| Module Identifier | EC36420 | ||
| Module Title | CONSUMERS, FIRMS AND MARKETS | ||
| Academic Year | 2001/2002 | ||
| Co-ordinator | Professor Peter Midmore | ||
| Semester | Semester 2 (Taught over 2 semesters) | ||
| Pre-Requisite | EC10510 or EC10120 | ||
| Mutually Exclusive | EC30320 | ||
| Course delivery | Lecture | 30 Hours | |
| Seminars / Tutorials | 10 Hours | ||
| Assessment | Assignment | two class tests | 30% |
| Exam | 2 Hours Examination is at the end of Semester 2 only | 70% | |
This second year module is taught over two semesters. Building on the basic Economic Principles module taught at Level One it provides a background in applied microeconomics for students studying Business Economics, Business Studies and various Accounting and Finance schemes. It treats the economic analysis of consumer behaviour, demand, production and cost, together with firm decision-making and behaviour within different market structure contexts.
- conventional indifference-curve analysis of consumer choice
- an alternative, characteristics approach to consumer behaviour
- the basic neo-classical theory of the firm
- the nature, derivation and representation of production costs
- the meaning and implications of competitive product markets
- monopoly and dominant firm behaviour and associated costs and benefits
- collusive behaviour between oligopolistic firms
- the employment of basic game theory to treat strategic firm behaviour
- product differentiation and its implications for competitive behaviour
- the basic theory of factor input markets