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ECO-30047 - Module Specification
Keele Business School
Faculty of Humanities and Social Sciences

For academic year: 2024/25 Last Updated: 21 December 2024

ECO-30047 - Advanced Topics in Microeconomics
Coordinator: Rumman Khan Room: SIH UG.020 Tel: 01782733781
Lecture Time: See Timetable...
Level: Level 6
Credits: 15
Study Hours: 150
School Office: 01782 733094

Programme/Approved Electives for 2024/25

None

Available as a Free Standing Elective

No

Co-requisites

None

Prerequisites

This module requires students to complete Intermediate Microeconomics (ECO20046) in the second year.

Barred Combinations

None

Description for 2024/25

The purpose of this module is to enable students to understand - and apply to real world issues - some advanced microeconomic models of market failures. 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. The module will examine the role of information in microeconomics, showing the consequence of incomplete and asymmetric information on the nature of equilibrium.

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: 1,2
critically analyse the theory of expected utility: 2
analyse models of information economics: 2
evaluate measures of economic welfare: 1,2
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

20 hours lectures
4 hours tutorials
1 hour online mid-term test
2 hour exam
40 hours lectures/tutorials preparation
83 hours other independent study


School Rules

None

Description of Module Assessment

1: Open Book Examination weighted 70%
28-hour open book assessment


2: Multiple Choice Questions - Knowledge weighted 30%
Midterm Online Test with Multiple Choice Questions


The University undertakes a continuous review of its teaching and research provision to ensure programmes are of a high quality and changes may be made to modules where it is necessary and reasonable to do so. Please be aware that minor changes to modules, such as a change to an individual assessment, can occur up until enrolment, although we endeavour to give you as much notice as possible of any changes. Details about the circumstance in which changes are made to programmes can be found in the Student Agreement, available at: https://www.keele.ac.uk/legalgovernancecompliance/governance/actcharterstatutesordinancesandregulations/studenttermsconditions/

Last Updated: 21 December 2024