Intermediate Microeconomics
Description
This module provides students with a broad overview of intermediate-level microeconomic theory and applications. This module builds on microeconomics. All concepts are discussed intuitively, graphically, and mathematically focusing on the applied nature of microeconomic theory through real-world examples. Firstly, the module examines competitive markets and shows the desirable properties arising from competition. Secondly, imperfectly competitive markets and firms with market power will be considered. Thirdly, uncertainty and firms, consumers with limited information, externalities, and public goods will be reviewed. Fourthly, different market structures will be examined.
Learning Outcomes
Use standard microeconomic analysis to explain and predict behaviour of individual consumers and firms.
Be able to apply the rational choice framework to consumption and other decisions while being aware of the limitations of mainstream consumer theory and appreciate alternative approaches;
Explain the advantage of perfect competition in achieving efficiency and comment on its potential shortcomings in the context of welfare economics. Discuss how market failures occur and determine possible government policies to correct for them;
Formulate and address economic policy issues using the language and approach of economic analysis/theory; Translate economic ideas into equations and numerical examples and calculate quantitative answers to economic problems