Title: | Microeconomics |
Long Title: | Microeconomics |
Field of Study: |
Economics
|
Valid From: |
Semester 1 - 2016/17 ( September 2016 ) |
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.
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Assessment Breakdown | % |
Course Work | 30.00% |
End of Module Formal Examination | 70.00% |
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 |
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- Hirschey, Mark 2008, Fundamentals of Managerial Economics, 9th edition Ed. [ISBN: 9780324584837]
| Supplementary Book Resources |
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- 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 |
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Other Resources |
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- Website: The Economist
- Website: ESRI
- Website: Business Week
- Website: The Competition Authority
- Website: Finfacts Ireland - Business and Finance
Portal
- Website: CSO
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Module Delivered in
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