The aim of the course is to deliver thorough understanding of the core concepts and methods of microeconomics. We will analyse the way in which the market system functions as a mechanism for coordinating the independent choices of individual economic agents. The course will develop a basis for evaluating the efficiency and equity implications of competition and other market structures, and a perspective on the appropriate role of government. Included areas are the study of consumer choice, production and cost theory, market structure, and market failure. Students will develop their understanding of economic models specified in standard mathematical terms. Towards the end of the course, students will be able to assess the real microeconomic situations using the tools learnt in the course.
Identifying mathematical tools as means for illustrating economic theories.
Developing algebraic, graphical, and numerical tools to build “models” of economic behaviours that affect the allocation of scarce resources.
Utilizing the techniques of constrained optimization and equilibrium analysis to consumer and producer behaviour.
Analysing the interplay of market power and government interventions.
Judging microeconomic behaviour in the surroundings and presenting a critique using the learnings from the class.