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Unit of study_

ECON6001: Microeconomics Analysis 1

This unit is an introduction to modern microeconomic theory and as such has three purposes: (i) to introduce students to the major ideas of modern microeconomics and to develop their understanding of these ideas; (ii) to develop students' facility with analytic economic models; and (iii) to develop students' ability to solve economic problems with the ideas, techniques, and models available to professional economists. Topics covered include (i) individual decision-making by economic agents, (ii) the determination of prices and resource allocation in competitive general equilibrium models, (iii) strategic behaviour by firms under imperfect competition, and (iv) contracting with imperfect information.

Code ECON6001
Academic unit Economics
Credit points 6
Prerequisites:
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ECON5001 or ECON5040
Corequisites:
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None
Prohibitions:
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ECON6701

At the completion of this unit, you should be able to:

  • LO1. demonstrate a sound understanding of the structure of major microeconomic models of the decision problems facing individual consumers and firms, and the formal techniques commonly applied to solve them
  • LO2. demonstrate both a formal and intuitive understanding of the results generated by these models, how they relate to underlying assumptions, and how they may change as a result of varying those assumptions
  • LO3. demonstrate a knowledge of the criteria that may be used to evaluate the welfare properties of market allocations, and the conditions under which such allocations may be expected to be efficient
  • LO4. possess a solid foundation for the subsequent application of microeconomic analysis to problems in specialist and applied fields of economics, including in independent research.