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ECON7001 - Microeconomics

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Title:Microeconomics
Long Title:Microeconomics
Module Code:ECON7001
 
Duration:1 Semester
Credits: 5
NFQ Level:Intermediate
Field of Study: Economics
Valid From: Semester 1 - 2016/17 ( September 2016 )
Module Delivered in 3 programme(s)
Module Coordinator: CAROLINE O REILLY
Module Author: AISLING CONWAY LENIHAN
Module Description: This module builds on the principles of Microeconomics and further develops concepts and models.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Estimate the demand and revenue functions and apply the income and substitution effects to consumer behaviour.
LO2 Optimise production and cost functions.
LO3 Determine profit maximising and cost minimisation output levels.
LO4 Analyse pricing and output decisions of various market structures.
LO5 Distinguish between risk and uncertainty.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

ECON6003(or module of equivalent standard)
 

Module Content & Assessment

Indicative Content
Theory of Demand and Consumer Choice
Demand functions, elasticity of demand, derivation of revenue functions, use of calculus to determine revenue-maximising output. Indifference curves, budget constraints and the Income & Substitution effect.
Theory of Production and Cost
Production functions, three stages of production, cost functions, isoquants and isocost lines.
Profit Maximisation
Application of marginal reasoning to profit maximisation, derivation of the profit function from the revenue and cost functions, use of calculus to determine a firm's profit-maximising level of output, determination of the breakeven levels of output using the profit function, cost minimisation.
Pricing and Output Decisions
Price and output determination in monopoly, monopolistic competition and oligopoly, herfindahl index, game theory, prisoner's dilemma and various price leadership models.
Risk and Uncertainty
Risk and decision analysis, managing risk and uncertainty, measuring risk, problems with insurance, principal agent problem.
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Revenue, Production, Profit maximisation, cost minimisation 1,2,3 30.0 Week 8
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 3.0 Every Week 3.00
Tutorial No Description 0.5 Every Week 0.50
Independent & Directed Learning (Non-contact) No Description 3.5 Every Week 3.50
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.50
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 1.5 Every Week 1.50
Independent & Directed Learning (Non-contact) No Description 5.0 Every Week 5.00
Tutorial No Description 0.5 Every Week 0.50
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Hirschey, Mark 2008, Fundamentals of Managerial Economics, 9th edition Ed. [ISBN: 9780324584837]
Supplementary Book Resources
  • Allen, WB, Weigelt, K, Doherty, NA & Mansfield, M 2012, Managerial Economics: theory, applications and cases, 8th edition Ed. [ISBN: 9780393912777]
  • James R. McGuigan, R. Charles Moyer, Frederick H. deB. Harris 2005, Managerial economics, Thomson / South-Western Mason, Ohio [ISBN: 9780324225068]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 3 Elective
CR_BACCT_7 Bachelor of Business in Accounting 3 Elective
CR_BACCT_6 Higher Certificate in Business in Accounting 3 Elective

Cork Institute of Technology
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Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie