Module Details

Module Code: ECON C1317
Module Title: Microeconomics
Title: Microeconomics
Module Level:: 6
Credits:: 5
Module Coordinator: Myles Kelly
Module Author:: Enda Cassin
Domains: Business
Module Description: This module is designed to enable students to acquire a knowledge and understanding of the fundamental
microeconomic concepts necessary for the work of a business professional. Students are introduced to the core
areas of microeconomic theory providing them with a toolkit for analysing economic and business questions.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Explain the microeconomic environment and identify how a market economy functions
LO2 Illustrate and explain key models of microeconomics
LO3 Apply basic microeconomic analysis to explain economic and business issues
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Additional Requisite Information
No Co Requisites listed
 
Indicative Content
MICROECONOMICS Introduction
What is economics; Scarcity, choice and opportunity cost; Production possibility frontier; The importance of economics to a business person; Economic systems; The New Economy
Demand, Supply and the Market
Demand and consumers; Supply and producers; Market equilibrium and the price mechanism; Price controls
Elasticity of Demand and Supply
Price elasticity of demand; Cross - price elasticity of demand; Income elasticity of demand; Relationship between price elasticity of demand and revenue; Elasticity of supply
The Consumer and Demand
Utility; Marginal utility analysis; The Law of diminishing marginal utility
The Firm and Production
The objectives of the firm; Production; Law of diminishing marginal returns; Costs; Increasing/Decreasing and Constant Returns to Scale; Profit-maximising output level
Market Structures
Perfect competition; Monopoly; Monopolistic competition; Oligopoly; Comparisons of the different types of market structures
Factor Markets
Labour and wages; Capital and Interest; Land and rent; Entrepreneurship and profit
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment40.00%
End of Module Formal Examination60.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Other % of Total Mark 40
Timing Week 7 Learning Outcomes 1,2,3
Non-marked No
Assessment Description
Learners will be required to demonstrate the achievement of the learning outcomes through continuous assessment work. This work may take the form of an essay, class test, project, MCQ test, but is not limited to these formats.
No Project
No Practical
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 60
Timing End-of-Semester Learning Outcomes 1,2,3
Non-marked No
Assessment Description
Formal Written Exam
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

SETU Carlow Campus reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Class based instruction Every Week 3.00 3
Independent Learning Time Non Contact No Description Every Week 6.00 6
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Class based instruction Every Week 1.50 1.5
Independent Learning Non Contact No Description Every Week 7.50 7.5
Total Weekly Contact Hours 1.50
 
Module Resources
Recommended Book Resources
  • Turely G. and Maloney M.. (2011), Principles of Economics an Irish Textbook, 4th. Gill and Macmillan.
Supplementary Book Resources
  • Begg D. Vernasca G. Fischer S. and Dornbusch R. 2020, Economics, 12th. Ed., McGraw-Hill. (2020), Economics, 12th. McGraw-Hill.
  • Sloman J. Guest J. Garratt D.. (2018), Economics, 10th. Pearson.
Recommended Article/Paper Resources
  • The Irish Times.
  • The Economist.
Other Resources
  • , www.cso.ie.
  • , www.esri.ie.
  • , www.data.worldbank.org.
Discussion Note: