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.

ILO

Reassessments are normally available for all courses, except those which contribute to the Honours classification. Where, exceptionally, reassessment on Honours courses is required to satisfy professional/accreditation requirements, only the overall course grade achieved at the first attempt will contribute to the Honours classification. For non-Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below.

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.

None.