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Applied Microeconomics I - ECO00046M

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  • Department: Economics and Related Studies
  • Module co-ordinator: Prof. Yuan Ju
  • Credit value: 10 credits
  • Credit level: M
  • Academic year of delivery: 2022-23
    • See module specification for other years: 2021-22

Module will run

Occurrence Teaching period
A Autumn Term 2022-23

Module aims

to offer insights obtainable from theoretical microeconomic models;

to lay a foundation in micro theory that is used to study and understand other fields of economics and finance;

to provide an understanding of the methodological issues involved in the application of such models;

to interpret the results of such applications in decision-making contexts;

to provide a bridge between microeconomic theory and real world decision-making and policy problems;

to provide the underlying theory and analysis for other courses to build upon. Thus optional courses such as Applied Microeconometrics and Finance and Investment, represent opportunities to consolidate and extend on material covered in this course

Module learning outcomes

On completing the module a student will be able to:

understand: the theory of consumer choice, including decision-making under uncertainty; welfare theory and Pareto optimality; the theory of the firm and general equilibrium analysis; the theory of imperfect competition in goods markets;

understand the relevant methods (some reasonable level of maths including calculus, differentiation, integral, probability, and linear algebra) and then be able to solve the analytical exercises. In most cases, they are the constrained optimisation problems;

command some basic proof techniques and logical reasoning, which are essential skills in applying the theory to practice and analysing policy.

understand techniques involved in applications of the above theories;

understand the application of theoretical materials to policy issues

Assessment

Task Length % of module mark
Online Exam -less than 24hrs (Centrally scheduled)
Applied Microeconomics I		 2 hours 100

Special assessment rules

None

Reassessment

Task Length % of module mark
Online Exam -less than 24hrs (Centrally scheduled)
Applied Microeconomics I		 2 hours 100

Module feedback

Information currently unavailable

Indicative reading

Main text: Varian, H., Microeconomic Analysis 3rd Edition, W.W. Norton & Co., 1992

This is a well written text, offering a clear, complete and formal treatment of all important topics in microeconomics. It is (probably) the most wideley used graduate text for microeconomics in the world.

The following text books are also useful references although not really required.

Gravelle, H. and Rees, R, Microeconomics, 2nd Edition, Longmans, 1992.

This is a thorough treatment of microeconomic analysis, with an emphasis on the underlying theory and with some basic use of mathematics.

Kreps, D., A Course in Microeconomic Theory, Harvester Wheatsheaf, 1990.

Readers will enjoy the chapters on individual and social choice, game theory and topics in information economics. This is a well written text and an alternative to Gravelle and Rees.

Jehle, G. and P. Reny, Advanced Microeconomics Theory, 3rd, Prentice Hall, 2011.

This is a more complete and more formal presentation of the requires topics than contained in the above books. It is recommended for students with a good economics backhround who are happy to pursue the subject on an advanced modern level.

Mas-Colell, Winston and Green, Microeconomic Theory, Oxford University Press, 1995.

This is perhaps the most advanced and complete treatment of microeconomics. It is generally taken as the text for graduate modules like Advanced Microeconomics in the world.


The information on this page is indicative of the module that is currently on offer. The University is constantly exploring ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary by the University. Where appropriate, the University will notify and consult with affected students in advance about any changes that are required in line with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.