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

For academic year: 2024/25 Last Updated: 25 April 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 settings - some advanced microeconomic models to analyse the effects of the market behavior of consumers and firms. 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. Then,we will look at imperfectly competitive markets, game theory, and the role of information with applications based on the insurance markets showing the consequence of incomplete and asymmetric information on the nature of market equilibrium. Pricing models embedded in standard business applications will also be covered.

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: Multiple Choice Questions - Knowledge weighted 30%
Midterm Online Test with Multiple Choice Questions
Midterm Test: administered on-line through KLE, comprising of 25 questions (each worth 4 points) covering material taught during weeks 1-6. This is a timed assessment and answers need to be submitted within 50 minutes of beginning the test.

2: Open Book Examination weighted 70%
28-hour open book assessment
The open book assessment comprises of 5 questions of which 3 need to be answered. The questions cover all topics studied on the module and are long form questions requiring students to analyse and evaluate economic topics using the formal mathematical and graphical methods taught. Students only need to choose 3 out of 5 questions. The time available to complete this assessment is 28 hours but you would normally not be expected to invest more than 2 hours of active-working time on this assessment. Students can access and utilise resources available during the 28-hour assessment window including notes, textbooks, KLE resources, journal articles etc.

Please note that for the 2022/23 Academic Year programmes may be adapted to operate in accordance with a flexible, digital approach. This means that there may be some changes made to how modules are delivered and assessed. The latest information will be provided to you by your School in module handbooks. We endeavour to give you as much notice as possible of any changes and 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/student-terms-and-conditions/

Last Updated: 25 April 2024