Microeconomics

This module will provide the learner with a working knowledge of microeconomic models, and the ability to graphically represent the micro-economic models. These important skills will then allow the learner to understand the critical role of efficiency within the field of microeconomics.

Introduction to Demand

• Introduction to demand curves; analysis of movements along the curve and shifts in the curve

Introduction to Supply

• Introduction to supply curves; analysis of movements along the curve and shifts in the curve

Market equilibrium

• The interaction of demand and supply curves to determine the market price; movement to a new equilibrium after a shift in one or more curves

Elasticity and the Shape of Demand and Supply Curves

• Price responsiveness of demand; Short run and long run elasticity; Elasticity of supply

Applying Demand and Supply

• Investigation of whether the supply curve for Irish housing is vertical; Investigation of whether the supply curve for food can keep shifting outwards

Market structures

• The continuum of market structures with Perfect Competition on the one side and monopoly on the other; The differing demand curves faced by a monopoly versus a firm in a perfectly competitive industry; comparison of anti-trust policies in the US and EU

Market Intervention and Externalities

• The effect of Price floors and ceilings; how markets fail to include the costs of pollution and environmental damage in the price – these costs are called externalities; an exploration of the ways in which the polluter can be made to pay

Theory of the Firm

• Economies of scale; the benefits of specialisation; How economies of scale brought down the cost of cars in the 20th century; whether electric vehicles will face a similar cost reduction.

The Labour Market

• A firm’s demand for labour; Supply of labour; the effect of a minimum wage; how previous technological revolutions affected the demand for labour, and whether the 4th Industrial Revolution will raise or lower unemployment