Aims and Objectives
The aims of the course are to:
To develop a comprehensive understanding of microeconomic analysis, including the economics of the consumer, the firm, markets, and market failure, welfare economics, and the basic economics of risk and information, building on the microeconomic content of SMN 132 (Principles of Economics).
To create an understanding of simple model building methods in microeconomic analysis, including indifference curve analysis, isoquant analysis, basic game theory, simple general equilibrium (Edgeworth Box), and the efficiency analysis of different resource allocations.
To foster a critical awareness of the applications and limitations of microeconomic models in relation to issues and evidence concerning outcomes and performance in particular markets.
To develop a foundation for the analysis involved in third year optional courses involving microeconomics.
On completion of the course, students should be able to:
A systematic understanding of the findings of the analysis of market outcomes, in terms of their positive and normative content (Aim 1)
An awareness of the content, strengths and limitations of the analytical methods used in microeconomics (Aim 2).
A sense of the main conclusions of the microeconomic analysis of specific markets and policy issues (Aim 3).
The tools necessary to master the economic aspects of third year optional courses with microeconomic content.
20 hours lectures; 5 hours tutorials
Module assessment - more information
90% written examination; 10% attendance and participation
Required module for
Optional module for