Module Details
Module Code: |
ECON C1701 |
Module Title:
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Microeconomics
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Title:
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Microeconomics
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Module Level:: |
6 |
Module Coordinator: |
Janette Davies
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Module Author:: |
Alison Hearne
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Module Description: |
To introduce students to the use and application of microeconomic analysis as it applies to markets, individuals, firms and industries.
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Learning Outcomes |
On successful completion of this module the learner will be able to: |
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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.
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No recommendations listed |
Co-requisite Modules
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No Co-requisite modules listed |
Additional Requisite Information
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No Co Requisites listed
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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
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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
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Elasticity of Demand and Supply
• Price elasticity.
• Income elasticity.
• Cross price elasticity.
• Relationship between price elasticity and total revenue.
• Elasticity of supply.
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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.
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Market Structures
• Perfect competition.
• Monopoly.
• Comparing perfect competition and monopoly.
• Price discrimination.
• Imperfect competition - Monopolistic Competition and Oligopoly
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Factor Markets, Markets and States
• Factor Markets
• National Partnership agreements
• Market efficiency
• Market failures
• The state and remedies for market failure
• State failure
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Module Content & Assessment
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Assessment Breakdown | % |
Continuous Assessment | 30.00% |
End of Module Formal Examination | 70.00% |
AssessmentsFull Time
End of Module Formal Examination |
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Reassessment Requirement |
Exam Board
It is at the discretion of the Examination Board as to what the qualifying criteria are.
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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
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Recommended Book Resources |
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David Begg,Gianluigi Vernasca,Rudiger Dornbusch,Stanley Fischer. (2020), Economics, 12th. McGraw Hill, London, [ISBN: 9781526847393].
| Recommended Article/Paper Resources |
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Business & Finance, Magazine.. Business & Finance, Magazine..
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Irish Banking Review, Magazine..
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The Economist.
| Other Resources |
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Industrial Development Authority,
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Organisation for Economic Co-operation
and Devlopment,
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World Trade Organisation,
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World Bank,
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The Economist,
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ESRI,
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