Economics

Microeconomics 2 (Elective)

Module code: L1031E
Level 5
15 credits in autumn semester
Teaching method: Lecture, Seminar
Assessment modes: Take away paper, Coursework

This module develops the economics principles learned in the first year (Microeconomics 1).

Alternative market structures, such as oligopoly and monopolistic competition are studied, and comparisons drawn with perfect competition and monopoly.

Decision-making under uncertainty and over multiple time periods is introduced, relaxing some of the restrictive assumptions made in the first year module.

The knowledge gained is applied to such issues as investment in human capital (e.g. education), saving and investment decisions, insurance and criminal deterrence.

Module learning outcomes

• Have demonstrated systematic understanding of the principles at the forefront of economics
• Be able to use the power of abstraction to focus upon the essential features of an economic problem and to provide a systematic framework for the coherent and critical evaluation of the effects of policy or other exogenous events.
• Be able to analyse an economic problem or issue using an appropriate theoretical framework, recognise its limitations and appreciate uncertainties around such analyses.
• Have learned to understand the importance of, and be able to construct, rigorous argument to help evaluate ideas, including those at the forefront of research.