Economics

Microeconomics 2 (Elective)

Module code: L1031E
Level 5
15 credits in autumn semester
Teaching method: Lecture, Seminar
Assessment modes: Coursework, Computer based exam

On this module, you'll build on the economic principles learned in your first year. You'll study alternative market structures, such as oligopoly and monopolistic competition, and compare them with perfect competition and monopoly.

You'll also explore decision-making under uncertainty and across multiple time periods, moving beyond some of the restrictive assumptions made in the first year module.

The knowledge gained will be applied to topics such as:

• investment in human capital (e.g. education)
• saving and investment decisions
• insurance
• criminal deterrence.

Module learning outcomes

• Have demonstrated systematic understanding of the principles at the forefront of economics
• Be able to use the power of abstraction to focus upon the essential features of an economic problem and to provide a systematic framework for the coherent and critical evaluation of the effects of policy or other exogenous events.
• Be able to analyse an economic problem or issue using an appropriate theoretical framework, recognise its limitations and appreciate uncertainties around such analyses.
• Have learned to understand the importance of, and be able to construct, rigorous argument to help evaluate ideas, including those at the forefront of research.