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BAEcon Development Studies and Social Statistics

Year of entry: 2021

Course unit details:
Microeconomics 3

Unit code ECON20021
Credit rating 10
Unit level Level 2
Teaching period(s) Semester 1
Offered by Economics
Available as a free choice unit? Yes

Overview

The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.

Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets.

Pre/co-requisites

Unit title Unit code Requirement type Description
Introductory Mathematics ECON10061 Pre-Requisite Compulsory
Adv Maths - BAEcon & BSc Econ ECON10071 Pre-Requisite Compulsory
Microeconomics 2 ECON10232 Pre-Requisite Compulsory
ECON20021 Prerequisites - ECON10232

Aims

The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.

Learning outcomes

Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets.

Syllabus

Brief overview of the syllabus/topics.

  1. Consumer Theory
    • utility functions and constrained maximisation;
    • demand functions and elasticity
  2. Production Theory
    • production functions; short run – long run production decisions;
    • cost functions; supply functions
  3. Perfect Competition and Monopoly
    • short run – long run under perfect competition;
    • monopoly equilibrium; natural monopoly; welfare analysis
  4. Oligopoly
    • elements of game theory

Bertrand, Cournot, Stackelberg models; monopolistic competition; price leadership

Knowledge and understanding

Microeconomic theory accompanied by real world applications

Intellectual skills

independent study; critical thinking;

Practical skills

mathematical skills, writing on technical economic concepts, use of word processing software

Transferable skills and personal qualities

problem solving; analysis and synthesis; students will develop presentation and interpersonal skills through participation in tutorial sessions.

Employability skills

Other
Information Retrieval, Numeracy, Literacy, Computer Literacy, Time Management, Applying Subject Knowledge, Improving own Learning;

Assessment methods

15% Coursework 

10% Homework   

75% Written exam       

Feedback methods

Online quizzes released on Blackboard

Feedback will also be provided during tutorial classes, on the Discussion Board (Piazza) and during office hours.

Recommended reading

  • Varian, “Intermediate Microeconomics: a modern approach”, 9th Edition, 2014, Norton.

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Mario Pezzino Unit coordinator

Additional notes

For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary.

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