Industrial Economics II: Economics of Pricing and Decision Making
| Code | School | Level | Credits | Semesters |
| BUSI2171 | Business | 2 | 20 | Spring UK |
- Code
- BUSI2171
- School
- Business
- Level
- 2
- Credits
- 20
- Semesters
- Spring UK
Summary
The aim of the module is to introduce students to industrial economics. The module coves two broad topics (1) the traditional market models (monopoly, oligopoly, decisions under uncertainty) and (2) auctions.
Target Students
PartI undergraduate students on one of the BSc Hons Industrial Economics variants. Also available to Exchange students
Classes
- One 1-hour-30-minute seminar each week for 4 weeks
- Two 1-hour-30-minute lectures each week for 11 weeks
Assessment
- 50% Exam 1 (3-hour): Online Exam (ExamSys)
- 50% Exam 2 (24-hour): 24 hour online exam with 1.5 hours expected working time.
Assessed by end of spring semester
Educational Aims
To help students understand the economic analysis of firm behaviour on markets, why they might behave differently in different markets, the consequences for consumers, and how auctions can be used to determine a price for sellers and buyers.Learning Outcomes
Knowledge and Understanding
• The development, access and operation of markets for resources, goods and services
• A coherent core of economic principles, including the microeconomics of decision and choice, production and exchange and the macroeconomics of employment, national income, the balance of payments, exchange rates, inflation, growth and money.
• Economic policy with an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.
• Ability to apply core economic theory and economic reasoning to applied topics.
• 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 moduelling approaches, and their competent use.
• The applications of economics to design, guide and interpret commercial, economic, social and environmental policy.
• Mathematical methods for economics
• Economic principles and tools addressing the microeconomic issues of decision and choice.
• Economic principles and tools addressing the microeconomic issues of the pricing and use of inputs.
• Economic principles and tools addressing the microeconomic issue of economic welfare.
• Economic policy at the microeconomic level showing an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.
Intellectual Skills
• The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
• Conceptual and critical thinking, analysis, synthesis and evaluation.
Transferable (key) skills
• Subject-specific transferable skills including analysis and problem-framing.