Microeconomics

Module code: EC1000

Module co-ordinator: Professor Eyal Winter

Microeconomics is the study of 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.

In this introductory module you will focus on the factors that influence consumption and production choices. We will consider the behaviour of individual consumers and firms and the way they interact in the market. We will look in detail at supply and demand, the determination of price and output in specific markets, and the interaction among different markets. We will also investigate 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

  • Exam, 2 hours (80%)
  • Coursework (20%)