Department of Economics & International Development, Unit Catalogue 2008/09 |
EC20147 Intermediate microeconomics 2 |
| Credits: 6 |
| Level: Intermediate |
| Semester: 2 |
| Assessment: CW 30%, EX 70% |
| Requisites: |
| Before taking this unit you must take EC20010 |
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Aims: The aim of this unit is to enable students to extend their analytical ability in microeconomics so that they can use theory to generate predictions and explanations with respect to economic phenomena.
Learning Outcomes: By the end of this module the student will be able to: a) examine the working of some basic types of market structure; b) understand some basic efficiency and welfare concepts and apply them to various situations; c) understand some of the problems that can arise in a market economy. Skills: Problem solving: application of analysis to specific problems. Understanding: expressed in written form through coursework and examinations. Content: This unit, together with EC20010, covers the core concepts and method of microeconomic analysis at the intermediate level, using some mathematics in modelling and explanation. General equilibrium and welfare: competitive equilibrium and Pareto optimality; externalities and public goods; monopoly: welfare loss due to monopoly, taxes on monopolies; oligopoly: Cournot and Stackelberg models; the economics of information. Key text: Varian, H Intermediate Microeconomics. |