AP2EE5: Economics 4

Module Provider:

Agr & Food Econ

Number of credits:

10 [5 ECTS credits]

Level:

I (Intermediate)

Terms in which taught:

Spring

Module Convenor:

Dr JR Tiffin

Pre-requisites:

AP1EE3 AP1EE1 and AP2EE4

Co-requisites:

Modules excluded:

Module version for:

2006/7

Aims:
This course builds on the theory of imperfect competition introduced in Economics 1 and 2, thereby extending the theory of the firm presented in Economics 3. It proceeds to discuss reasons for market failure including externalities and imperfect information.

Assessable learning outcomes:
At the end of this course students will:
• Understand the theory of Monopolistic and Oligopolistic firms.
• Be able to explain how different pricing strategies arise in imperfect competition and understand the effects of these on welfare.
• Be able to use game theory to understand how imperfectly competitive firms interact strategically.
• Understand the theory of general equilibrium.
• Be able to explain how markets fail.
• Understand how governments can intervene to correct market failure.

Additional outcomes:

Outline content:
1. Monopoly.
2. Pricing.
3. Oligopoly.
4. Strategy.
5. General Equilibrium and Welfare.
6. Externalities, Commons and Public Goods.
7. Asymmetric information.
8. Contracts and Moral Hazards.

Brief description of teaching and learning methods:

Contact hours:

Assessment:
Coursework

Relative percentage of coursework: 100%

Penalties for late submission:
Standard University rule applies: 10% marks deducted for work submitted up to one week late. Work submitted more than one week late will be awarded a zero mark.

Examinations: None

Requirements for a pass: 40% overall.

Reassessment arrangements:
By examination in August/September