Price theory
Professor Yew-Kwang Ng
Two 1.5 hour lectures per week * First semester * Clayton * Prerequisite: ECO4650 or equivalent
Objectives On completion of this subject students should be able to rigorously analyse determinants of relative prices and their effects on resource allocation; be familiar with some alternatives and to extended analyses of the traditional theory.
Synopsis The subject surveys some important elements in the rigorous theories of demand, production, markets and general equilibrium. Attention is given to alternative approaches to consumer theory and a micro-macro theory of the representative firm. Selected applications of price theory are also considered. Some knowledge of the elements of calculus, such as could be acquired in a first year university course, will be assumed.
Assessment Written (2000-word essay): 20% * Examination (3 hours): 60% * Oral presentation: 20%
Prescribed texts
Ng Y-K Mesoeconomics Harvester, 1986
Varian H R Microeconomic analysis Norton, 1992