| Unit name | Introduction to Microeconomics |
|---|---|
| Unit code | ECON10010 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Mr. Huxley |
| Open unit status | Not open |
| Pre-requisites |
A-level Mathematics (or equivalent) |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
Microeconomics is the analyses of economic problems starting from the motivation and behaviour of individuals. The unit introduces basic microeconomic principles. It does not assume any specific previous knowledge, though those with no background in economics are advised to do some additional background reading. The course makes use of mathematics and assumes a basic knowledge of calculus, however, the mathematics is straightforward and subordinated to the economic content. The basic building blocks are (1) the working of markets, starting with competitive markets (2) the behaviour of individual consumers or households, dealing with demand for consumer goods, with a number of applications particularly the supply of labour (3) the behaviour of profit-maximizing firms in product and factor markets: production, costs, prefect competition, monopoly. (4) welfare economics and general equilibrium (5) market failure: public goods and externalities (6) international trade.
