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.