Long Title:Micro Economics
Module Code:H6MICRO
Credits: 5
Field of Study: Economics
Module Delivered in 1 programme(s)
Module Coordinator: JIMMY HILL
Module editor: JIMMY HILL
Module Description: The Microeconomics module is designed to introduce students to some of the central principles in microeconomics and to demonstrate how these can be used to provide insights into the behaviour of the main economic agents (consumers, firms, and governments) and their interactions.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Demonstrate an understanding of the basic concepts, analytical tools and key models used in microeconomic analysis
LO2 Translate problems that are described in daily language to the language of economic modelling
LO3 Graphically apply economic models to analyse hypothetical and/or real-world situations that occur in our economy
LO4 Interpret the economic implications of individual economic agents’ decisions and other factors on market demand and supply
LO5 Demonstrate awareness of the economic issues concerning personal, business, and government decisions
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).

No recommendations listed

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

Module Content & Assessment

Indicative Content
• Introduction
• A definition of Economics • The economic problem • The concept of opportunity cost • Marginal analysis, costs and benefits • The role of economic models • Graphs used in economic models
• Trade-offs and Trade
• Production possibility frontier • Using resources efficiently • Comparative advantage and gains from trade • Economic growth
• Demand and Supply
• Demand schedule and demand curve • Supply schedule and supply curve • Market equilibrium • Predicting changes in price and quantity • Price elasticity of demand and its links to firm’s revenues
• Efficiency
• Consumer Surplus and the demand curve • Producer Surplus and the Supply curve • Consumer Surplus, Producer Surplus and the gains from trade • The efficiency of markets • The efficiency costs of a tax
• Production: Output and Costs
• The production function • Short-run vs. Long-run • From the production function to cost curves • Marginal cost, average costs • Long-run cost, economies and diseconomies of scale
• Perfect Competition
• Varieties of market structure • Definition of perfect competition • The firm’s decisions in perfect competition • Output, price and profit in perfect competition • The short-run production decision • The short-run industry supply curve • The long-run industry supply curve
• Monopoly
• A single-price monopoly’s output and price decision • Single-price monopoly and competition compared
Assessment Breakdown%
End of Module Assessment50.00%

Full Time

Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Assignment n/a   50.00 n/a
End of Module Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Terminal Exam End-of-Semester Final Examination 1,2,3,4,5 50.00 End-of-Semester
No Workplace Assessment
Reassessment Requirement
Repeat failed items
The student must repeat any item failed

NCIRL 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 1 Every Week 1.00
Tutorial No Description 1 Every Week 1.00
Total Hours 2.00
Total Weekly Learner Workload 2.00
Total Weekly Contact Hours 2.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 1 Every Week 1.00
Total Hours 1.00
Total Weekly Learner Workload 1.00
Total Weekly Contact Hours 1.00

Module Resources

Recommended Book Resources
  • Krugman P., Wells R., and Graddy K., Economics,, European Edition, Worth Publishers, 2008
Supplementary Book Resources
  • McDowell M., Thom R., Frank R., and Bernanke B.Principles of Economics,, 2nd European ed., McGraw Hill, 2009
  • Parkin M., Powell M., and Matthews K.Economics, 7th European ed., Addison Wesley, 2008
  • Mankiw N.G., and Taylor P.T., Economics,, Thomson Learning, 2006
This module does not have any article/paper resources
This module does not have any other resources

Module Delivered in

Programme Code Programme Semester Delivery
BAHACC BA Honours in Accounting 1 Core Subject