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.
- 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.
20 one-hour lectures
9 one-hour tutorials
- Online test, 1 hour (20%)
- Exam, 2 hours (80%)