37293 - Microeconomics

Learning outcomes

At the end of the course students should understand the principles and methods of economic, and specifically microeconomic, analysis. They will have been introduced to the concept of economic rationality as it applies to individuals and firms. Topics addressed in more detail will include the form of utility and production functions, individuals' consumption and labour-supply decisions, and the analysis of how price and quantity are set under different market structures and how these market structures influence the economic efficiency of market outcomes. Implications for the behaviour and organization of firms will be highlighted throughout.

Course contents

Topics addressed should include:

1.   Introduction to the market and the concept of economic rationality

2.   Consumer Theory
- The budget
- Preferences and Utility
- Choice
- Individual demand (for goods and services)
- Labour supply

3.   Market equilibrium
- Market demand
- Market equilibrium and the implications of taxes on consumption

4.   Producer Theory
- Technology
- Profit maximisation
- Cost minimisation
- Firm supply in a competitive market
- Industry supply in a competitive market
- The implications for supply of non-competitive market structures: Monopoly and Oligopoly

5. The concepts of Externalities and Public Goods may also be introduced.

Readings/Bibliography

The text book for the course will be:

Varian, Hal R., Intermediate Microeconomics: A Modern Approach, (9th international student edition), published by WW Norton & Co, (ISBN:  978-0-393-92077-2).

It is strongly recommended that students have access to a copy of the textbook.

There is also an accompanying exercise book which students may find useful (though it is not required reading). This exercise book is:

Bergstrom, Theodore C. and Hal R. Varian, Workouts in Intermediate Microeconomics for Intermediate Microeconomics and Intermediate Microeconomics with Calculus, 2014, W.W. Norton & Co.: New York, London, ISBN:978-0-393-92261-5

Teaching methods

Lectures and exercises led by lecturer / tutor.

Assessment methods

Final written exam of about one and a half or two hours.
Mid term exam(s)/tests FOR CURRENT (1st year) STUDENTS ONLY (students from earlier years must take the full exams).
For students taking the mid-term exams, the final mark for the course will be an average of the marks in the two "partial" exams. Only students with a sufficiently high mark in the first mid-term exam will be admitted to the second partial: other candidates must proceed to the full exams.

During exams (mid-term or full exams) students will NOT be allowed to use materials such as: textbooks, lecture notes/slides; any written notes; web-enabled or data storage devices such as computers (laptops or tablets), or smartphones. Candidates found with such items will be removed from the exam and their work will not be marked.

The exams will contain a mixture of multiple choice (and possibly "fill in the blanks") questions, and computational/open exercises. The division of marks between the different types of question will be indicated on exam papers where this is appropriate.
The content and structure of exam questions is intended to assess familiarity with the material covered in the course lectures, and, in particular, to assess understanding of the theoretical content of the course. The nature of exam questions will closely follow examples covered as exercises during the course, and discussed in lectures/tutorials.

Candidates will be required to enroll for exams via the University's electronic service (currently AlmaEsami). Exam marks will be published via the University's electronic service (AlmaEsami).
After the exam students will be entitled to see their script by attending the lecturer’s office hour.
Any marks in excess of the minimum pass grade (18 out of 30) will be automatically registered (“verbalizzato”) by the course lecturer after a specified amount of time (which will be communicated to those who attend the exam) has elapsed.

Teaching tools

--

Office hours

See the website of Matthew John Wakefield