EC304 Principles of Economics
EC305/EC306 Mathematics for Economics Mode A or B
EC309 Statistics for Economics, or equivalent
OverviewThis module builds on the Stage 1 teaching of microeconomics to provide an intermediate course, which takes full account of the policy issues and controversies in the application and understanding of microeconomic issues. It introduces the fundamental theoretical foundations of microeconomics and provides examples of their application.
The module provides an analysis of the way in which the market system functions as a mechanism for coordinating the independent choices of individual economic agents. It addresses the behaviour and decision making of consumers and firms, and evaluates the efficiency and equity implications of competition and other market structures. The role of government in incentivising types of economic behaviour and addressing market failure is also explored.
This module appears in:
This is a compulsory module for all students following both single and joint honours degree programmes in Economics.
This is also a compulsory module for students following Accounting and Finance and Economics, Law and Economics, and Sociology and Economics, as well as their associated programmes.
This module is not available to students across other degree programmes in the University.
Method of assessment
In Course Test 1 (45 minutes) (4%)
In Course Test 2 (45 minutes) (4%)
In Course Test 3 (45 minutes) (4%)
In Course Test 4 (45 minutes) (4%)
Seminar Participation, autumn (2%)
Seminar Participation, spring (2%)
Examination (3 hours) (80%)
R Frank and E Cartwright, Microeconomics and Behaviour (2nd ed), McGraw-Hill, 2016
H Varian, Intermediate Microeconomics, A Modern Approach (9th ed), Norton, 2014
W Morgan, M Katz and S Rosen, Microeconomics (2nd ed), McGraw Hill, 2009
By the end of the module, you will be able to
* understand the fundamental theoretical foundations of microeconomics.
* analyse the behaviour and interaction of economic agents in a market economy.
* apply concepts, theories and methods used in the study of microeconomics to the analysis of consumer behaviour, firm behaviour and economic policies.
* understand, analyse and evaluate decision making under uncertainty.
* model microeconomic problems in a logical, rigorous and precise manner.