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BAEcon Economics and Social Statistics / Course details
Year of entry: 2021
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Course unit details:
Principles of Microeconomic Theory 1: Consumers, Welfare, Production and Costs
|Unit level||Level 1|
|Teaching period(s)||Semester 1|
|Offered by||School of Social Sciences|
|Available as a free choice unit?||No|
This unit is an introduction to Microeconomic analysis with calculus. Topics include consumer theory, demand analysis, consumer welfare analysis, and the theory of the firm.
|Unit title||Unit code||Requirement type||Description|
|Adv Maths - BAEcon & BSc Econ||ECON10071||Co-Requisite||Compulsory|
A-Level Mathematics (compulsory Pre-Requisite).
This course unit is for BA Econ, BSc Econ and PPE students only.
NOT available to students who have previously taken ECON10041/42 or ECON10081/82.
This unit aims to:
- Provide an introduction to fundamental concepts and techniques of microeconomics analysis.
- Cover the preparatory material for more specialist courses in economics in the second and third year.
- Provide key employability skills, such as the ability to describe recent key microeconomic concepts and expose students to a range of applications.
The learning outcomes of this unit are:
- To have a firm grounding in introductory microeconomics principles.
- To be able to manipulate and perform basic analysis of economic data relating to issues of contemporary importance.
- Demonstrate an understanding of key theoretical explanations of individual, firm and industry behaviour.
- Introduction: Microeconomics - Allocation of scarce resources, Models, Uses of microeconomic models.
- Supply and Demand - Demand, Supply, Market equilibrium, Shocking the equilibrium, Comparative statistics, Elasticities.
- Consumer Theory - Preferences, Utility, Budget constraints, Constraint Consumer Choice, Behavioural economics.
- Demand - Deriving demand curves, Effects on demand.
- Consumer Welfare and Policy Analysis - Consumer Welfare, Expenditure functions, Consumer Surplus.
- Firms and Production - Short run productions, Long run productions, Isoquants, Returns to Scale.
Costs - Opportunity Costs, Short run costs, Long run costs, Cost curves.
Teaching and learning methods
Online Learning and Guided self-study.
- Analytical skills
- Skills of analysis, and the application of analytical models. The evaluation and critical analysis of arguments, theories and policies. To be able to synthesise and evaluate data.
- Group/team working
- Working in teams and presenting team work.
- Problem solving
- To be able to independently locate and assess relevant literature, and to draw on these to develop understanding and to construct arguments. Application of subject knowledge. Time management and ability to work to deadlines.
30% Mid-term test
- Weekly problem sets: feedback on solutions in tutorials.
- Feedback on presentations in tutorials.
- Office hours.
- Revision sessions.
- Discussion boards.
Jeffrey Perloff (2014) “Microeconomics with Calculus, Global Edition” (ISBN-10: 0273789988; ISBN-13: 9780273789987).
|Scheduled activity hours|
|Assessment written exam||3|
|Independent study hours|
|Craig Webb||Unit coordinator|