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ECON6003 - Introduction to Microeconomics

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Title:Introduction to Microeconomics
Long Title:Introduction to Microeconomics
Module Code:ECON6003
 
Credits: 5
NFQ Level:Fundamental
Field of Study: Economics
Valid From: Semester 1 - 2017/18 ( September 2017 )
Module Delivered in 7 programme(s)
Module Coordinator: CAROLINE O REILLY
Module Author: AISLING CONWAY LENIHAN
Module Description: This module introduces students to the core microeconomic principles such as the economic problem and the market mechanism.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Explain the nature of the economic problem.
LO2 Manipulate the model of the market mechanism.
LO3 Calculate and interpret various elasticities.
LO4 Describe and explain the behaviour of costs and pricing decisions of the firm.
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).
13088 ECON6003 Introduction to Microeconomics
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.

No requirements listed
Co-requisites
No Co Requisites listed
 

Module Content & Assessment

Indicative Content
Introduction
Scarcity, choice, opportunity cost, the economic problem and the economic schools of thought.
The Market Mechanism
Consumer and demand, producer and supply, market equilibrium, the price mechanism, price controls and utility.
Elasticity
Price elasticity of demand, income elasticity of demand, cross price elasticity of demand, price elasticity of supply.
Production and Costs
Short and long run costs, productivity and cost curves, pricing decisions, market structures.
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 A computer administered MCQ exam and questions on the economic problem, market mechanism and elasticity. 1,2,3 30.0 Week 7
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 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 Formal classroom lecture 3.0 Every Week 3.00
Tutorial Discussion / problem solving 1.0 Every Second Week 0.50
Independent & Directed Learning (Non-contact) Reading / Study 3.5 Every Week 3.50
Total Hours 7.50
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 Formal classroom lecture 2.0 Every Week 2.00
Independent & Directed Learning (Non-contact) Reading / Study 5.0 Every Week 5.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Gerard Turley, Maureen Maloney, Francis O'Toole, 2011, Principles of Economics, 4th Ed., Gill & Macmillian Dublin [ISBN: 9780717149889]
Supplementary Book Resources
  • Mankiw, G.N., & Taylor, M.P. 2017, Economics, 4th Ed., Cengage United Kingdom [ISBN: 9781473725331]
  • Eleanor Doyle 2005, The Economic System, John Wiley & Sons England [ISBN: 9780470850015]
  • Begg, Fischer & Dornbusch 2011, Economics, 9th Ed., McGraw-Hill Berkshire [ISBN: 9780077154516]
  • John Sloman, Alison Wride, Dean Garratt 2012, Economics (ebook available), 8th Ed., Pearson England [ISBN: 9780273763246]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BBUSS_7 Bachelor of Business 2 Mandatory
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 1 Mandatory
CR_BBISY_8 Bachelor of Business (Honours) in Information Systems 3 Mandatory
CR_BMNGT_7 Bachelor of Business in Management 1 Mandatory
CR_BRECL_7 Bachelor of Business in Recreation and Leisure Management 2 Mandatory
CR_BBUSS_6 Higher Certificate in Business 2 Mandatory
CR_BACCT_6 Higher Certificate in Business in Accounting 1 Mandatory

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