Microeconomics

Module code: EC1000

Module co-ordinator: Professor Eyal Winter

Description

Microeconomics studies what motivates economic agents, how they respond to incentives, and how they interact. It is the core of economic science and provides the conceptual tools and foundations for more specialised analyses.

This introductory module focuses on the factors that influence consumption and production choices. It is concerned with the behaviour of individual consumers and firms and the way they interact in the market. In particular, it studies supply and demand, the determination of price and output in specific markets, and the interaction among different markets. It also studies the rationale for and impact of government intervention in markets.

Topics Covered

• Demand and supply
• Perfect competition
• Monopoly and oligopoly
• Efficiency of equilibrium and sources of market failure
• Firms and their production decisions
• Markets for goods and productive inputs
• Government intervention in markets

Learning

• 20 one hour lectures
• 9 one hour tutorials

Assessment

• A two hour examination in January (80%)
• Coursework (20%)