Introductory description

This module provides students with a thorough understanding in basic principles of microeconomics. You will be exposed to a range of the application theories. You will gain an understanding of consumer behaviour, production theory and how markets work, including strategic behaviour of firms and the various models under which firms might behave. 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.

The module will typically cover SOME OF the following topics:
Supply and Demand. Supply; demand; market equilibrium; equilibrium shocks; government intervention; supply and demand elasticities. Consumer theory. Preferences; utility; budget constraints; individual demand; substitution effects; income effects; revealed preferences, applications, behavioural economics and critiques of rational choice framework; Production. Technology; isoquants; marginal rate of technical substitution; marginal products; cost curves; long and short run; returns to scale; profit maximisation; cost minimisation; cost curves; supply curves. Competition. Profit maximisation; short run; long run; market equilibrium; consumer welfare; producer welfare; applications. Imperfect Competition; Models of Oligopoly: Cournot Model; Stackelberg Model; Comparison of Collusive, Cournot, Stackelberg, and Competitive Equilibria; Bertrand Model; Game Theory. An introduction to terminology and Nash equilibria; an introduction to economic models.

Learning outcomes

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

• Demonstrate a solid grasp of the basic theoretical material in microeconomics, including consumer and producer theory, strategic thinking, market analysis and partial equilibrium.
• Demonstrate an ability to apply their knowledge to important areas of application, including policy analysis.
• Explain a variety of concepts using different approaches, including those involving mathematical, graphical and intuitive analysis.
• Understand the way in which economic models are used to analyse problems and the limitations of them.
• Construct models of both consumer and producer behaviour and understand their implications and limitations

Indicative reading list

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

View reading list on Talis Aspire

Subject specific skills

Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Concepts of Simultaneity and Endogeneity
Analysis of optimisation

Transferable skills

Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills