Intermediate Microeconomics 2

Module code: EC2002
Module co-ordinator: Dr Francisco Martinez Mora

In this module you will study modern microeconomic analysis of competitive markets; that is, markets where individual agents have power to influence prices, and environments where free market solutions may be inefficient or impossible. The module provides a necessary foundation for future study of advanced micro-economic theory and its application in specialised areas of economics. You will learn how to formulate relevant economic problems in a precise way and how these formulations clarify economic arguments.

Topics covered

  • Equilibrium in competitive markets: surplus as a measure of market performance; intervention in competitive markets.
  • Monopoly and monopoly behaviour: price discrimination; oligopoly
  • Exchange and production: efficiency; pareto optimality; first and second fundamental theorems of welfare economics.
  • Externalities and public goods.
  • Asymmetric information.

Learning

  • 20 one-hour lectures
  • 9 one-hour tutorials

Assessment

  • Written assignment (75%)
  • Coursework (25%)
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