2024/25 Taught Postgraduate Module Catalogue

LUBS5103M Microeconomics

15 creditsClass Size: 90

Module manager: Clemens Hetchko
Email: C.Hetschko@leeds.ac.uk

Taught: Semester 1 (Sep to Jan) View Timetable

Year running 2024/25

This module is not approved as an Elective

Objectives

The module aims to provide students with a grounding in the formal structure of core microeconomic theory to the level required for a move into a research based career or for work in the field as a professional economist. It addresses consumer and producer theory, resource allocation over time and under conditions of uncertainty, and applications to pricing decisions and risk insurance. It explores the formal structure and properties of solutions to constrained optimisation problems, and the principles and uses of duality theory.

Learning outcomes
Upon completion of this module students will be able to critically analyse:
- the core microeconomic theories and concepts relevant to consumer and producer behaviour
- intertemporal resource allocation by privately owned firms
- the handling of risk and uncertainty by individual decision makers
- the rigour of solutions proposed for applied economic problems

Skills outcomes
Upon completion of this module students will be able to:
Transferable
- Think critically and analytically, and to communicate succinctly

Subject specific
- Formulate problems in economic optimisation suitable for mathematical solution and analysis of solution sensitivity to changes in parameters
- Apply the formal tools needed to frame these theories and concepts to particular examples drawn from the broader corpus of microeconomic investigation
- Accurately apply economic welfare analysis and to interpret pricing schemes

Syllabus

The content areas taught in this module are:
Microeconomic methodology and the philosophy of rational choice; static optimisation methods and comparative statics; duality theory; the theory of the consumer; the theory of the producer; intertemporal resource allocation by privately owned firms; uncertainty, risk and insurance; pricing schemes and welfare.

Key learning is developed through group workshops that apply theories introduced in lectures to microeconomic problems, supported by individually tailored formative feedback on practice essay questions.

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	10	2.00	20.00
Seminar	5	1.00	5.00
Private study hours			125.00
Total Contact hours			25.00
Total hours (100hr per 10 credits)			150.00

Private study

This could include a variety of activities, such as reading, watching videos, question practice and exam preparation.

Opportunities for Formative Feedback

Your teaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.

Methods of assessment

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr 00 mins	100.00
Total percentage (Assessment Exams)		100.00

The resit for this module will be 100% by examination

Reading list

The reading list is available from the Library website

Last updated: 16/08/2024 11:44:41

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