Module Details

Module Code: ECON C1701
Module Title: Microeconomics
Title: Microeconomics
Module Level:: 6
Credits:: 5
Module Coordinator: Janette Davies
Module Author:: Alison Hearne
Domains:  
Module Description: To introduce students to the use and application of microeconomic analysis as it applies to markets, individuals, firms and industries.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Explain fundamental micro-economic concepts
LO2 Construct diagrams to illustrate basis economic theories
LO3 Demonstrate an understanding of market structures at a micro-economic level
LO4 Apply the principles of economic theories to real-life business scenarios
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
Introduction
• An introduction to key micro economic principles • Rational Choices, Positive and normative statements • The Factors of Production • Opportunity Costs • Absolute and relative scarcity
Demand, Supply and Equilibrium
• The Laws of Supply and Demand • Factors affecting demand and supply. • Classification of goods and services. • Shift in curves and movement along curves. • Price floors and price cellings • Theory of Consumer Choice – Indifference curves
Elasticity of Demand and Supply
• Price elasticity. • Income elasticity. • Cross price elasticity. • Relationship between price elasticity and total revenue. • Elasticity of supply.
Costs of Production and the Firm
• Goals of the Firm • Short run cost curves – fixed, variable, average, total costs • Law of diminishing marginal returns. • Long-run cost curves • Economics and diseconomies of scale.
Market Structures
• Perfect competition. • Monopoly. • Comparing perfect competition and monopoly. • Price discrimination. • Imperfect competition - Monopolistic Competition and Oligopoly
Factor Markets, Markets and States
• Factor Markets • National Partnership agreements • Market efficiency • Market failures • The state and remedies for market failure • State failure
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Written Report % of Total Mark 30
Timing n/a Learning Outcomes 1,2,4
Non-marked No
Assessment Description
Economic Analysis
No Project
No Practical
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4
Non-marked No
Assessment Description
End-of-Semester Final Examination
Reassessment Requirement
Exam Board
It is at the discretion of the Examination Board as to what the qualifying criteria are.

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 Attendance at lectures, class participation and in-class group work 12 Weeks per Stage 3.00 36
Independent Learning Non Contact Understanding of key concepts and theories, supplementary reading, examination preparation 15 Weeks per Stage 5.93 89
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 Attendance at lectures, class participation and in-class group work 12 Weeks per Stage 1.50 18
Independent Learning Non Contact Understanding of key concepts and theories, supplementary reading, examination preparation 15 Weeks per Stage 2.97 44.5
Total Weekly Contact Hours 1.50
 
Module Resources
Recommended Book Resources
  • David Begg,Gianluigi Vernasca,Rudiger Dornbusch,Stanley Fischer. (2020), Economics, 12th. McGraw Hill, London, [ISBN: 9781526847393].
Recommended Article/Paper Resources
  • Business & Finance, Magazine.. Business & Finance, Magazine..
  • Irish Banking Review, Magazine..
  • The Economist.
Other Resources
Discussion Note: