Module code: ECON 2546
An intermediate level module that will further the understanding of Economics from the level 4 modules, in an applied manner. The module consists of two parts; applied microeconomic theory and applied macroeconomic theory. The application of theoretical concepts to economic events in the economy will be determined by economic issues that are predominating at the time.
The microeconomic application in the will cover optimal decision making of consumer behaviour. The understanding of market structures will be developed with the recognition of market failure and imperfect information leading to an examination of imperfect markets and asymmetric information. Elements of oligopoly theory and game theory will be used to give an applied examination of the concepts.
Running in parallel consideration will be given to macroeconomic examination of the economy integrating the static theory of income determination with work in medium term dynamics. The macroeconmy is modelled using the three equation model of the IS-PC-MR approach. This allows examination of the optimising behaviour of Central bank policy, as used in the macroeconomy.
A diagrammatical approach is used throughout the discussion of macroeconomic policy, which helps to build economic intuition.
Contact hours per student per year
Additional costs: No extra costs other than purchase of books
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