Form C4
Heriot-Watt University - Course Descriptor
1. Course
Code
C28IN
5. School
Management and Languages
7. Delivery:
Location &
Semester
Edin
SBC
Orkney
Dubai
IDL
Collaborative Partner
Approved Learning Partner
Sem 1
Sem…….
Sem………..
Sem……..
Sem….
Name…………………….....Sem..…...
Name …………………………………Sem………..
8. Pre-requisites
9. Linked Courses
(specify if synoptic)
10. Excluded Courses
11. Replacement Courses
2. Course
Title
Intermediate Economics 1: Theory and Techniques
6. Course
Co-ordinator
8
4. Credits
30
R. Mochrie
C27AA: Introductory Microeconomics;
Introductory Mathematics, Mathematics for Engineers and Scientists 1, or any other course approved by the second year programme
coordinator as being of equivalent standard
None
None
Code:
Date Of Replacement:
13. The course may be
delivered to:
3. SCQF
Level
UG only
PG only
C28IE/C28EA
1st Sept, 2013
UG & PG
12. Degrees for which
this is a core course
All programmes within the undergraduate discipline of
economics
14. Available as an Elective?
Yes
No
15. Aims
Students will develop an understanding of price theory as it relates to consumers (preferences represented by utility, maximised subject to resource constraints) and to firms
(profit maximisation subject to constrains of technology, using a cost minimisation approach). They will also begin to develop an appreciation of the relationship between
market structure and firm behaviour.
Students will also develop the capacity to express these theoretical models using mathematical methods.
16. Syllabus
The nature of markets and market clearing; linear systems; theory of consumer choice; theory of resource allocation within the firm; intuitive approaches to constrained
optimisation; firm and industry supply; market structure; profit maximisation using unconstrained optimisation; resource allocation as the primal and dual solutions of
constrained optimisation approaches; utility maximisation, cost minimisation (and profit maximisation again); introduction to Lagrangean multiplier techniques.
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Form C4
Heriot-Watt University - Course Descriptor
17. Learning Outcomes (HWU Core Skills: Employability and Professional Career Readiness)
Subject Mastery
Understanding, Knowledge and Cognitive
Skills
Scholarship, Enquiry and Research (Research-Informed Learning)
The relationship between scarcity, prices and market clearing
Understanding of choice as the outcome of utility maximisation for consumers and profit maximisation for firms. Ability to use differential calculus to
solve simple examples of such problems, and hence to comment on welfare effects using comparative statics.
Understanding of the value of mathematical techniques in identifying the logical conclusions of economic analysis
Understand the principal elements of the theory of the consumer and the theory of the firm.
Ability to use microeconomic theory as a basis for interpreting problems of choice that arise in everyday settings
Personal Abilities
Industrial, Commercial & Professional Practice
Autonomy, Accountability & Working with Others
Communication, Numeracy & ICT
Use standard microeconomic models for consistent analysis of economic problems based on optimisation.
Use standard techniques of economic analysis at the level generally required within economic consultancy
Solve and describe behaviour of simple economic models, including comparative static analysis of effects of change of exogenous variables
Enhanced ability to engage in problem solving within teams
Report writing on findings in a form that is understandable by peers.
18. Assessment Methods
Method
19. Re-assessment Methods
Duration of Exam
Weighting (%)
Synoptic courses?
Method
(if applicable)
Coursework
Examination
Duration of Exam
Diet(s)
(if applicable)
40%
None
Examination
3 hours
3 hours
20. Date and Version
Date of Proposal
March, 2013
Date of Approval by
School Committee
Date of
Implementation
September, 2013
Version
Number
2/2
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