Adopting a formal (i.e. mathematical) approach, the module deals with the foundations of economics, examining the behaviour of the two most basic agents of the economy, the consumer and the firm, their interaction in markets, and social decisions.

The module emphasises the formal derivation of results and problem solving.  The main theoretical devices employed are optimization theory and elements of game theory, while mathematical techniques with which students are unfamiliar will be explained during the module.

By the end of the module the student should be able to:

• demonstrate an in-depth understanding of advanced microeconomic principles, theories and methods of analysis;
• apply analytical methods to solve and interpret complex economic problems, for example choice and uncertainty;
• critically evaluate the use of microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena.