Prof Ronny Razin SAL.4.01

This course is compulsory on the BSc in Actuarial Science, BSc in Economics and Economic History, BSc in Environment and Sustainable Development with Economics, 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 Data Science, BSc in Mathematics with Economics, BSc in Mathematics, Statistics and Business, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics, BSc in Philosophy, Politics and Economics (with a Year Abroad) and BSc in Politics and Economics. This course is available on the BA in Geography, BSc in Accounting and Finance, BSc in Data Science, BSc in Economic History and Geography, BSc in Environment and Development, BSc in Environment and Sustainable 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 AT.

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 AT with further content, live exercises and other engagement activities using technology.
• 10 hours of in-person lectures in the AT
• 5 hours of online biweekly in-person “consolidation” lectures in the AT, with further content, student discussions and Q&A.
• 10 hours of in-person classes in the AT 

We appreciate that this is the first university level course most students on the course are taking. Care will be taken from the outset to proactively manage students’ expectations, and a welcoming, open-minded, respectful, and constructive learning space will be fostered. Participants will be supported throughout the course with regular assurances and guidance about the emotional and intellectual labour involved and encouraged to participate in the spirit of productive discomfort. Please chat with or email the course team in case of concerns, or if you would like more information.

Weekly problem sets and Moodle quizzes. Feedback will be given on two problem sets. These are tailored to replicate material you will be assessed on in the exam.

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.
Continuous assessment (10%) in the AT.

Continuous assessment will consist of weekly midweek tasks. These tasks are meant to provide a broader understanding and appreciation for the concepts we learn in the course. Preparation and submission of the midweek tasks contributes towards the continuous assessment for the course.