Introductory Microeconomics

Summary module description:
To introduce students to the basic principles of microeconomics.

Aims:
To introduce students to the economic analysis of decision-making, how markets work, and how consumers and firms make their decisions. To enable students to progress to the study of intermediate level microeconomics.

Assessable learning outcomes:
At the end of the module students should be able to explain and demonstrate a critical understanding of the above principles. They should be able to apply these principles to various practical and policy issues.

Additional outcomes:
Students will be required to complete coursework such as problem sets and tests. In the process of completing these types of assignments, students will learn skills required to understand relevant research and apply theoretical knowledge to real world situations.

Outline content:
Making rational decisions; demand and supply; the market mechanism; elasticity; theory of consumer behaviour; firm behaviour; production and costs; perfect competition and profit maximisation.

Brief description of teaching and learning methods:
The lectures will cover all the basic course material. Classes will cover regular exercise material based on lecture topics and will provide time for students to ask questions about the lecture material.

Summative Assessment Methods:
Written exam 60%
Written assignment including essay 20%
Class test administered by School 20%

Other information on summative assessment:
One mid-term assignment or essay, and one end of term class test will be set, each counting for 20% of the final mark for the module.

Formative assessment methods:
Coursework will be set for most of the weekly classes, at which attendance is compulsory.

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late, in accordance with the University policy.
where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Length of examination:
One 2 hour unseen written paper.
Part 1 examinations are held in the Summer term.

Requirements for a pass:
A minimum mark of 40%.