BAEcon Accounting and Finance

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.

ECON20021 Prerequisites - ECON10232

ECON10232 Microeconomics II

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 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.

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

Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study

Microeconomic theory accompanied by real world applications

independent study; critical thinking;

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

problem solving; analysis and synthesis; students will develop presentation and interpersonal skills through participation in small group activities.

5% Homework (one single piece)

15% Coursework (word limit 800)

80% Final Exam       

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.

• J. Perloff, Microeconomics with Calculus, Pearson.

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.