Business Microeconomics

Module code: MA7411

The aim of this module is to introduce students to core microeconomic principles and how these can be used in a business environment to help decision making. It explores the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. Coursework is based on solving real world problems in an authentic way.

Topics include:

• relevance of economics to the world of business
• the main strands of economic thinking
• the workings of competitive markets
• factors affecting consumer demand and behaviour
• the importance of advertising for a firm
• analysis of a firm’s pricing and output decisions by considering the production function, costs of production, revenue and profit
• profit maximization under perfect competition, monopoly and imperfect competition and pricing strategies adopted by firms