This course intends to give students a thorough grounding in undergraduate microeconomic theory, which focuses on understanding the role of price system in resource allocation and its limitations. It covers consumer theory, producer theory, general equilibrium, partial equilibrium, monopoly, public goods, externalities and market failure, efficiency and fairness.

Lectures: Monday 14.00-16.00 (10 x 2 hours). 

Additional 2 hours revision lecture outwith normal hours.

Tutorials: 10 x 1 hour. Tutorials are held at various times and can be selected on MyCampus.

None.

1. In-course exam: online; Individual; 60 minutes; 20%; ILOs 1-3.

2. Degree exam: in-person; Individual; 120 minutes; 80%; ILOs 1-5.

The main aims of this course are to:

■ provide students with a thorough grounding in advanced undergraduate microeconomic theory;

■ expose students to modern debates in economic theory in its central issues on the role of price system in resource allocation;

■ provide students with the background in economic theory to enable them to take advanced courses in the theory and application of economic policy;

■ develop skills in manipulating basic economic models for policy applications.

By the end of this course students should be able to:

1. Apply logical and well-argued written outlines of economic models;

2. Solve, analyse and explain key results in advanced modern microeconomic theory;

3. Construct formal models as simplified representations of reality;

4. Apply economic theory to address contemporary questions in economic policy and explain;

5. Explain key implications of theoretical models for modern debates in economic policy in non-technical language.