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MSc Economics

Year of entry: 2020

Course unit details:
Microeconomic Theory

Unit code ECON60101
Credit rating 15
Unit level FHEQ level 7 – master's degree or fourth year of an integrated master's degree
Teaching period(s) Semester 1
Offered by Economics
Available as a free choice unit? Yes

Aims

The aim of this course is to provide a formal (mathematical) introduction to some of the main principles and ideas of modern microeconomic analysis.

Learning outcomes

At the end of this course, students should be able to demonstrate a graduate-levelunderstanding of the main microeconomic concepts covered during the term, as well as the tools and the modelling techniques used to represent economic behaviour. The students should also be aware of how and when to apply the various existing models, as well as the main limitations of them.

Syllabus

1. Consumer Theory: utility maximization; first order conditions; Walrasian (Marshallian) demands;

expenditure minimization; first order conditions; Hicksian demands; Slutsky equation; substitution (income)

effect; normal (inferior) good; demand slope (response to price change).

Recommended Readings:

¿ Jehle, G., Reny, P. Advanced Microeconomic Theory. Pearson 3rd ed. (2011), Ch. 1 & 2.

¿ Mas-Collel, A., Whinston, M., Green, J. Microeconomic Theory. Oxford Univ. Press (1995), Ch. 3.

2. Producer Theory: cost minimization; first order conditions; conditional input demands; competitive firm;

Teaching and learning methods

Lectures and Tutorials

Assessment methods

Method Weight
Other 15%
Written exam 85%

85% final exam

15% midterm test

Study hours

Scheduled activity hours
Lectures 20
Tutorials 5
Independent study hours
Independent study 125

Teaching staff

Staff member Role
Alejamdro Saporiti Unit coordinator

Additional notes

Timetable
Lectures: Friday 3pm-5pm,
Tutorials: Friday 5pm-6pm,

 

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