Microeconomic Theory

University of Otago

Course Description

  • Course Name

    Microeconomic Theory

  • Host University

    University of Otago

  • Location

    Dunedin, New Zealand

  • Area of Study

    Economics

  • Language Level

    Taught In English

  • Prerequisites

    ECON 270 and ECON 271

  • Course Level Recommendations

    Upper

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Credit Points

    18
  • Recommended U.S. Semester Credits
    3 - 4
  • Recommended U.S. Quarter Units
    4 - 6
  • Overview

    The theory of consumer choice and the behaviour of the firm in a competitive setting.

    ECON 371 provides intensive training on the tools of modern microeconomic analysis. The paper covers choice under uncertainty, general equilibrium, game theory and public goods. Students are expected to deepen the sophistication of their economic thinking about real-world events by focusing on canonical (ie frequently applied) theoretical models of externalities, asymmetric information and market power (extending price theory to consider simple models of imperfect competition).

    Learning Outcomes
    By the end of the paper you should have substantially extended your understanding of the techniques of analysis and results from microeconomic theory appropriate for students wanting the option of pursuing postgraduate study in economics.
    You will also be able to:
    - Define 'game' as a representation of strategic interaction based on mathematical game theory
    - Make predictions based on equilibrium outcomes in the canon of microeconomic theory
    - Write about real-world economic scenarios in a sophisticated analytic voice based on economic models
    - Analyse topical debates in public policy using well-known economic models that take into account externalities, asymmetric information and market power

    Textbooks
    The required text book for this paper is Microeconomics: An Intuitive Approach with Calculus by T. J. Nechbya, published in 2011.

Course Disclaimer

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

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Please reference fall and spring course lists as not all courses are taught during both semesters.

Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations

Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.