This module aims to provide students with a clear foundation of the purpose, scope and topics of microeconomic analysis. Students will develop their ability to think critically and analytically, and understand how to frame real world problems in an economic model. This module forms the starting point for all future courses in Microeconomics.  
This module also emphasizes the role of mathematics in economics.

(LO1) Students will have the ability to understand, explain, analyse and solve core problems in microeconomics.

(LO2) Students will be able to practice and develop their mathematical techniques and understand the role of mathematical analysis in microeconomics.

(LO3) Students will be able to familiarise themselves with the principles of using an 'economic model' and how to model individual decision-making for both consumers and producers.

(LO4) Students will be able to apply their understanding of economic decision-making, optimisation and equilibrium to real world situations.

(S1) Problem solving skills

(S2) Numeracy

(S3) Communication skills

(S4) IT skills

Teaching Method: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar
Description: Seminars are an opportunity to practice how to apply the materials introduced in the learning materials and contained in the required reading. Seminar questions will be made available on the VLE and it is important that students prepare complete answers to these questions in advance.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
Description: Students are expected to read the recommended materials to prepare for tutorials, and to prepare for tutorial questions in order to be able to participate fully in classes.

This module is a pre-requisite for the following modules:
ACFI320, ECON213, ECON221, ECON222, ECON227, ECON233, ECON241, ECON250, ECON251, ECON307, ECON333, and ECON312

Skills/Other Attributes Mapping

Skills / attributes: IT skills
How this is developed: Non-assessed coursework component
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Workshops
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Numeracy
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Problem solving skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-term test

Part 1: Introduction:
Introduction to microeconomics and rational decision making;
Introduction to supply and demand analysis.

Part 2: Consumer Theory:
Rational consumer choice: indifference curves and budget constraints;
Fundamentals of utility and utility functions;
Lagrangian Optimisation;
Individual and market demand;
Applications of rational choice.

Part 3: Producer Theory:
Production and production functions;
Theory of costs;
Introduction to competition.