[UoN] ECON2001: Microeconomics for Business - Solutions

Intermediate microeconomics expands on the concepts and ideas developed in first year economics, building applicable models and tools for empirical analysis. Students are introduced to microeconomic models of the market - including the individual decision-maker, the household and the firm - to develop  understanding of  market forces, constraints and failures. Additionally, students analyse the impact of Market Failure, Behavioural Economics, Public Policy, Market Power, Poverty and Welfare. By the end of the course, students should have an intermediate (i.e., more advanced) understanding of economic models and how to apply them to different  economic problems, from business, industry, politics, society and the environment. This course is designed for students who have successfully completed introductory economics). Importantly, ECON2001 extends microeconomic principles to analyse and model economic events at the local, national and international levels. While the mathematics requirement for this course is not advanced, basic math is essential to be able to fully grasp and apply the material. This subject is the entry point into the study of the more advanced economic specialisations such as behavioural and experimental economics, industrial organisation, labour economics, health economics, property economics and game theory.

✔ Upon completion of this course, students will be able to:

• Critically assess traditional approaches to theories of consumer and producer behaviour, market structure theories and have insights into alternate perspectives.
• Apply microeconomic concepts to inform business-decisions and governance in the workplace and develop an appreciation of synergies with other disciplines.
• Demonstrate a proficiency in utilising numerical and graphical techniques.
• Apply microeconomic theory to explain real-world economic events and debates.