Microeconomic Analysis (GRAE003) | ISM

Microeconomic Analysis (GRAE003)

Course description
This course is designed around the theories of consumer choice and the firm, leading into the concepts of partial and general equilibria. With the prior knowledge in algebra and calculus, students will be trained to construct optimisation models, while highlighting the constraints and assumptions in various microeconomic analyses. The elements of game theory, information asymmetries, and auctions are introduced within this context, in addition to the topics from New Institutional Economics and the Economic Analysis of Law which are the specialisations of this lecturer. The aim of this course therefore is to facilitate our understanding of the analytical tools in microeconomics, and to make ourselves aware of their limitations.


Learning outcomes

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

  • Illustrate and utilise the axioms of consumer rationality.
  • Define and explain duality theory as it applies to consumer behaviours (e.g. Marshallian and Hicksian functions).
  • Illustrate firms’ behaviours in competitive and non‐competitive market conditions.
  • Identify issues surrounding the rapidly changing world in terms of consumer relations.