Intermediate Microeconomics 1

Module code: EC2000

Module co-ordinator: Professor Sergio Currarini

Microeconomics is the study of the principles and mechanisms of individual decision making. How consumers allocate their income across commodities, deciding how much to save or how much risk to take in financial markets. How firms decide about inputs and outputs, and how their plans depend on the available technology and on market conditions. How economic agents face uncertainty and how hidden information affects economic outcomes and welfare.

Understanding the first principles of choice help us construct theories that explain how markets works, how prices form, the pros and cons of varying degrees of market power and of government intervention, and what determines the growth or the stagnation of an economy.

Microeconomics provides us with specific knowledge and concepts about real world economic systems. In this module you will learn to thinks as an economist: appreciating the role of trade-offs and incentives, abstracting from the many details of real life to identify the key forces behind socio-economic phenomena, and developing arguments within a unified and rigorous theoretical framework. The economics approach has benefits that go well beyond academic thinking; it is of great value in management, finance, social sciences, and all instances of decision making which can gain from a rigorous, logical and coherent mind.

Learning

  • 20 one-hour lectures
  • 8 one-hour tutorials

Assessment

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