Authorised by Academic Registrar, April 1996
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 to and 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 Assignment: 20% + Oral presentation: 20% + Examination (3 hours): 60%