Unit information: Microeconomics in 2019/20

Unit name	Microeconomics
Unit code	ECONM1010
Credit points	15
Level of study	M/7
Teaching block(s)	Teaching Block 1 (weeks 1 - 12)
Unit director	Professor. Park
Open unit status	Not open
Pre-requisites	None
Co-requisites	None
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

This unit aims to provide a thorough understanding of the basic concepts in microeconomics with more emphasis on the technical aspects relative to microeconomics taught at the undergraduate level. The course begins with an analysis of consumer theory, moving on to choice in uncertain and strategic situations. The course addresses individual and market responses to asymmetric information and institutions which arise as a result.

The Unit aims are: to introduce the central ideas, concepts and tools of microeconomics; to develop analytical rigour; and to prepare students for independent economic thinking about policy issues.

Intended Learning Outcomes

On successful completion of the course:

• Students will have learned the fundamental principles of economic decision making by individual agents in markets and strategic environments.
• Students will be able to apply the mathematical techniques taught to analyse individual agents facing various economic decision making problems.
• Students will be able to assess welfare implication of economic policies by evaluating their potential impact on individual agents’ decision making.

Teaching Information

Lectures, exercise lectures and tutorial classes.

Assessment Information

Formative assessment: One set of exercises and one essay assignment.

Summative assessment: 100% by 2½-hour closed book written exam. This examination contains questions which assess all of the ILOs.

Reading and References

• A.Mas-Colell, M. Whinston and J. Green, (1995), “Microeconomic Theory”, Oxford University Press.

• Gibbons, R. (1992), A Primer in Game Theory, Prentice Hall.