Microeconomic Analysis module (BU30016)

Microeconomic analysis is the study of individual economic units such as households, firms, and markets to understand their behaviour and decision-making processes.

It examines factors like supply and demand, pricing, production, and consumer choices to provide insights into the allocation of resources and economic efficiency.

What you will learn

In this module, you will:

• learn about consumer spending and the making of profits and production of goods by firms
• examine firms and markets with higher and lower levels of competition, from monopolies to highly competitive markets
• be introduced to game theory: the theory of interactive choice which underpins the study of society and the economy
• understand how to use these models to predict how people, firms, organisations and countries interact with each other and the outcomes of these interactions. It is shown that, often, interactive choice can result in unexpected results.

By the end of this module, you will be able to:

• analyse the economic theory of the consumer
• analyse the economic theory of the firm and markets for labour and capital
• understand the effect of market structure on prices and the quantity of goods produced
• apply game theory to a wide range of economic situations

Assignments / assessment

• Class Test 1 (20%)
• Class Test 2 (20%)
• Final Exam (60%)

Teaching methods / timetable

You should expect weekly lectures and tutorials, a reading list will be provided for you to have prepared in advance to allow you to contribute to the class.

For this module, the exact dates of teaching and/or reading weeks are to be confirmed.