Last modified: 31 Jul 2020 15:35
The course will cover the main elements of Microeconomic Theory focusing on how they apply in the energy sector. The aim of the course is to provide students with an understanding of how economic entities, consumers and producers/firms, make choices. To do that, the content of the course will develop the participant's ability to apply core microeconomic principles and analytical methods in relation to relevant theory and model-based analysis. As well as to familiarise himself/herself with different methods of analysis adopted by economists through an awareness of the importance of model building and the choice of assumptions.
The course will focus on consumer theory, examining how consumers make chooses, under the constraint of a budget, to generate demands. This theory could be extended to include choice under uncertainty and intertemporal choice. Producer theory will also be examined providing an understanding of how firms decide what and how much to produce. The demand and supply side will be drawn together to consider the different market structures and how they determine the price and quantity at which the good will be traded in the market. Other relevant topics, such as auctions and contract structure could be covered.
| Study Type | Postgraduate | Level | 5 |
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| Term | Full Year | Credit Points | 15 credits (7.5 ECTS credits) |
| Campus | Aberdeen | Sustained Study | No |
| Co-ordinators |
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An introduction to techniques of used in microeconomic modelling. Topics covered include consumer theory, theory of the firm, market structures, choice under uncertainty, and an introduction to game theory.
| Assessment Type | Summative | Weighting | 50 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
students will get individual feedback on their essay through standardised form |
Word Count | 3000 | |
| Knowledge Level | Thinking Skill | Outcome |
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| Assessment Type | Summative | Weighting | 50 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
Students are given the option to choose between an essay and an exam, they will not do both. General feedback on exam formats will be placed on the digital learning environment.
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| Knowledge Level | Thinking Skill | Outcome |
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| Assessment Type | Formative | Weighting | ||
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| Assessment Weeks | Feedback Weeks | |||
| Feedback |
Informal feedback via model answers |
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| Knowledge Level | Thinking Skill | Outcome |
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| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Procedural | Evaluate | Students should be able to understand the use of deductive and inductive reasoning in economics in order to analyse and evaluate the structure and the key drivers of energy supply and energy demand |
| Procedural | Apply | Students should be able to apply simple mathematical models, including concepts such as equilibrium, optimisation, and incentives, market structure to address issues of the energy sector |
| Conceptual | Analyse | Students should be able to understand and apply abstract economic models to analyse key features of economic activity and more specifically the energy sector |
| Procedural | Understand | Students should be able to understand the construction and analysis of an economic model and in particular, an understanding of how the model solution may depend on given parameters and assumptions |
| Procedural | Apply | Students should know how to apply the analytical tools acquired during the course to a range of contemporary economic problems. |
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