AP2EE4-Economics 3

Module Provider: Agr and Food Econ
Number of credits: 10 [5 ECTS credits]
Terms in which taught: Autumn term module
Pre-requisites: AP1EE3 Economics 1 and AP1EE1 Economics 2
Non-modular pre-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Prof Nikos Georgantzis

Email: n.georgantzis@reading.ac.uk

Summary module description:

This course builds on the theory of imperfect competition introduced in Economics 1 and 2. We will examine the economic theory of consumer choice. This is the theory which lies behind the demand curve. It gives an explanation for the way in which consumers preferences interact with prices to determine the quantities they wish to purchase. We will then move to consider the theory of the firm. We will do this by examining the importance of economic theory for real management decisions. We will look at the cost structure of the firm and discuss how the technology used by the firm influences its costs and production decisions in turn.

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 factors which influence a firm’s cost structure.
• Understand how competitive firms interact with consumers in a market.
• Be able to apply the model of the firm to analyse issues relating to competitive firms.

Private Study
It is expected that students will spend at least 4 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:
1. Consumer choice. 2. Applying consumer theory. 3. Firms and production. 4. Costs. 5. Competitive firms and markets. 6. Applying the competitive model.

Brief description of teaching and learning methods:

Contact hours:
  Autumn Spring Summer
Lectures 20
Guided independent study 80
Total hours by term 100.00
Total hours for module 100.00

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

Other information on summative assessment:
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 Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (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.

    Length of examination:

    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: 31 March 2017

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