AP2EE4-Economics 3

Module Provider: Agr and Food Econ
Number of credits: 10 [5 ECTS credits]
Level:5
Terms in which taught: Autumn term module
Pre-requisites: AP1EE3 Economics 1 and AP1EE1 Economics 2
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2018/9

Module Convenor: Dr Ariane Kehlbacher

Email: a.kehlbacher@reading.ac.uk

Type of module:

Summary module description:

Aims:

Students will learn about different economic theories of what we think might be driving different types of economic outcomes. Students will learn the theory of consumer choice and how it can be used to develop an understanding of individual and Market demand. We will than consider market power and how it can be used by firms in pricing strategies. We will also look at models to account for the consequence of an economic activity experienced by unrelated third parties. Finally, we look at how behavioural economics can be used to augment standard economic models by using concepts developed in psychology.



Topics covered:




  1. Consumer Behaviour

  2. Individual and Market demand

  3. Market power and pricing

  4. Externalities

  5. Behavioural economics


Assessable learning outcomes:

At the end of this course students will:




  • Understand the representation of consumer preferences with indifference curves

  • Be able to apply indifference curves to analyse issues in consumer choice

  • Understand the competitive model of the firm.

  • Understand the theory of Monopolistic firms.

  • Be able to explain how different pricing strategies arise in imperfect competition and understand the effects of these on welfare.

  • Understand externalities and how to correct them.

  • To understand the how behavioural economics can address some of the shortcomings of the traditional economic approach



Private Study: It is expected that students will spend at least 6 hours per week in private study for this course. It is recommended that this should include reading the textbook, writing augmented notes based on the lectures and the reading, and testing your knowledge using the formative assignments referred to below.


Additional outcomes:

Outline content:

Brief description of teaching and learning methods:

Contact hours:
  Autumn Spring Summer
Lectures 18
Guided independent study 82
       
Total hours by term 100.00
       
Total hours for module 100.00

Summative Assessment Methods:
Method Percentage
Class test administered by School 100

Summative assessment- Examinations:

Summative assessment- Coursework and in-class tests:
Summative assessment will be by two tests (50%) consisting of multiple choice and short answer questions which are administered midway through, and at the end, of the course.

Formative assessment methods:
Practice tests will be provided for every topic in the course. The tests will be administered through Blackboard.

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late:

  • where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day[1] (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Assessment requirements for a pass:
    A mark of 40% overall.

    Reassessment arrangements:
    By multiple-choice and short answer question examination in August/September

    Additional Costs (specified where applicable):
    1) Required text books:
    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding:
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 20 April 2018

    THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.

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