Module description
What is the module about?
The aim of the module is to develop a comprehensive understanding of microeconomic analysis, including the economics of the consumer, the firm, markets and market failure, and welfare economics. Most of the topics covered will require use of mathematics. The module outcomes include developing a critical awareness of the applications and limitations of microeconomic models in relation to business and to policy issues in particular markets.
Who should do this module?
This module is aimed at students wanting a deeper understanding of the microeconomics foundations of consumer behaviour and the operation of markets. It provides the basic tools for the analysis involved in third year optional courses involving microeconomics. An understanding (or willingness to acquire an understanding) of basic maths is required in order to successfully complete this course.
Provisional Topic Outline
Lecture 1: Demand Curve, Price Effect, Substitution and Income Effect. chp 3, 5
Lecture 2: Market structures (1): Perfect Competition & Monopoly - chp 8 & 11
Lecture 3: Market structures (2): Oligopoly, Monopolistic Competition - chp 13
Lecture 4: Firms, Production - chp 6
Lecture 5: Costs - chp 7
Lecture 6: Firm Pricing Behaviour – chp 12
Lecture 7: Public Goods and Welfare Economics. chp 18
Lecture 8: Preferences, Utility, Consumer Choice. chp 4 & 17
Lecture 9: Asymmetric Information (1): Adverse selection – chp 19
Lecture 10: Asymmetric Information (2): Moral Hazard – chp 20
Assessment details
70% Examination
30% Mid-term test
The format of the examination has not yet been confirmed. All students will be expected to sit any remote exams in January, but semester 1 only students will be set an alternative assessment in lieu of any in-person exams
Teaching pattern
Weekly Lecture
Weekly Tutorial
Suggested reading list
Jeffrey M. Perloff, Microeconomics, 7th edition (earlier or later editions ok).
Students might also consult the following textbooks:
- Austin Goolsbee, Steven Levitt and Chad Syverson, Microeconomics, International edition, 2013, Macmillan
- Pindyck, R. S. & Rubinfeld, D, L. 2018 Microeconomics Chapters 3-5, 13, 17-19 (available in the library as an e-book)
- Frank, R. & Cartwright, E. 2020. Microeconomics and Behaviour, chapters 3-4, 7-9, 14, 18-20 (available in the library as an e-book)
- Daron Acemoglu 2018. Microeconomics, Global Edition