Last modified: 31 May 2022 13:05
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 | Second Term | 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.
Information on contact teaching time is available from the course guide.
| Assessment Type | Summative | Weighting | 75 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
One exam style open book assessment consisting of up to five compulsory questions with a maximum of 3000 words for the entire assessment. There is a one-week window to complete the examination. Feedback is given on the examination. |
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| Knowledge Level | Thinking Skill | Outcome |
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| Assessment Type | Summative | Weighting | 5 | |
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| Assessment Weeks | Feedback Weeks | |||
| Feedback |
For participation in online discussion and community. Expectations set that students will contribute by posting at least once per week to online discussion forums either by posing a question or by responding and interacting with fellow students. Count of contributions across semester be tallied to allocate mark. Token submissions will not be counted. (A definition of a token submission will be provided to students e.g. student posing a random question not connected to the learning materials. A C6 will be given to the student if at the end of the module a student has failed to make any submissions to the online discussion forums across the semester.) |
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| Knowledge Level | Thinking Skill | Outcome |
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| Assessment Type | Summative | Weighting | 20 | |
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| Assessment Weeks | Feedback Weeks | |||
| Feedback |
Distinct from those used for formative assessment, up to two online quizzes during the semester restricted to a single attempt and with time limit. Feedback given with correct answers after marking. (Note: The technical content of courses means the learning outcomes are able to be effectively tested via this route). |
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| Knowledge Level | Thinking Skill | Outcome |
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| Assessment Type | Formative | Weighting | 0 | |
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| Assessment Weeks | Feedback Weeks | |||
| Feedback |
Up to 5 progression tests consisting of up to ten questions each where detailed feedback is given for correct and incorrect answers. A progression test must be successfully completed before moving on to the next section. Up to 10 self-assessments ranging between 3 and 10 questions each, depending upon the content within the relevant topic. Detailed feedback is given for correct and incorrect answers. For information – the feedback on the formative assessment is automated part the Moodle platform developed by CAPDM |
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| Knowledge Level | Thinking Skill | Outcome |
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| Assessment Type | Summative | Weighting | 100 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
One exam style open book assessment consisting of up to five compulsory questions with a maximum of 3000 words for the entire assessment. There is a one-week window to complete the examination. Feedback is given on the examination. |
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| Knowledge Level | Thinking Skill | Outcome |
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| Knowledge Level | Thinking Skill | Outcome |
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| 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. |
| 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 |
| 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 | 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 |
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