Dr Kristof Madarasz NAB 5.36 and Dr Catherine Thomas NAB 5.27

This course is compulsory on the BSc in Management. This course is available on the BSc in Business Mathematics and Statistics, BSc in Human Resource Management and Employment Relations and BSc in Management Sciences. This course is not available as an outside option nor to General Course students.

EC102 Economics (B) or equivalent is a pre-requisite. This course cannot be combined with Microeconomic Principles I (EC201) or Microeconomic Principles II (EC202).

The objective of the course is to provide students with insights from economic theory which are relevant to applications in managerial decision making. The emphasis is on applying microeconomics ideas to solve problems . Topics covered include consumer theory, production, applications to the labour market, market structure, monopoly, oligopoly, product differentiation, pricing, game theory, decision analysis, bargaining, auctions, and asymmetric information.

Students are expected to prepare answers to set problems on a weekly basis. Some of this work will be assessed. Assiduous preparation for the weekly tutorials is essential to achieve a good exam performance.

No textbook covers the whole course but Hal R Varian, Intermediate Microeconomics (1990) is a good reference book for the course. In addition students are advised to use T C Bergstrom & H R Varian, Workouts in Intermediate Microeconomics (1990), and P Milgrom & J Roberts, Economics, Organisation and Management (1992) and J Tirole, The Theory of Industrial Organisation (1990) will also be referenced.

Exam (100%, duration: 3 hours) in the main exam period.