ECO-30047 - Module Specification
Keele Business School
Faculty of Humanities and Social Sciences
For academic year: 2022/23 Last Updated: 19 January 2023
ECO-30047 - Advanced Topics in Microeconomics
Coordinator: Rumman Khan Room: SIH UG.020 Tel: 01782733781
School Office: 01782 733094
Programme/Approved Electives for 2022/23
Available as a Free Standing Elective
Co-requisites
None
Prerequisites
This module requires students to complete Intermediate Microeconomics (ECO20046) in the second year.
Barred Combinations
None
Description for 2022/23
The purpose of this module is to enable students to understand - and apply to real world settings - some advanced microeconomic models to analyse the effects of the market behavior of consumers and firms. The module will start with an analysis of the main models of market structure. Welfare economics will subsequently be developed to enable students to assess the impact of imperfect competition on social welfare. Then,we will look at imperfectly competitive markets, game theory, and the role of information with applications based on the insurance markets showing the consequence of incomplete and asymmetric information on the nature of market equilibrium. Pricing models embedded in standard business applications will also be covered.
Aims
Continue the analysis of microeconomic models started in level 5 by focusing on market structure and market failures, i.e. on situations where private markets fail to achieve a socially optimal allocation of resources.
Intended Learning Outcomes
identify the different types of market failures and critically evaluate their impact on social welfare: 2
critically analyse the theory of expected utility: 2
analyse models of information economics: 2
evaluate measures of economic welfare: 2
explain and evaluate the individual attitudes towards risk and calculate risk premia: 2
analyse the main models of market structure and explain the rationale for competition law and regulation: 1,2
critically analyse the theory of expected utility: 2
analyse models of information economics: 2
evaluate measures of economic welfare: 2
explain and evaluate the individual attitudes towards risk and calculate risk premia: 2
analyse the main models of market structure and explain the rationale for competition law and regulation: 1,2
Study hours
18 hours lectures
12 hours discussion
4 hours tutorials
1 hour online mid-term test
2 hour exam
40 hours lectures/tutorials preparation
73 hours independent study
12 hours discussion
4 hours tutorials
1 hour online mid-term test
2 hour exam
40 hours lectures/tutorials preparation
73 hours independent study
School Rules
None
Description of Module Assessment
2 Hours Online Examination
The exam includes 6 questions of which: these are essay-type questions which need to be answered using the methods (mathematical as well as graphical) and the formulas developed in lectures. Students only need to choose 3 out of 6 questions.
2: Multiple Choice Questions - Knowledge weighted 30%
One Midterm Online Test with Multiple Choice Questions
Midterm Test: administered on-line through KLE, comprising of 25 questions (each worth 4 points) covering material taught during weeks 1-6.