Module manager: Antonio Rodriguez Gil
Email: a.rodriguezgil@leeds.ac.uk
Taught: Semester 2 (Jan to Jun) View Timetable
Year running 2024/25
LUBS1940 Economics for Management OR LUBS1951 Economic Theory and Applications OR LUBS1952 Economic Theory and Applications for Finance
This module is not approved as a discovery module
This module focuses on how different market structures generate different outcomes for firms and consumers operating on those markets. It evenly focuses on the strategic decisions that firms can take to influence those market structures. It presents you with applications of several microeconomic tools presented in other modules, and as such is particularly well suited for students willing to take microeconomic modules on level 3.
The aim of this module is to provide students with an understanding of the forms of competition and rivalry between private firms in a modern industrial economy. The module aims to provide an overview of the historic evolution of industrial economies while focusing on recent developments in the study of firms' behaviour.
Upon completion of this module students will be able to:
- Identify and compare different market structures (Perfect competition, monopolistic competition, monopoly and oligopoly), as well as, compare their price and output implications
- Describe and apply the fundamentals of game theory and its application to entry deterrence, and oligopoly theory in respect of price and quantity competition, and international trade
- Identify and assess the implications of product differentiation for welfare. Implications of asymmetric information for quality of goods. Implications of market structure for vertical dominance
- Describe and compare different views of profits persistence based on market structure and innovation
- Use course materials to judge the behaviour of firms in today’s economy
Upon completion of this module students will be able to demonstrate:
Transferable
- Team work and problem solving skills
Subject Specific
- Critical thinking applied to the workings of firms’ strategic behaviour
- Apply knowledge of actual markets and firms within the context of the relevant theory
Indicative content
‒ Perfect and monopolistic competition
‒ Product differentiation and welfare
‒ Entry barriers, limit price and investment
‒ Monopoly
‒ Vertical dominance and integration
‒ Asymmetric information, quality and advertising
‒ Oligopoly models, cooperation and international trade
‒ The SCP approach and Schumpeterian innovation
| Delivery type | Number | Length hours | Student hours |
|---|---|---|---|
| Lecture | 11 | 1 | 11 |
| Seminar | 5 | 1 | 5 |
| Private study hours | 84 | ||
| Total Contact hours | 16 | ||
| Total hours (100hr per 10 credits) | 100 | ||
This could include a variety of activities, such as reading, watching videos, question practice and exam preparation.
Your teaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.
| Exam type | Exam duration | % of formal assessment |
|---|---|---|
| Standard exam (closed essays, MCQs etc) | 2.0 Hrs 0 Mins | 100 |
| Total percentage (Assessment Exams) | 100 | |
The resit for this module will be 100% by 2 hour examination.
The reading list is available from the Library website
Last updated: 4/29/2024
Errors, omissions, failed links etc should be notified to the Catalogue Team