. 
  • The moral limits of markets.

 

Externalities, Under/Over Provided Goods, Social Costs

  • Theory of externalities.
  • Applications to (e.g. Environmental and Education policy).

 

Information Asymmetries

  • Moral Hazard.
  • Adverse selection.
  • Cheap talk and Signaling.
  • Applications to Public policy and information provision.

 

The Distribution of Gains from Markets

  • Inequality and redistribution.
  • Inequality.
  • Measurement.
  • Debates and policies.
  • Normative issues: Rawls and Nozick.
  • Redistribution as a public good.

 

Political Economy

  • Power and Economic Policy.
  • Institutions and development.

Teaching and learning methods

Lectures and tutorial classes.

Employability skills

Analytical skills
Oral communication
Problem solving

Assessment methods

Method Weight
Written exam 70%
Written assignment (inc essay) 10%
Oral assessment/presentation 20%

Feedback methods

  • Online quizzes.
  • In text (in the CORE) questions.
  • Tutorials.
  • Office hours.
  • Revision sessions.
  • Discussion boards.

Recommended reading

The main text for this module is CORE Economics. Students should register (it is free) at www.core-econ.org/.


Other readings will be provided on Blackboard.
 

Study hours

Scheduled activity hours
Assessment written exam 1
Lectures 16
Tutorials 7
Independent study hours
Independent study 76

Teaching staff

Staff member Role
Peter Backus Unit coordinator

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