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ECO711Social Sciences3 Unitsintermediate

Advanced Microeconomic Theory

This course on Advanced Microeconomic Theory provides postgraduate students with an in-depth understanding of microeconomic principles. It covers fundamental quantitative relationships, consumer behavior, equilibrium analysis, production functions, and market structures. Students will explore theories of wage determination, rent, interest, and profit, as well as economic efficiency and equity. The course also examines externalities, social welfare functions, and linear programming, equipping students with analytical tools for economic decision-making and policy analysis.

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156h
Study Time
13
Weeks
12h
Per Week
intermediate
Math Level
Course Keywords
MicroeconomicsEquilibriumConsumer BehaviorProduction FunctionsLinear Programming

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Quantitative Relationships

2

Consumer Behavior

3

Equilibrium Analysis

4

Production Functions

5

Market Structures

6

Welfare Economics

7

Linear Programming

8

Cost-Benefit Analysis

Total Topics8 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Market Analyst

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Consultant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Government AgenciesFinancial InstitutionsConsulting FirmsResearch OrganizationsInternational Organizations

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

MODULE 1: QUANTITATIVE RELATIONSHIPS, CONSUMER BEHAVIOUR AND EQUILIBRIUM ANALYSIS

2h

Unit 1: Fundamental Quantitative Relationships

2 study hours
  • •Review the definition of quantitative relationships.
  • •Study the relationship between quantities and distances.
  • •Practice plotting data on coordinate graphs.
Week
2

MODULE 1: QUANTITATIVE RELATIONSHIPS, CONSUMER BEHAVIOUR AND EQUILIBRIUM ANALYSIS

2h

Unit 2: Theory of Consumer Behaviour

2 study hours
  • •Understand the concepts of total, average, and marginal utility.
  • •Analyze the relationship between total utility and marginal utility.
  • •Solve numerical problems related to utility maximization.
Week
3

MODULE 1: QUANTITATIVE RELATIONSHIPS, CONSUMER BEHAVIOUR AND EQUILIBRIUM ANALYSIS

2h

Unit 3: Equilibrium Analysis

2 study hours
  • •Differentiate between partial, general, and dynamic equilibrium.
  • •Understand the conditions for equilibrium in different market scenarios.
  • •Analyze the Walrasian system and its algebraic approach.
Week
4

MODULE 2: PRODUCTION FUNCTIONS, MARKET STRUCTURES, DETERMINATION OF WAGES, RENT, INTEREST AND PROFIT

2h

Unit 1: Production Function, Duopoly and Oligopoly

2 study hours
  • •Study the different types of production functions.
  • •Understand the concepts of duopoly and oligopoly.
  • •Analyze the Cournot model and its implications.
Week
5

MODULE 2: PRODUCTION FUNCTIONS, MARKET STRUCTURES, DETERMINATION OF WAGES, RENT, INTEREST AND PROFIT

2h

Unit 2: Bilateral Monopoly and Monopsony

2 study hours
  • •Define bilateral monopoly and monopsony.
  • •Analyze the effects of these market structures on resource allocation.
  • •Discuss real-world examples of bilateral monopoly and monopsony.
Week
6

MODULE 2: PRODUCTION FUNCTIONS, MARKET STRUCTURES, DETERMINATION OF WAGES, RENT, INTEREST AND PROFIT

2h

Unit 3: Theories of Determination of Wages, Rent, Interest and Profit

2 study hours
  • •Explore the theories of wage determination.
  • •Understand the factors influencing rent, interest, and profit.
  • •Discuss the role of supply and demand in factor pricing.
Week
7

MODULE 3: THEORIES OF FIRM, DISTRIBUTION AND COST BENEFIT ANALYSIS

2h

Unit 1: Theory of The Firm

2 study hours
  • •Study the different theories of the firm.
  • •Understand the concept of profit maximization.
  • •Analyze the criticisms of marginalist theory.
Week
8

MODULE 3: THEORIES OF FIRM, DISTRIBUTION AND COST BENEFIT ANALYSIS

2h

Unit 2: Theory of Distribution

2 study hours
  • •Explore the theories of distribution.
  • •Understand the concepts of personal and functional distribution.
  • •Analyze the marginal productivity theory of distribution.
Week
9

MODULE 3: THEORIES OF FIRM, DISTRIBUTION AND COST BENEFIT ANALYSIS

2h

Unit 3: Cost-Benefit Analysis

2 study hours
  • •Define cost-benefit analysis and its applications.
  • •Understand the steps involved in cost-benefit analysis.
  • •Analyze the costs and benefits of pollution control.
Week
10

MODULE 4: WELFARE ECONOMICS AND LINEAR PROGRAMMING

2h

Unit 1: Social Welfare

2 study hours
  • •Define social welfare and its criteria.
  • •Understand the concept of social welfare maximization.
  • •Analyze individualistic social welfare functions.
Week
11

MODULE 4: WELFARE ECONOMICS AND LINEAR PROGRAMMING

2h

Unit 2: Externalities

2 study hours
  • •Define externalities and their types.
  • •Understand the effects of externalities on allocative efficiency.
  • •Explore solutions to the externality problem.
Week
12

MODULE 4: WELFARE ECONOMICS AND LINEAR PROGRAMMING

2h

Unit 3: Economic Efficiency and Equity; Social and Private Costs

2 study hours
  • •Differentiate between economic efficiency and equity.
  • •Understand the concepts of social and private costs.
  • •Analyze the relationship between externalities and social welfare.
Week
13

MODULE 4: WELFARE ECONOMICS AND LINEAR PROGRAMMING

2h

Unit 4: Linear Programming

2 study hours
  • •Define linear programming and its applications.
  • •Understand the assumptions of linear programming.
  • •Solve linear programming problems using graphical and simplex methods.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key definitions and concepts from each unit.

2

Practice solving numerical problems related to utility, production, and equilibrium.

3

Create diagrams and graphs to illustrate economic theories and models.

4

Focus on understanding the assumptions and limitations of each theory.

5

Work through the tutor-marked assignments (TMAs) and self-assessment exercises.

6

Allocate sufficient time for revision and practice before the final examination.

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