Intermediate Microeconomics
Module code: EC2012
This module is all about how our decisions affect the market. You will look at the factors that influence economic changes including the choices consumer make under different conditions (certainty vs uncertainty) and solve simple consumer problems. You will analyse how labour supply impact consumer’s choices and how an individual’s current decision will affect what choices are accessible to them in the future (intertemporal consumption choice).
Moving on from simple economic models you will start to explore how elements of microeconomics, such as microeconomics of production and welfare implications impact our day-to-day lives. You will gain a better insight into welfare economics and its fundamental theorems to evaluate how social welfare affects social choices.
We will also delve into the pricing and output decisions of a monopolist and use game theory to analyse the following models of competition:
- Cournot, Bertrand and Stackelberg duopoly.
- Collusion in oligopoly models
This module will also provide the chance to discuss pertinent questions on the use of social surplus as a measure of market efficiency, and the causes and consequences of price discrimination and discover the problem of public-goods supply and its efficiency consequences.