040184 UK Microeconomics (2020W)

FORMAT:
- There will be two online lectures each week on Thursdays and Fridays afternoon 15.00 to 16.30 (using Blackboard Collaborate on Moodle)
- There will be one online tutorial sessions each week to go over the weekly quiz on Tuesdays afternoon 15.00 to 16.30 (using Blackboard Collaborate on Moodle)
- In addition, we will hold four small group sessions per week on campus (or online depending on the evolution of the epidemic). Students can sign up in advance for these sessions and can also be asked to attend by the lecturer when appropriate.
- Dr Clement Minaudier will teach the first 6 weeks of lectures and Dr Carl Heese the last 6 weeks. Lecturers and teaching assistants will hold the tutorials and help sessions. You can register to either group 1 or group 2 of the course, this has no impact on the content or format of the course.
- All course material and access to online teaching will be on Moodle.
CONTENT: This is an introductory course in microeconomics. In the first part of the course, students are introduced to the benchmark of perfectly competitive markets. In the second part, we explore ways in which actual markets differ from this benchmark such as market power, externalities, public goods, and asymmetric information problems. We conclude by discussing the scope and role of government intervention in markets. This course serves three main purposes: (1) to introduce students to basic microeconomic principles, (2) to help students understand the business world through the lens of economic models, (3) to develop students' skills in critical thinking and comprehension. Note: the content has been significantly updated compared to previous years.

Week 1 (28/09-04/10): What is microeconomics? What is a perfectly competitive market? Why is it a useful but unrealistic benchmark?

Week 2 (5/10-11/10): What determines consumer demand?

Week 3 (12/10-18/10): What determines producer supply?

Week 4 (19/10-25/10): How are quantities and prices determined in equilibrium? How are the gains from competitive market exchanges shared between consumers and producers?

Week 5 (26/10-1/11): Market power and oligopolies.

Week 6 (2/11-08/11): Market power and monopolies (1), how do monopolies choose what price to charge?

Week 7 (9/11-15/11): Market power and monopolies (2), how should we regulate monopolies?

Week 8 (16/11-22/11): MID-TERM EXAM 17/11/2020 11.30-13.00 (ONLINE)

Week 9 (23/11-6/12): Externalities.

Week 10 (7/12-13/12): Public goods, taxes, and redistribution.

Week 11 (14/12-20/12): Information frictions between consumers and firms.

CHRISTMAS BREAK: 21/12 – 06/01

Week 12 (11/01-17/01): Information frictions within organisations.

Week 14 (25/01 – 31/01): FINAL EXAM 25/01/2021 9.45-11.15 (ONLINE)

FORMAT:
- There will be two online lectures each week on Thursdays and Fridays afternoon 15.00 to 16.30 (using Blackboard Collaborate on Moodle)
- There will be one online tutorial sessions each week to go over the weekly quiz on Tuesdays afternoon 15.00 to 16.30 (using Blackboard Collaborate on Moodle)
- In addition, we will hold four small group sessions per week on campus (or online depending on the evolution of the epidemic). Students can sign up in advance for these sessions and can also be asked to attend by the lecturer when appropriate.
- Dr Clement Minaudier will teach the first 6 weeks of lectures and Dr Carl Heese the last 6 weeks. Lecturers and teaching assistants will hold the tutorials and help sessions. You can register to either group 1 or group 2 of the course, this has no impact on the content or format of the course.
- All course material and access to online teaching will be on Moodle.
CONTENT: This is an introductory course in microeconomics. In the first part of the course, students are introduced to the benchmark of perfectly competitive markets. In the second part, we explore ways in which actual markets differ from this benchmark such as market power, externalities, public goods, and asymmetric information problems. We conclude by discussing the scope and role of government intervention in markets. This course serves three main purposes: (1) to introduce students to basic microeconomic principles, (2) to help students understand the business world through the lens of economic models, (3) to develop students' skills in critical thinking and comprehension. Note: the content has been significantly updated compared to previous years.

Week 1 (28/09-04/10): What is microeconomics? What is a perfectly competitive market? Why is it a useful but unrealistic benchmark?

Week 2 (5/10-11/10): What determines consumer demand?

Week 3 (12/10-18/10): What determines producer supply?

Week 4 (19/10-25/10): How are quantities and prices determined in equilibrium? How are the gains from competitive market exchanges shared between consumers and producers?

Week 5 (26/10-1/11): Market power and oligopolies. When do firms decide to enter and exit markets?

Week 6 (2/11-08/11): Market power and monopolies.

Week 7 (9/11-15/11): Price discrimination: how should a monopoly set prices when consumers have different tastes?

Week 8 (16/11-22/11): MID-TERM EXAM 17/11/2020 11.30-13.00 (on campus if situation allows)

Week 9 (23/11-6/12): Externalities.

Week 10 (7/12-13/12): Public goods, taxes, and redistribution.

Week 11 (14/12-20/12): Information frictions between consumers and firms.

CHRISTMAS BREAK: 21/12 – 06/01

Week 12 (11/01-17/01): Information frictions within organisations.

Week 14 (25/01 – 31/01): FINAL EXAM 25/01/2021 9.45-11.15 (on campus if situation allows)