Microeconomics 3

ECON20021 Microeconomics 3 10 Semester 1 Undergraduate Level 2 Mario Pezzino Unit coordinator Economics 1 FHEQ level (Framework for Higher Education Qualifications) ' Middle part of Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets. The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets. The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples. Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2.Specifically, students will be able to demonstrate a firm understanding of intermediate microeconomic principles and models related to: (i) consumer theory; (ii) production theory and costs; (iii) perfect competition and monopoly; (iv) strategic interdependence in oligopolistic markets.They will also develop the ability to analyse real life scenarios and identify policy implications referring to microeconomic theories. Students will develop a firm understanding of microeconomic theory. They will learn how to analyse and summarise different theories and they will be able to illustrate how they apply to real world problems. Students will develop problem solving skills and learn how to analyse economic problems making use of theoretical models. They will also develop the ability to critically identify the models that best fit different real word scenarios. Through their engagement with asynchronous resources and formative assessment, they will also improve their skills for independent study. Students will learn how to apply mathematical skills to problem solving and the basic use of mathematical software, while reporting on technical economic concepts and using word processing software. Students will develop presentation and interpersonal skills through participation in small group activities, live lectures and discussion board engagement. Other Students will develop skills connected to information retrieval, numeracy, literacy, computer literacy, time management. ProvisionalBrief overview of the syllabus/topics.1. Consumer Theory1.1 perfect substitutes/complements, quadratic and CES utility functions, and constrained maximisation;1.2 duality: Hicksian and Marshallian demands2. Production Theory2.1 production functions; short run - long run production decisions;2.2 cost functions; supply functions3. Perfect Competition and Monopoly3.1 short run - long run under perfect competition;3.2 monopoly equilibrium; natural monopoly; welfare analysis and government intervention4. Oligopoly4.1 elements of game theory4.2 Bertrand, Cournot, Stackelberg oligopoly models and applications (e.g. managerial firms, socially concerned firms, public Vs private competition). Synchronous activities (such as Lectures, Feedback and Q&A sessions, and tutorials), and asynchronous resources (e.g. pre-recorded videos, weekly quizzes and interaction via discussion board) for guided self-study. 0 Other 100% 30% Coursework (MCQs and open question)70% Online Open Book Exam Feedback to summative assessment (e.g. coursework and homework) will be provided via Blackboard/Turnitin.Online quizzes released on Blackboard will provide opportunities for formative assessment and feedback.Opportunities for receiving feedback will also be provided during small group activities, on the Discussion Board (Piazza) and during office hours. ECON10232 Microeconomics 2 Pre-Requisite Compulsory ECON10061 Introductory Mathematics Pre-Requisite Compulsory ECON10071A Advanced Mathematics Pre-Requisite Compulsory ECON10071B Advanced Mathematics Pre-Requisite Compulsory ECON20021 Prerequisites - ECON10232 AND (ECON10061 OR ECON10071A/BECON10232 Microeconomics 2 Y • Hal R. Varian, Intermediate Microeconomics with Calculus: A Modern Approach, W.W.Norton. 0 0 0 For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary.