Module Description:
This module is an introduction to micro economic theory and some of its applications.
Module aim
The aim of this module is to develop a basic competence in microeconomics.
Introduction to Economics as a social science.
Concepts of scarcity, choice and opportunity cost.
Demand and supply and the determination of equilibrium price. Price Ceilings and Price Floors.
Elasticity - Price Elasticity, Income Elasticity, Cross Price Elasticity and Supply Elasticity.
Utility - Total Utility, Marginal Utility, Diminishing Marginal Utility
Costs of Production in the short and long run.
Profit maximisation
Market Structures - Perfect Competition, Monopoly , Oligopoly and Monopolistic Competition
Market failures.
The Markets for Factors of Production.
Government intervention and regulation.
Inequality and poverty, taxes and the redistribution of income.
A variety of methods will be used including lectures, tutorials and may include formal teaching, class discussion, problem solving and case studies.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |