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Last modified: 30 Apr 2026 12:16
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 |
|---|---|---|---|
| Term | First 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 | 85 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
2500 to 3000 words written assessment (85%) |
|||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Conceptual | Apply | Apply microeconomics principles and analytical methods to analyse relevant problems in markets |
| Factual | Understand | Interpret and discuss economic theory |
| Procedural | Analyse | Evaluate different modelling approaches in economics, recognising the importance of model building, underlying assumptions, and their implications for policy and market outcomes |
| Procedural | Apply | Students should know how to apply the analytical tools acquired during the course to a range of contemporary economic problems. |
| Reflection | Analyse | Apply economic theories and critical thinking to evaluate and propose solutions to challenges in markets |
| Assessment Type | Summative | Weighting | 15 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
2 x MCQ (7.5% each) |
|||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Conceptual | Apply | Apply microeconomics principles and analytical methods to analyse relevant problems in markets |
| Factual | Understand | Interpret and discuss economic theory |
| Procedural | Analyse | Evaluate different modelling approaches in economics, recognising the importance of model building, underlying assumptions, and their implications for policy and market outcomes |
| Procedural | Apply | Students should know how to apply the analytical tools acquired during the course to a range of contemporary economic problems. |
| Reflection | Analyse | Apply economic theories and critical thinking to evaluate and propose solutions to challenges in markets |
There are no assessments for this course.
| Assessment Type | Summative | Weighting | 100 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
2500 to 3000 words written assessment (100%) |
|||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
|
|
||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Procedural | Analyse | Evaluate different modelling approaches in economics, recognising the importance of model building, underlying assumptions, and their implications for policy and market outcomes |
| Conceptual | Apply | Apply microeconomics principles and analytical methods to analyse relevant problems in markets |
| Factual | Understand | Interpret and discuss economic theory |
| Procedural | Apply | Students should know how to apply the analytical tools acquired during the course to a range of contemporary economic problems. |
| Reflection | Analyse | Apply economic theories and critical thinking to evaluate and propose solutions to challenges in markets |
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