ECON 3018 Microeconomic Theory and Applications
Credit Points 10
Legacy Code 200530
Coordinator Partha Gangopadhyay Opens in new window
Description In 2016, this subject replaced by 200923 - Corporations, Economic Power and Policy. The aim of Microeconomic Theory and Applications is to extend students' knowledge of microeconomic theory developed in Principles of Economics. After a more formal presentation, the rather idealistic assumptions used in the context of the perfectly competitive markets will be relaxed in order to model typical situations encountered in the business world. The theory of choice will be extended to situations where individuals face uncertainty regarding the outcome of their own actions. In terms of market structure, we will investigate the consequences in terms of price, quantity and consumer's surplus, of monopoly, oligopoly or duopoly markets. As some of these market structures imply that the individuals' decisions might strongly affect or be affected by a limited number of other decision makers, an introduction to Game Theory will be presented. Finally, our concerns for investigating more realistic economic situations will lead us to make a brief incursion into markets characterised by asymmetric information, the presence of public goods or the existence of externalities.
School Business
Discipline Economics
Student Contribution Band HECS Band 4 10cp
Check your HECS Band contribution amount via the Fees page.
Level Undergraduate Level 3 subject
Pre-requisite(s) ECON 1011 OR
ECON 1006
Equivalent Subjects LGYA 4313 - Industry Economics and Policy
Prescribed Texts
- Pindyck, RS & Rubinfeld, DL 2009, Microeconomics, 7th edn, Pearson Prentice Hall.
Teaching Periods