The aim of the module is to provide a thorough grounding in microeconomics.
Syllabus
Introduction to alternative approaches to economics and socio economics Demand and supply Elasticity Intervention in the market Marginal utility theory Production and cost analysis Market structure; perfect and imperfect competition Analysis of monopoly and oligopoly Alternative theories of the firm.
Learning Outcomes
S1 Knowledge and understanding of commercial and economic context of engineering processes.
Assessment
02720-01 : Class Test : Class Test (25%)
02720-02 : Exam : Exam (Centrally Timetabled) - Written Unseen (75%)
Assessment Methods & Exceptions
Written examination (2 hours) 75%. Continuous assessment 25%.