Foundations of Microeconomics

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• the basic theoretical and practical concepts of microeconomics
• the application of core microeconomic concepts to applied topics, including the analysis of government interventions
• basic analytical mehtods and models in microeconomics

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• communicate logical arguments in written form.
• Collaborate with others in groups and recognise problems of working in groups and possible solutions

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• abstract the essential features of some complex systems to models for comparative statics and welfare analysis.
• recognise the consequences of and potential constraints for the implementation of government intervention.

The first part of the module will concentrate on how markets work and on what determines the prices and quantities of goods traded in the market. To examine this question, we study the behaviour of consumers and producers both separately and in relation to each other. Different forms of market structure will be analysed, with the emphasis on the nature of competition in markets. Having established the basic analytics of markets, we then examine some normative properties of market activity and some strategic aspects of market interaction.

List of topics:

• Consumers and firm behaviour
• Strategic behaviour
• Competitive equilibrium and welfare
• Monopoly
• Externalities and public goods

Teaching and learning methods

Lectures and tutorials

Resources & Reading list

Textbooks

D. Besanko, R. Braeutigam (2014). Microeconomics. John Wiley.

J. Perloff (2018). Microeconomics. Pearson.

H. Varian (2014). Intermediate Microeconomics: A Modern Approach. Norton.

Assessment strategy

Continuous assessment through online tests throughout the semester and a final written exam, supported by continuous formative assessment in form of problem sets and online tests. Students form small study groups to jointly submit solutions to problem sets. This is the same for internal repeats. Referral and external repeat assessment are through 100% final exam.

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.

Repeat Information

Repeat type: Internal & External