
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 |
---|---|---|---|
Microeconomics 2 | ECON10232 | Pre-Requisite | Compulsory |
Introductory Mathematics | ECON10061 | Pre-Requisite | Compulsory |
Advanced Mathematics | ECON10071 | Pre-Requisite | Compulsory |
ECON10232 Microeconomics II
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 able to demonstrate a firm understanding of intermediate microeconomic principles and models related to: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets.
They will also develop the ability to analyse real life scenarios and identify policy implications referring to microeconomic theories.
Syllabus
Brief overview of the syllabus/topics.
-
Consumer Theory
- utility functions and constrained maximisation;
- demand functions and elasticity
-
Production Theory
- production functions; short run – long run production decisions;
- cost functions; supply functions
-
Perfect Competition and Monopoly
- short run – long run under perfect competition;
- monopoly equilibrium; natural monopoly; welfare analysis
-
Oligopoly
- elements of game theory
Bertrand, Cournot, Stackelberg models; monopolistic competition; price leadership
Teaching and learning methods
Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study
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 small group activities.
Employability skills
- Other
- Information Retrieval, Numeracy, Literacy, Computer Literacy, Time Management, Applying Subject Knowledge, Improving own Learning;
Assessment methods
5% Homework (one single piece)
15% Coursework (word limit 800)
80% Final Exam
Feedback methods
Feedback to summative assessment (e.g. coursework and homework) will be provided via lackboard/Turnitin.
Online quizzes released on Blackboard will provide opportunities for formative assessment and feedback.
Opportunites for recieving feedback will also be provided duringsmall group activities, on the Discussion Board (Piazza) and during office hours.
Recommended reading
- J. Perloff, Microeconomics with Calculus, Pearson.
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.