The module will cover the fundamental tools of microeconomic analysis, with a focus on their applications.
Aims and Objectives
Having successfully completed this module you will be able to:
- Use analytical skills through problem solving exercises
- An understanding of how economic theory can be used to model rational choice, market exchange and microeconomic relationships
- Demonstrate knowledge and understanding of the basic notions of game theory
- Apply analytic methods to a variety of economic problems
The main topics to be covered are:
- Perfect Markets: Rational Consumers, Profit-maximizing Firms, Perfectly Competitive Markets.
- Imperfect Markets: Monopolies and Imperfect Competition, Oligopolies. General Equilibrium Model and Efficiency.
- Strategic Interaction: Normal Form Games, Nash Equilibrium and Subgame Perfection
Learning and Teaching
Teaching and learning methods
This is a full course module with 40 hours of lectures and classes in semester 1. There is an emphasis on analytical methods of reasoning and thus problem-solving exercises are important learning tools. Independent work is based around learning material available in advance of the live lectures, quizzes available on line and assigned problem sets, with solutions to selected problems discussed during live classes.
|Total study time||200|
Resources & Reading list
David Besanko and Ronald Braeutigam. Microeconomics (5th Ed) . John Wiley and Son .
Various pieces of formative assessment delivered online throughout the semester.
Summative assessment is through problem sets (worth 10% of the final mark) and an end of module written examination (90%). This is the same for internal repeat. Assessment for referral and external repeat is through written examination only.
This is how we’ll formally assess what you have learned in this module.
This is how we’ll assess you if you don’t meet the criteria to pass this module.
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 type: Internal & External