H6MICRO - Micro Economics

Module Code: H6MICRO
Long Title Micro Economics
Title Micro Economics
Module Level: LEVEL 6
EQF Level: 5
EHEA Level: Short Cycle
Credits: 5
Module Coordinator: JIMMY HILL
Module Author: JIMMY HILL
Departments:  
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
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
Dependencies
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
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

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%
Coursework50.00%
End of Module Assessment50.00%

Assessments

Full Time

Coursework
Assessment Type: Assignment % of total: 50
Assessment Date: n/a Outcome addressed:  
Non-Marked: No
Assessment Description:
n/a
End of Module Assessment
Assessment Type: Terminal Exam % of total: 50
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4,5
Non-Marked: No
Assessment Description:
End-of-Semester Final Examination
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

Module Target Workload Hours 0 Hours
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 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 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
Discussion Note: