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| Module Availability |
All year
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| Assessment Pattern |
| Unit(s) of Assessment |
Weighting Towards Module Mark (%)
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| 3 Hour Examination |
70
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| Coursework |
30
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Qualifying Condition(s)
A weighted aggregated mark of 40% is required to pass the module. |
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| Module Overview |
| Microeconomic theory is essential to the economist's toolkit. As a result, studying and understanding it is one of the key elements in the professional training of an economist. The module also serves as a foundation for subsequent study of microeconomic topics within the relevant degree programmes. The module uses some mathematical techniques (at the level of the Level 1 Mathematics for Economists and Level 2 Formal Methods modules) and graphical analysis. |
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| Prerequisites/Co-requisites |
| None |
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| Module Aims |
This module aims to provide a firm understanding of some of the core principles of microeconomics. |
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| Learning Outcomes |
By the end of the module, students will:-
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Be able to understand the fundamental ideas and techniques of microeconomics at an intermediate level
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Understand microeconomic models and problems expressed in standard mathematical terms, and be able to solve and interpret problems based on such models
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Be able to use microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena and to assess issues of microeconomic policy
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| Module Content |
The following is an indication of the likely topics to be covered:-
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Budget constraint, preferences, and utility
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Consumer choice, demand and the Slutsky equation
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Consumer’s surplus & market demand
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Technology and production functions, profit maximisation and cost minimisation
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Competition, Monopoly and Oligopoly
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General Equilibrium and welfare
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Market Failure: Externalities and public goods
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Asymmetric information: Signalling and Screening, Adverse Selection, Moral Hazard
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Cost Benefit Analysis
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Behaviour under Uncertainty
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Auctions
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| Methods of Teaching/Learning |
Weekly two-hour lectures and workshops.
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| Selected Texts/Journals |
The main text for the lectures will be:
Hal R. Varian Intermediate Microeconomics: A Modern Approach (2006), 7th edition, W.W. Norton & Company.
Alternatively, the students could choose the text by Wyn Morgan, Michael L. Katz and Harvey S. Rosen: Microeconomics (2nd European edition) McGraw-Hill, 2009
At a less advanced level than the main texts any of the following would be useful:
Jeffrey Perloff, Microeconomics, Addison Wesley
Robert S. Pindyck and Daniel L. Rubinfeld, Microeconomics, Prentice Hall.
At a more advanced level, on the other hand, would be any of the following:
Hugh Gravelle and Ray Rees, Microeconomics, Longman
Walter Nicholson, Microeconomic Theory: Basic Principles and Extensions, Dryden Press
Frank Cowell, Microeconomics, Principles and Analysis, Oxford University Press. |
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| Last Updated |
28 September 2010
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