Firms, Markets and Welfare

Module code: EC2050

By providing a thorough grounding in modern microeconomic analysis, and building upon the base laid down in earlier modules, this module will develop your ability to analyse and understand modern market economics.

You will study competitive markets, markets where individual agents have power to influence price, and environments where free market solutions may be inefficient or impossible, as well as social (or collective) choice problems.  We will make use of basic Game Theory in our endeavour.  You will also be provided with the necessary foundation for future study of microeconomic theory and its application in specialised areas of economics.

At the end of the module you should be able to formulate relevant economic problems in a precise way and understand how these formulations clarify economic arguments in the topics covered.