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Unit information: Microeconomic Analysis in 2021/22

Unit name Microeconomic Analysis
Unit code EFIM20038
Credit points 20
Level of study I/5
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Professor. Simpson
Open unit status Not open
Pre-requisites

EFIM10008 Mathematical and Statistical Methods and
EFIM10026 The Economy
OR
EFIM10010 Economic Principles and
EFIM10024 Probability, Statistics, and Econometrics

Co-requisites

None

School/department School of Economics
Faculty Faculty of Social Sciences and Law

Description

The unit will study the main microeconomic models which underlie modern economic thinking and which are drawn upon by macroeconomics and other fields within economics.

As such it will prepare students for final-year units and provide the foundation for students to have the economic tools to apply to concrete problems upon graduation.

The unit will cover theoretical models, practical applications of those models and empirical evidence.

Topics will include

(i) Budget constraints, preferences and utility

(ii) Choice and demand

(iii) Uncertainty

(iv) Monopoly and price discrimination

(v) Oligopoly

(vi) Externalities

(vii) Asymmetric information

Intended learning outcomes

Students will be able to:

1. Understand how theoretical microeconomic models work

2. Apply these models to practical questions and draw appropriate policy conclusions

3. Compare and contrast competing theories about how consumers and firms behave, and about how markets work (or fail)

4. Understand the conclusions of empirical papers in microeconomics to evaluate economics

Teaching details

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Details

Coursework (1,500 words) (50%). Assesses all learning outcomes.

Exam (2 hours) (50%). Assesses all learning outcomes.

Resources

If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM20038).

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