IF0EC1: Foundation Economics - Microeconomics

Module code: IF0EC1

Module provider: International Study and Language Institute

Credits: 20

Level: Foundation Level

When you'll be taught: Semester 1

Module convenor: Dr Vee Muruko-Jaezuruka, email: v.muruko-jaezuruka@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s): For students in Malaysia only - when taking this module you must take IF0EC2 (Open)

Pre-requisite or Co-requisite module(s):

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE IF0C1J (Compulsory)

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 2 October 2024

Overview

Module aims and purpose

The module introduces students to the basic principles of microeconomics. Microeconomics is the study of how individuals and companies make choices regarding the allocation and utilization of resources. Students will learn the neoclassical model of demand and supply, markets failures and the behaviour of firms.Ìý

The Module Lead at the °ÄÃÅÁùºÏ²Ê¿ª½±¼Ç¼ Malaysia is Esther Chang (e.chang@reading.edu.my)Ìý

Module learning outcomes

By the end of the module, it is expected that students will be able to:Ìý

1. explain the basic principles of microeconomics.Ìý
2. describe alternative solutions to an economic situation/problem in writing.Ìý
3. organise materials and present arguments effectively in a verbal and written format.Ìý

Module content

• Introduction to Economics
• Production Possibility FrontierÌý
• Demand
• The Elasticity of DemandÌý
• Supply and Market EquilibriumÌý
• Market System - Market FailuresÌý
• Market System - Government InterventionÌý
• Theory of Production – Short-run and Long-run CostsÌý
• Theory of Production – Revenues, Costs and ProfitsÌý
• Market Structures – Perfect Competition and MonopolyÌý
• Market Structures – Oligopoly and Monopolistic CompetitionÌý

Structure

Teaching and learning methods

Lectures and tutorials. The lectures will cover all the basic learning materials. Tutorials will cover material based on lecture topics and will provide time for students to ask questions.Ìý

Weekly surgery hours for individual assistance as required.Ìý

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40Ìýhours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian QualificationsÌýAgency (MQA).

Study hours

At least 40 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Coursework will be set for most of the tutorials.Ìý

Reassessment

Additional costs