| Unit name | Introduction to Microeconomics |
|---|---|
| Unit code | ECON10010 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Mr. Huxley |
| Open unit status | Not open |
| Pre-requisites |
A-level Mathematics (or equivalent) |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
The central aims of this unit are to introduce students to the concepts and analytical techniques used in microeconomics.
The course emphasises the central role of price theory in understanding economic events. Students are expected to truly understand why when prices change people change their behaviour and what it means to say that 'decisions are taken at the margin'.
Topics covered include: Competitive markets. Consumer demand, allocation of time and labour supply, intertemporal choice. Production and cost functions, cost minimization, firms' input and output choices in the short and long run. Externalities, public goods. General equilibrium. Comparative advantage and international trade.
Thomas Nechyba, Microeconomics: An intuitive approach with calculus
Alternative textbooks:
H. Varian, Intermediate Microeconomics, a Modern Approach
Jeffrey Perloff, Microeconomics with calculus
