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Principles of Microeconomics

Key Information

Module code
ISSU1013
Taught during
Session 1
Module leader
Dr. Dunli Li
Pre-requisites
GPA of around 3.3/4.0 (US) or equivalent
Assessment method
In-class test (30%), Final exam (70%)
Download syllabus (PDF)
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Module overview

This module provides an introduction to the concepts that underlie modern economic analysis.

We will begin with the concept of opportunity cost, proceeding to optimal decision-making at the level of an individual consumer. Similar analysis will describe the optimal behaviour of an individual firm, distinguishing competitive and non-competitive market structures. The theoretical coverage will be supplemented with real-life examples. At the end of the module we will go on an excursion to the Bank of England and nearby historical sites.

Learning outcomes

Upon successful completion of this module, students will:

  • Be familiar with the basic microeconomic concepts
  • Have gained the ability to apply basic microeconomic concepts to analyse behaviour of consumers and firms under several market structures
  • Have an understanding of the price mechanism, its limitations, and factors influencing the market price
  • Have gained the ability to analyse the impact of government intervention on efficiency and distribution of surplus.

Module prerequisites

This is a level one module (equivalent to first year undergraduate). Students must have completed one year of undergraduate study. No prior subject knowledge is required for this module, but students are expected to have a keen interest in the area.

Module hours

Classes (usually three or four hours per day) take place on the Bloomsbury campus from Monday to Friday any time between 9am and 6pm.

Assessment

  • In-class test (30%)
  • Final exam (70%)

Module leader

Dr. Dunli Li is a Teaching Fellow in the Department of Economics at UCL and a Fellow of Higher Education Academy (HEA) in the UK. She received her Ph.D. from the US and has extensive teaching experience at undergraduate and postgraduate levels from both the UK and the US. Her areas of interest are human capital and economic growth.

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