Decision Making with Scarce Resources - Module EC5003

Learning Outcomes

1. Analyse economic problems through the mastery of key economic concepts such as opportunity costs.
2. Manipulate fundamental economic constructs (e.g. demand & supply diagrams) to show how market equilibrium prices and quantities are determined and change.
3. Solve fundamental mathematical problems involving economic variables (e.g. relating to demand and supply; elasticity).
4. Analyse how cost and revenue affect firms' price and output decisions under different market structures.
5. Predict the outcomes of strategic games conditional on the rules of the game, the information available to players, and other factors. 
6. Demonstrate an appreciation of how recent insights (such as behavioural economics) contradict the underlying assumptions and predictions of neo-classical economic theory.
7. Demonstrate an understanding of how to evaluate decision making when faced with constrained resources from both positive (what is) and normative (what ought to be) perspectives.

Assessment

Continuous assessment (contribution to discussion board, essays) and online timed-quiz. 

Weekly Time Commitment

3 hours