Microeconomics for Business

Code

BUSI1118

School

Nottingham University Business School China

Level

1

Credits

20

Semesters

Spring China

Summary

PRE-REQUISITE   

Please note that for this module, the following pre-requisite applies:

           BUSI1117 Introduction to Economics

This module covers the following topics:

Exchange and Trade:

• Gains from trade
• Absolute and Comparative advantage

Consumer Theory

• Indifference analysis
• Attributes approach
• Intertemporal consumption
• Two-period consumption model
• Present value and its applications

Factor markets

• Labour markets
• Capital markets

Welfare Economics

• Market efficiency
• Externalities
• Public goods
• Information failure

Choice under uncertainty

• Expected utility
• Risk aversion
• Insurance

Target Students

Compulsory for IBE Qualifying Year students

Classes

• One 1-hour tutorial each week for 4 weeks
• Two 2-hour lectures each week for 10 weeks

Assessment

• 100% Exam (2-hour-30-minute): One 2.5 hour exam.

Assessed by end of spring semester

Educational Aims

Learning Outcomes

• The applications of economics. To discover how to apply relevant economic principles and reasoning to a variety of applied topics, in particular in the fields of industrial organisation and managerial economics.
• Understanding of distinctive economic theories, interpretations and modelling approaches, and their competent use.
• Economic principles and tools addressing the microeconomic issues of the production and exchange of goods.
• Economic principles and tools addressing the microeconomic issue of the relationships between principals and agents.
• Economic principles and tools addressing the microeconomic issue of economic welfare

• Conceptual and critical thinking, analysis, synthesis and evaluation.

Conveners

• Dr Tingting Ying