- Department: Economics and Related Studies
- Credit value: 20 credits
- Credit level: I
- Academic year of delivery: 2024-25
- See module specification for other years: 2023-24
An intermediate level of study of microeconomic theory with an application to public policy issues.
Pre-requisite modules
Co-requisite modules
- None
Prohibited combinations
- None
Occurrence | Teaching period |
---|---|
A | Semester 1 2024-25 |
Subject content
Understand the purpose and scope of microeconomic analysis
Illustrate and explain key models of microeconomics
Apply basic microeconomic analysis to discuss economic and policy issues
On completing the module a student will:
Be able to understand the basic concepts and tools of economic analysis
Have the proper basis for following more advanced economic modules
Content Outline
Consumers
Preferences
Utility
Budget Constraint
Constrained Consumer Choice
Behavioural Economics
Demand Curves
Deriving Demand Curves
Demand Elasticities
Effects of an increase in income
Effects of a price increase
Cost-of-living adjustment
Revealed preference
Consumer Welfare
Uncompensated Welfare
Compensated Consumer Welfare
Effects of Government policy
Deriving Labour supply curves
Production
Ownership & Management of the firm
Production
Returns to scale
Production and technical change
Measuring costs
Cost functions
Equilibrium
Market Equilibrium with perfect competition
Competition in the short-run
Competition in the long-run
Shocking the Equilibrium: Comparative Statics
Effects of a Sales Tax
Price Ceiling & Price Floor
General equilibrium
General equilibrium
Trading between two people
Competitive exchange
Production and trading
Efficiency and Equity
Properties, Externalities, Rivalries and Exclusion
Externalities
Inefficiency of competition with externalities
Regulating Externalities
Market Structure
Allocating Property Rights to Reduce Externalities
Rivalries and Exclusion
Monopoly and Monopsony
Monopoly profit maximisation
Market power and welfare
Taxes and monopoly
Causes of monopolies
Competition law
Internet monopolies
Monopsony
Game Theory
Static games
Repeated dynamic games
Sequential games
Oligopoly
Market structures
Cournot Oligopoly
Stackelberg Oligopoly
Bertrand Oligopoly
Uncertainty & Asymmetric information
Assessing Risk
Attitudes towards risk
Insurance
Investing under uncertainty
Adverse selection
Contracts and Moral hazard
Principal-Agent Problem
Production efficiency
Task | % of module mark |
---|---|
Closed/in-person Exam (Centrally scheduled) | 100 |
None
Task | % of module mark |
---|---|
Closed/in-person Exam (Centrally scheduled) | 100 |
Feedback will be provided in line with University policy
Perloff, “Microeconomics with Calculus”, Pearson (available electronically online through the university)
Varian, “Intermediate Microeconomics”, Norton