This course is an introductory course. It introduces students to a wide range of economic concepts. Microeconomics is concerned with how economic systems operate to allocate resources, distribute income, and organize production through the decisions of individual economic agents (e.g. firms and consumers). We will focus solely on the operation of a market economy in this endeavor. In such an economy, markets determine society's production and consumption decisions by transmitting information about the plans of buyers and sellers (consumers and firms). This information appears in the form of market prices, on the basis of which economic agents make decisions regarding the allocation of economic resources between the production of different goods and services: much of microeconomics is concerned with analyzing the efficiency with which such decisions are made. The Unit is designed to provide an introduction to the methods of microeconomic analysis, including the use of simple economic models and their application. Aims:The aims of the course are to enable students to derive conclusions from simple economic models and evaluate their realism and usefulness. The course provides students with a thorough grounding in the basic principles of microeconomics and exposure to a range of applications. The course also provides a sound basis in the fundamentals of micro-economics and their application to both theoretical and real world situations. In the ultimate the students develop analytical skills using the major methods of mathematics and diagrams.
On completion of this course, students should be able to:(i) Understand and apply basic microeconomic principles to the economic decisions of households and firms under a variety of market conditions.(ii) Use these principles both to describe and to appraise these decisions, and should be competent in the verbal, diagrammatic and basic mathematical concepts and techniques used in introductory microeconomics.(iii) Demonstrate a broad knowledge of core areas of economics.(iv) Reason logically and work analytically.(v) Justify conclusions using economic arguments with appropriate rigour;(vi) Communicate effectively and report findings, particularly via tutorial essays, presentations and exercises.
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