| 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 |
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.
Students should be familiar with the basic principles of each topic in the syllabus and should be able to apply mathematical techniques (where relevant) to solve economic problems. Equally important, however, is that students understand the economic problem at hand and interpret their answers intuitively.
Lectures, exercise lectures and tutorial classes.
Formative assessment: One set of exercises and one essay assignment.
Summative assessment: 3 hour closed book examination. (One third of the exam tests the student’s proficiency in basic mathematical techniques and two thirds test his/her understanding of the topics covered in the course and ability to analyse closely related problems and interpret the obtained results.
