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.
1x3hr lecture/week, 1x1hr non-compulsory online tutorial/week
1x1.5hr Mid-semester test (30%), 1x2hr Final exam (50%), 1xTake-home Mid-semester task equivalent to 1000wd (20%),
ECON5001 or ECON5040