AF6039 - Applied Microeconomics

You will be supported by a teaching and learning plan (TLP), which outlines the formal sessions, together with tutor-directed study and independent reading. The module will be taught through lectures (24 hours) and tutorials (12 hours). The lectures will introduce you to the advanced theoretical models in microeconomics. They are the primary medium used to deliver subject material required to enable students to
meet the module learning outcomes. The lectures will draw on high quality research in applied areas of microeconomics, spanning topics such as game theory, prospect theory, social choice and information asymmetry. The emphasis will be on having high levels of engagement in understanding theory and analysing real world economic problems.

The tutorials will be used to reinforce knowledge and critical understanding of advanced microeconomics theories and principles through problem sets and pre-assigned readings. These will be distributed in advance. The tutorials will involve group discussion of these problem sets and class presentations based on pre-assigned readings (journal articles). Seminars will also provide you with an opportunity to interact
with the teaching team and gain one to one feedback.

The module will involve both directed and independent learning. Directed learning plays a key part in the achievement of the module learning outcomes and provides an opportunity for self-assessment of your progress throughout the semester. Directed learning may include a range of activities including pre-reading, preparation for seminars, solving problem sets and participation in discussion boards set up on the elearning platform.

Formative assessment will take place through individual and group activities during the tutorials including discussion of journal articles, solving problem sets and individual/group presentations. Two of the tutorials will take place in the form of feedback surgeries. In these sessions students will be provided with the opportunity of receiving individual feedback on pre assigned work.

The summative assessment requirements will expect you to critically engage with a wide range of academic sources. There will be an individual assignment and an end of semester exam, covering the key learning outcomes of the module. Critical reflection on knowledge, experience and practice underpins the teaching and learning philosophy of this module.

The module is supported by the e-learning portal, which includes the Teaching and Learning Plan, lecture materials, seminar tasks, detailed guidance on the assessment, as well as additional material for independent study. The module tutor will ensure that all relevant materials and instructions are readily accessible to you. All lectures will be recorded and uploaded to the e-learning portal which you will be able to access to consolidate your knowledge and develop understanding. An electronic reading list includes core material to support your lectures/seminars and a comprehensive range of academic journal articles relevant to your studies.

Lectures and seminars are designed to be interactive and will utilise the latest educational technology to ensure your learning experience is useful and enjoyable. Seminars are also designed to provide you with continuous relevant and timely feedback to support your learning. In addition to the lectures and seminars, the teaching team will maintain dedicated office hours where you can drop in and ask any questions
pertaining to the module.

All modules at Northumbria include a range of reading materials that students are expected to engage with. Online reading lists (provided after enrolment) give you access to your reading material for your modules. The Library works in partnership with your module tutors to ensure you have access to the material that you need.

Knowledge & Understanding:
• Demonstrate a thorough understanding of advanced microeconomic theories, their scope and limitations (ML01)
• To equip students with the appropriate analytical tools to tackle economic issues and related policy matters
(ML02).

Intellectual / Professional skills & abilities:
• Awareness of how microeconomic analysis can be used to design, guide and interpret economic, environmental and business policies (ML03)

Personal Values Attributes:
• Develop in students problem solving, numeracy, research and critical thinking skills that will be valuable in
employment and self-employment (ML04).

Formative Assessment:
The formative assessment will comprise of discussion questions and problem sets which will be distributed to you in advance. There will be individual and group discussion of the answers to these problem sets and questions during the tutorials. This will encourage your active participation in the learning process
throughout the semester. The e-Learning portal will be used to permanently host these
tasks after release to ensure that you can access the information required at all times. Two of the tutorials will comprise of feedback surgeries where in you will be provided with the opportunity to get one to one feedback on a structured problem set.

Summative Assessment:
The module is assessed by:

1. A portfolio project (40% weight) which consist of students solving a structured problem set and analysing the results using key microeconomic models taught in classes as well as a range of other relevant academic sources. The details of the portfolio project will be released to the students in Week 3 and the submission will be expected in Week 12. (MLO1, MLO2, MLO3, MLO4)

2. A two hour long, open notes, end of the semester exam (60% weight) in which students will be required to answer four out of five open questions. These questions will test student’s critical knowledge and application of microeconomic models. (MLO1, MLO2, MLO3, MLO4)

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This module will give you a thorough understanding of advanced microeconomic theories and related policy debates. You’ll study key areas such as Prospect Theory, Lindahl-Pigou Pricing and the Economic Evaluation of Healthcare. You’ll learn how to apply these theories to current issues and real-world scenarios, as well as to discuss a range of contemporary debates in microeconomic theory. You’ll be expected to critically examine theoretical frameworks and arguments, and you’ll have the opportunity to develop the analytical skills needed for further study and applying microeconomic models to a range of business and economic issues.