NBS8608 : Microeconomics
- Offered for Year: 2024/25
- Module Leader(s): Dr Ian Gregory-Smith
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 20 |
| ECTS Credits: | 10.0 |
| European Credit Transfer System | |
Aims
Microeconomics aims to provide an introduction to graduate level microeconomic theory. The module aims to prepare graduate students, with a strong technical background in economics, for further study in microeconomic topics. The module will serve as a foundation ahead of doctoral research in economics and for taught courses on a economics PhD programme.
Outline Of Syllabus
The module will cover essential topics in microeconomics, consistent with a master's level introduction to microeconomic theory.
Microeconomics models economic activity as an interaction of individual economic agents. These agents can be individual consumers, households or firms. Accordingly the module will cover:
Consumer theory
- Axioms of preferences
- Marshall & Hicksian demand
- Uncertainty and Expected Utility Theory
- Risk aversion
- Insurance markets
- Adverse selection
- Moral hazard
Producer theory
- Classical analysis - production functions, cost minimisation, profit functions
- Entrepreneurial firms and agency theory
- Competition (partial equilibrium) and monopoly
Game theory
- Equilibrium concepts
- Imperfect competition
- Mixed strategies
- Nash bargaining
The course is predominately theoretical taking a mathematical approach to modelling economic behaviour. Where relevant, empirical applications will be introduced.
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Guided Independent Study | Assessment preparation and completion | 1 | 64:00 | 64:00 | N/A |
| Scheduled Learning And Teaching Activities | Lecture | 14 | 2:00 | 28:00 | PiP |
| Guided Independent Study | Directed research and reading | 1 | 50:00 | 50:00 | N/A |
| Scheduled Learning And Teaching Activities | Small group teaching | 8 | 1:00 | 8:00 | PiP |
| Guided Independent Study | Independent study | 1 | 50:00 | 50:00 | N/A |
| Total | 200:00 |
Teaching Rationale And Relationship
Knowledge learning outcomes will be achieved by
1. Lectures. This is the most efficient way to expose multiple students to microeconomic theory
2. Small group teaching. This will reinforce the knowledge introduced in the lectures.
3. Independent study. This is where the bulk of knowledge learning occurs.
4. Assessment preparation and completion. Students will need to practice recalling their knowledge learned ahead of the unseen exam.
Skills learning outcomes will be achieved by
1. Lectures. Students will see skills 1 through 6 demonstrated in the lectures.
2. Small group teaching. Skills 1-6, and skill 9 in particular.
3. Independent study. All skills, particularly skills 7 and 8.
4. Assessment preparation and completion. Skills 1-8.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Written Examination | 180 | 1 | A | 100 | N/A |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Prob solv exercises | 1 | M | N/A |
Assessment Rationale And Relationship
Unseen written exam is the only way to assess graduate level microeconomic theory in a manner that is consistent with the market practice among economics departments. The learning outcomes can not be achieved via alternative methods of assessment.
The formative assessment will give students the opportunity to receive feedback on exercises that will help guide their exam preparation.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- NBS8608's Timetable