Module code: ECOD002

Module provider


Module Leader

CARMONA GM Prof (Economics)

Number of Credits


ECTS Credits



FHEQ Level 8

JACs code


Module cap (Maximum number of students)


Module Availability

Semester 1

Overall student workload

Independent Study Hours: 117

Lecture Hours: 22

Tutorial Hours: 11

Assessment pattern

Assessment type Unit of assessment Weighting
Examination 3 HOUR FINAL EXAM 70

Alternative Assessment


Prerequisites / Co-requisites


Module overview

This module covers advanced microeconomic concepts which form part of the core knowledge that a PhD student in economics should acquire in his/her first year of graduate studies. The material focuses on consumption theory, production theory and general equilibrium in pure exchange. The treatment is rigorous, at a doctoral level. Emphasis is given to economic applications.

Module aims

Provide students with advanced knowledge of production theory, consumer theory, general equilibrium theory and welfare economics

Learning outcomes

Attributes Developed
001 Understand and critically discuss articles in economic theory with a production theory, consumer theory, general equilibrium or welfare economics component KC
002 Learn how to apply economic theory within their own research CPT
003 Develop mastery in consumer and producer theory K

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:

Production and input demand: profit maximization, cost minimization, cost function, substitution and output effects, monopsony, industry equilibrium.
Consumption: utility maximization, price offer curves, expenditure function, substitution and income effects, consumer surplus, compensating and equivalent variations.
General equilibrium in a pure exchange economy: definition, four efficiency theorems, existence of equilibrium.

Methods of Teaching / Learning

The learning and teaching strategy is designed to:  

to develop students’ independent research skills, by training them to do critical analysis in microeconomics.


The learning and teaching methods include:

The study of papers in scientific journals and working through a series of problem sets, to ensure concepts and methods are mastered.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their analytical skills and theoretical intuition.


Thus, the summative assessment for this module consists of 2 problem sets, typically submitted in weeks, 4 and 9, checking students’ progress in two directions: logical argumentation and intuitive approach to new issues - culminating in a final examination where the progress along these two directions is further assessed.


Formative assessment:

Throughout the module, students’ ability to approach a new question and to make deductive arguments will be checked and comments will be made on their progress.



Throughout the module, in class and following formal coursework submission, students’ answers to problem sets will be commented on and guidelines for improvement will be provided.

Reading list


Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics (Four Year) PHD 1 Compulsory A weighted aggregate mark of 50% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2018/9 academic year.