ECC5650

Microeconomic theory

Dr Xiaokai Yang

6 points
* Two 1.5 hour lectures per week
* First semester
* Clayton
* Prerequisite: ECC4650 or equivalent

Objectives On completion of this subject students should have deepened their understanding of microeconomic analysis acquired during their undergraduate training; be able to undertake rigorous analysis of microeconomic issues, including the determinants of relative prices and their effects on resource allocation; have acquired proficiency in handling optimisation problems, general equilibrium models, and game-theoretic models.

Synopsis The subject covers neoclassical theories of demand, supply, and equilibrium at a level that permits rigorous analysis. It also introduces students to game theory. Topics include the existence theorem of utility functions, properties of demand and supply functions, existence and Pareto optimality of competitive equilibrium, and various equilibrium concepts of non-cooperative games.

Assessment Written: 20%
* Oral presentation: 20%
* Examination (3 hours): 60%