Introductory description

This module builds on students’ understanding of basic principles of economics from EC109 by providing an intermediate level exposition to microeconomic principles. You will be exposed to a range of applications and theories. You will gain an understanding of how markets work in general equilibrium, choice under uncertainty as well as an introduction to strategic behaviour (game theory) for both cooperative and non-cooperative games. You will gain skills and techniques to analyse problems from a mathematical, graphical and intuitive perspective applying your knowledge to real world scenarios.”

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

• Mathematical concepts: Constrained optimisation, comparative static analysis
• The Envelope Theorem
• General equilibrium and social welfare
• Fundamental welfare theorems
• Market failure: externalities and public goods
• Choice under uncertainty
• Static games of complete information
• Dynamic games of complete information
• Static and dynamic games of Incomplete Information

Learning outcomes

By the end of the module, students should be able to:

• Subject Knowledge and Understanding:...demonstrate an understanding of intermediate and some advanced principles of microeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject Knowledge and Understanding:...demonstrate an understanding of important areas of application of theory. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Key Skills: Communicate your knowledge and understanding to others in writing. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject Specific and Professional Skills:...demonstrate analytical thinking, reasoning and application. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Cognitive Skills:...demonstrate a capacity for critical, analytical and strategic thinking. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Cognitive Skills:...demonstrate a capacity for abstraction and problem solving. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.

Indicative reading list

Please see Talis Aspire link for most up to date list.

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Abstraction
Analysis of incentives
Concepts of Simultaneity and Endogeneity
Analysis of optimisation
Understanding of Uncertainty and Incomplete Information

Transferable skills

Students will have the opportunity to develop:
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills