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Introduction to Microeconomics

Module Code: EC7021

• ECTS Credit: 10
• Mandatory/Optional: Mandatory
  
• Module Coordinator: Prof. Eleanor Denny

Aims of Module

The first module aims to introduce students to the theory of consumption and production at an advanced level. It also introduces expected utility analysis, this being the standard approach to choice under uncertainty.

Module Delivery

The module will be delivered through a combination of lectures (8 hours) and tutorials (3 hours). Tutorials will be delivered by a Teaching Assistant.

Learning Outcomes

On completion of the course, students should be able to:  

1. Understand the theory of consumer choice and demand.
2. Understand the difference between consumer preferences and consumer choice.
3. Understand consumer choice under uncertainty.
4. Understand producer theory.

Syllabus

1. Preferences and choice
2. Utility representations
3. Consumer problem
4. Revealed preference
5. Risk under uncertainty
6. Producer problem
7. Welfare*

Recommended Readings

Primary textbook:

Jehle, Geoffrey A. and Philip J. Reny (2011). Advanced microeconomic theory. 3rd  ed. Financial Times - Prentice Hall.
Rubinstein, Ariel (2012) Lecture Notes in Microeconomic Theory: The Economic Agent. 2nd ed. Princeton University Press.

Alternative textbook [Advanced]:

Mas-Collel, Andreu, Michael D. Whinston, and Jerry R. Green (1995). Microeconomic analysis. Oxford University Press.

Additional readings for paper reports will be drawn from a selection of academic papers.

Assessment

• 10% short paper report
• 30% problem sets
• 60% final exams