Learning Outcomes:
The aim of this module is to give you the conceptual basis and the necessary tools for understanding modern microeconomics. By the end of the module, you should have an understanding of basic microeconomic theory of consumer behaviour, the theory of the producer behaviour and understanding contexts (i.e. markets) in which firms and consumers operate. You will have a clear understanding of the assumptions behind these microeconomic models and of the techniques used to analyse them. On successful completion of this module you will also have plenty of practice at problem solving through problem sets, in-class quizzes and self-directed learning.
Indicative Module Content:
The course textbook is: Jeffery Perloff, Microeconomics: theory and applications with calculus (5th ed. , global edition, Pearson) .
Topics (relevant chapter in Perloff)
• Introduction (1)
• Supply and demand (2)
• A consumer’s constrained choice (3)
• Demand (4)
• Consumer welfare and policy analysis (5)
• Firms and production (6)
• Costs (7)
• Competitive firms and markets (8)
• Applications of the competitive model (9)
• Monopoly and monopsony (11)