Module Catalogues, Xi'an Jiaotong-Liverpool University   
 
Module Code: ECO109
Module Title: Principles of Microeconomics
Module Level: Level 1
Module Credits: 5.00
Academic Year: 2017/18
Semester: SEM1
Originating Department: International Business School
Pre-requisites: N/A
   
Aims
This module will provide students with knowledge and understanding of elementary microeconomic theory. It covers: basic definitions and concepts in microeconomics, consumer theory, producer theory, perfect competition, imperfect competition, monopoly, externalities and public goods. Basic algebra and calculus will be used occassionally. But the main objective of this module is to give students an intuitive understanding of microeconomic principles.
Learning outcomes 
A) Think intuitively about economics problems.

B) Identify how individual economic agents make rational choices given scarce resources, and will know how to optimize the use of resources available.

C) Analyse and apply the mechanics of Demand and Supply for individuals, Firms, and the Market.

D) Appreciate and apply the concept of Marginal Analysis in order to make optimal choices.

E) Identify the characteristic differences between various market structures (perfect competition, monopoly, imperfect competition).

F) Locate the frontiers of modern microeconomic theory.
Method of teaching and learning 
Lectures:


During the lectures students will be introduced into the elementary concepts of microeconomic theory. This will be done using a combination of verbal explanations, graphs, and formal mathematical models.



Tutorials:


In addition to the lectures, tutorials will be provided in which students will learn how to apply the contents they have learned during the lectures. The tutorial questions will be distributed online in advance and students should come prepared with their answers to the questions.


Every two weeks, students will be asked to solve a series of problems on APLIA (e-learning platform) before coming to the tutorials, which will then be corrected during tutorial time. After the tutorial, students will be able to access the week’s questions freely and practice again at home.

Syllabus 
1. Introduction

2. The market forces of Supply and Demand

3. Elasticity and its application

4. The theory of consumer choice

5. Consumers, Producers, and the efficient markets

6. Externalities, public goods and common resources

7. The costs of production

8. Firms in competitive markets

9. Monopoly

10. Monopolistic competition

11. Oligopoly

12. Frontiers of microeconomics

13. Revision lecture

Delivery Hours  
Lectures Seminars Tutorials Lab/Prcaticals Fieldwork / Placement Other(Private study) Total
Hours/Semester 26     12      112  150 

Assessment

Sequence Method % of Final Mark
1 Mid-Term Examination 15.00
2 Final Examination 85.00

Module Catalogue generated from SITS CUT-OFF: 10/22/2017 10:45:55 AM