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: 2021/2

Module Convenor: Dr Garth Holloway
Email: garth.holloway@reading.ac.uk

Type of module:

Summary module description:

Build on the knowledge you developed in Economics 1 and 2. Learn about economic theory and how it applies to supply and demand, and to economic decision making by consumers and firms. Investigate how markets function and understand the mechanisms behind recent economic events, such as the world food price crisis and the financial crisis. Explore the role of public policy and market dynamics, i.e. how and when markets work or do not work. Learn via lectures and independent study, and a recommended online textbook; test your knowledge with formative multiple-choice questions.

Aims:

This module builds on Economic 1 and 2. At the end of the module students will be able to understand and use economic theory when applied to supply and demand and economic decision making by consumers and firms. Student will be able to systematically investigate economic relationships and interactions between consumers and firms and how markets including financial markets function. Students will have developed an understanding of the mechanism behind recent economic event such as the wold food price crisis and the financial crisis. Students will also understand the role of public policy and market dynamics, i.e. how markets work and don’t work.

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 th ese 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

Additional outcomes:

Outline content:

1. Economic models, Scarcity, Work and Choice


2. Social interactions


3. The firm and its customers


4. Banks, money and credit markets


5. Rent seeking, price seeking and market dynamics


6. The Financial Crisis


7. Market efficiency and public policy

Brief description of teaching and learning methods:

It is expected that students will spend at least 8 hours per week in private study for this course.ÌýIt is recommended that this should include reading the online textbook recommended below, writing augmented notes based on the lectures and the reading, and testing your knowledge using the formative MCQ given in the book and in lectures.

Textbook available at: https://www.core-econ.org/the-economy/

Contact hours:

Ìý	Autumn	Spring	Summer
Lectures	16
Guided independent study:	Ìý	Ìý	Ìý
Ìý Ìý Advance preparation for classes	16
Ìý Ìý Revision and preparation	68
Ìý	Ìý	Ìý	Ìý
Total hours by term		0	0
Ìý	Ìý	Ìý	Ìý
Total hours for module	100

Summative Assessment Methods:

Method	Percentage
Class test administered by School	100

Summative assessment- Examinations:

N/A

Summative assessment- Coursework and in-class tests:

TwoÌýin-class tests mid and end of term, each 50 minutes

Formative assessment methods:

Practice multiple-choice tests will be provided for every topic in the course.

Penalties for late submission:

The Support Centres 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 (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:
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 examination in August

Additional Costs (specified where applicable):

1) Required text books:Ìý None

2) Specialist equipment or materials:Ìý None

3) Specialist clothing, footwear or headgear:Ìý None

4) Printing and binding:Ìý None

5) Computers and devices with a particular specification:Ìý None

6) Travel, accommodation and subsistence:Ìý None

Last updated: 30 July 2021