|LEVEL||01 - Year 1 in Modular Undergraduate Course|
|DESCRIPTION||The following topics will be covered:
1. Methodological introduction: using diagrams, with curve movements and shifts.
2. Theoretical introduction: the link between microeconomics and scarcity.
3. The price mechanism: demand, supply and market equilibrium.
4. Utility maximisation using cardinal and ordinal (indifference curves) approaches.
5. Costs of production in the short run and in the long run.
6. Theory of production using indifference curves.
7. Market structures: the concept of normal profit, marginal costs and marginal revenue.
8. Market structures: perfect competition.
9. Market structures: monopoly
10. Market structures: monopolistic competition.
11. Market structure: oligopoly.
12. Distribution theory with reference to marginal product analysis.
13. Public goods and externalities, with reference to environmental economics.
The purpose of this study-unit is to enable students to understand economic issues relating to price mechanism with regard to households and firms. The unit enables students to familiarise students with the basic microeconomic tools and theoretical frameworks. The study-unit is designed so as to satisfy the needs of all students including those with no prior knowledge of economics, but with a knowledge of mathematics equivalent to at least a pass in the SEC Intermediate Level Mathematics.
1. Knowledge & Understanding:
By the end of the study-unit the student will be able to to understand how markets work, how utility is maximized, how cost of production change with output, How profit maximization is attained under different market structures, how the demand for factors of production is determined and how public goods and externalities lead to market failure.
By the end of the study-unit the student will be able to apply microeconomic theories to practical policy measures that affect households and firms, with a focus on Maltese realities.
Main Text/s and any supplementary readings:
- Economics Principles and Policies. W. Baumol and A. Blinder.
- Economics, John Sloman (latest edition).
- Principles of Economics by N. Gregory Mankiw.
|ADDITIONAL NOTES||Students taking ECN1011 Introductory Microeconomics or/and ECN1021 Introductory Macroeconomics cannot also take ECN1005 Principles of Economics or ECN1001 Introductory Economics.|
|STUDY-UNIT TYPE||Independent Online Learning, Lecture & Tutorial|
|METHOD OF ASSESSMENT||
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints.
Units not attracting a sufficient number of registrations may be withdrawn without notice.
It should be noted that all the information in the study-unit description above applies to the academic year 2017/8, if study-unit is available during this academic year, and may be subject to change in subsequent years.