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Microeconomics for Business

Overview

  • Credit value: 15 credits at Level 4
  • Convenor and tutor: Federica Rossi
  • Assessment: a mid-term test (30%) and a two-hour examination (70%)

Module description

Microeconomics for Business covers basic microeconomics concepts and models: demand, supply and market equilibrium; production and costs; perfect competition, monopolistic competition, monopoly and oligopoly; market failures. Real-world examples and practical applications/worked-out problems are used to illustrate these concepts and demonstrate their relevance for business decisions.

Indicative module syllabus

  • Demand and supply curves, demand and supply shifters
  • Market equilibrium analysis
  • Demand and supply elasticity
  • Productivity and returns to scale
  • Costs and economies of scale
  • Perfect competition
  • Monopoly and monopolistic competition
  • Oligopoly
  • Examples of market failures

Learning objectives

By the end of this module, you will be able to:

  • explain several key microeconomic concepts and their general relevance in order to support business decisions
  • identify the kind of business decisions to which those concepts could be applied
  • demonstrate widely transferable analytical and critical thinking skills.