Unit information: Introduction to Microeconomics in 2013/14

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

Description including Unit Aims

The central aims of this unit are to introduce students to the concepts and analytical techniques used in microeconomics.

The course emphasises the central role of price theory in understanding economic events. Students are expected to truly understand why when prices change people change their behaviour and what it means to say that 'decisions are taken at the margin'.

Topics covered include: Competitive markets. Consumer demand, allocation of time and labour supply, intertemporal choice. Production and cost functions, cost minimization, firms' input and output choices in the short and long run. Externalities, public goods. General equilibrium. Comparative advantage and international trade.

Intended Learning Outcomes

• To develop understanding of basic microeconomic concepts and techniques
• To select appropriate concepts and apply them to economic problems
• To increase student ability to write clearly and analytically about economic events
• To increase student ability to use mathematical techniques used by economists

Teaching Information

Lectures (27) plus two hours for revision in the summer term. Plus 9 exercise lectures. Plus 15 classes of roughly 14 students.

Interactive whiteboards: Tutorials make extensive use of interactive whiteboards (where this is appropriate)

Podcast: All the lectures are podcast.

We are experimenting with electronic tutorial quizzes and tutorial sheets.

Assessment Information

Summative Assessment This is a three-hour closed book exam, consisting of three sections. Section A (30%) covers consumer theory. Section B (30%) production and cost and general equilibrium. Section C (40%) Involves writing an essay on any topic covered in the course. All three sections require the student to demonstrate all the intended learning outcomes given above.

Formative Assessment Students prepare weekly exercises which are gone over in class. In addition to this they write three short essays. Students receive a mark and feedback on all three essays.

Reading and References

Thomas Nechyba, Microeconomics: An intuitive approach with calculus

Alternative textbooks:

H. Varian, Intermediate Microeconomics, a Modern Approach

Jeffrey Perloff, Microeconomics with calculus