University of Greenwich - ECON1009: Microeconomics I (Solutions)

This is an introductory course in Microeconomics for students following an economics programme. It aims to introduce the basic ideas, concepts and principles of neo‐classical microeconomics and provide tools to analyse the behaviour of economic agents under different assumptions and market conditions. While laying the foundations of core economic theory and analysis, the course also highlights the relevance, applicability and limitations of these theories by offering a pluralistic view from microeconomic perspectives. Students will gain an understanding of a range of economic issues and problems and appreciate how economic theory informs microeconomic policy. The course has an international perspective, recognising the importance of the global economy and increasing openness of national economies, and aims to enable students to apply concepts to international themes.

Indicative content includes: tools and methods of economic analysis and development; the working of competitive markets – demand and supply; elasticity of demand and supply; government intervention in free markets; consumer behaviour; firm behaviour under perfect competition, monopoly, and imperfect competition; price discrimination; alternative theories of the firm; and factor markets (labour, capital, and land). The course also covers the case for government intervention focusing on equity and efficiency, environmental economics and policy, and modern industrial behaviour. It includes behavioural economics, microeconomic theory and policy (efficiency, competition policy, privatisation and regulation), the global impact of microeconomic theories, and economic and social inequality - including its definition, measurement, data trends, causes, consequences, and policy reforms.