THE UNIVERSITY OF MANCHESTER 
ECON20501: Microeconomic Analysis 3 
Final Examination Guide and Notes 2024 
 
Part A. About This Guide 
Part B. Sample Final Examination Paper 
Part C. Suggested Solutions to Final Exam Paper 
Part D. Final Examination - Hints and Tips 
 
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University of Manchester - ECON20501: Microeconomic Analysis 3

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ACADEMIC YEAR 2023 - 2024

University	University of Manchester
Study Level	Undergraduate
Unit Code	ECON20501
Unit Name	Microeconomic Analysis 3
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	30

This guide allows students to understand how the ECON20501: Microeconomic Analysis 3, University of Manchester - Final Examination 2024 will be assessed, structured and the likely style and range of questions that would be asked. This self-study set has been thoroughly updated to cover all the topics covered on the latest edition of the exam. You do not need to be an expert in the course, you just need a basic understanding and be able to quickly recall the information that you learn. You can use these notes as a reference, to understand the topics better and improve your grades in the final examination.

This course provides students with an intermediate level understanding of microeconomics through the development of theories that are at the core of neoclassical microeconomics and fundamental for the understanding and advancement of general, more sophisticated models for consumers and firms. A particular focus is on the notion of welfare in a basic competitive market economy where all agents have full information about the behaviours of other agents in the economy. At the end of this unit you should be able to demonstrate a clear understanding of preferences, choice, utility and demand; demonstrate a clear understanding of inputs, outputs, production, cost and supply; and perfect competition in a market and general equilibrium and welfare.

✔ Main topics covered:

1. Preferences, Choices, Utility, Demand:

Definition of Relations, Rationality and Properties of Preferences
Existence of a Utility & Properties of Utility; Ordinal versus Cardinal
Consumer Problem
Demand; Marginal Rates of Substitution, Indirect Utility/Expenditure
Income and Substitution Effect; Law of Demand
Consumer Surplus; Elasticities; Slutsky Equation; Market Demand
Equilibrium in Exchange Economy, Pareto Optimality, Welfare Theorems

2. Productions, Costs, Supply

Inputs and Outputs; Technology
Firms and their Objective
Price Taking Firms, Cost Function/Marginal/Average Costs, MRTS, Law of Supply/Demand
Returns to scale, elasticity of output

3. General Equilibrium and Welfare

The Robinson Crusoe Economy, Optimality and Walrasian Equilibrium
Competitive Equilibrium
Existence of Equilibrium & Welfare Theorem

UNIT CODE	UNIT NAME
BMAN10101	Marketing Foundations
BMAN10501	Financial Reporting
BMAN10512	Introductory Management Accounting
BMAN10522	Financial Decision Making
BMAN20072	Investment Analysis
BMAN21011	Financial Markets and Institutions
BMAN21020	Financial Reporting and Accountability
BMAN23000	Foundations of Finance A
BMAN30091	Financial Derivatives
BMAN30111	Advanced Corporate Finance
ECON10072	Advanced Statistics
ECON10171	Microeconomic Analysis 1
ECON10181	Macroeconomic Analysis 1
ECON10221	Microeconomics 1
ECON10241	Macroeconomics 1
ECON20110	Econometrics
ECON20501	Microeconomic Analysis 3
ECON31031	Advanced Econometrics
SOST10062	Introductory Statistics for Economists

University of Manchester - ECON20501: Microeconomic Analysis 3

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