Prof Ronny Razin 32L.4.01

This course is compulsory on the BSc in Actuarial Science, BSc in Data Science, BSc in Economics and Economic History, BSc in Environmental Policy with Economics, BSc in Finance, BSc in Financial Mathematics and Statistics, BSc in Geography with Economics, BSc in International Social and Public Policy and Economics, BSc in Management, BSc in Mathematics and Economics, BSc in Mathematics with Economics, BSc in Mathematics, Statistics and Business, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics and BSc in Politics and Economics. This course is available on the BA in Geography, BSc in Accounting and Finance, BSc in Economic History and Geography, BSc in Environment and Development, BSc in Politics and BSc in Politics and International Relations. This course is available with permission as an outside option to students on other programmes where regulations permit and to General Course students.

This course is mutually exclusive with EC1A5 Microeconomics I, EC100 Economics A and EC102 Economics B.

A-level mathematics, or equivalent.

In this course, you will learn the main building blocks of microeconomics analysis and their applications. You will study the foundations of rationality and individual decision making and learn about strategic interaction and equilibrium (game theory). You will apply these tools to understand many applications, such as how consumers behave, how companies choose their strategies and how auctions work. The course will also touch upon behavioural models and how we think about individual welfare in economics.

This course, in combination with either EC1B3 or EC1B5, exempts those who complete them from BA1 Fundamentals of Business Economics of the Chartered Institute of Management Accountants (CIMA).

This course, combined with EC1B3, contributes to the CB2 Exemption of the Institute and Faculty of Actuaries (IFoA).

20 hours of lectures and 10 hours of classes in the MT.

The teaching in this course is based on a “flipped-classroom” pedagogical approach. Students will learn through a mix of deliverable content and engagement using technology. The course will include:

• Pre-recorded videos for independent learning and preparation for live sessions.
• 10 hours of interactive online synchronous lectures in the MT with further content, live exercises and other engagement activities using technology.
• 10 hours of in-person lectures in the MT
• 5 hours of online biweekly in-person “consolidation” lectures in the MT, with further content, student discussions and Q&A.
• 10 hours of in-person classes in the MT 

There are weekly problem sets and Moodle quizzes. Feedback will be given on two problem sets. In addition, there are weekly midweek tasks that feed into the content of the live sessions. Preparation and submission of the midweek tasks contributes towards the continuous assessment of coursework for the course. 

There is no set textbook for this course.

Optional suggested further reading is listed below. Any edition of these books can be used.

• Further reading on topics: Microeconomics – Daron Acemoglu, David I. Laibson, and John A. List (note the content is also part of the textbook Economics by the same authors).
• Further readings on tools: Jacques, I. Mathematics for Economics and Business, Pearson.

Exam (90%, duration: 2 hours, reading time: 15 minutes) in the January exam period.
Coursework (10%) in the MT.