Microeconomics: Learning through Games and Simulations (551375)

Bhattarai, Keshab

Abstract

A concise knowledge of microeconomic theories is essential in order to understand the complex mechanism of allocation of resources efficiently. Right decisions based on such analysis not only enhances wellbeing of households who maximise their utility subject to budget constraints but also promotes economic growth as firms produce at their optimal level. Good understanding of markets is essential to understand how finance, fiscal and monetary policies affect decisions of households and firms. Strategic interaction of economic agents can be more comprehensible with detailed understanding of input-output relations and general equilibrium process by which relative prices determine the volume of demand and supply in goods and factor markets. These underpin trade and exchanges in a very competitive world to be assessed by theories of cooperative and non-cooperative games, bargaining, signalling and mechanism design under asymmetric information. Clear understanding of advanced microeconomics is essential for evaluation of economic policies decisions made by households, firms and government in modern economies in normal as well as exceptional circumstances, such as those created by COVD-19 pandemic and unique events like Brexit. This requires a problem solving approach to micro economic analysis as presented compactly in this workbook.

Citation

Bhattarai, K. (2023). Microeconomics: Learning through Games and Simulations (551375). [PDF]. University of Hull

• Other Type: Teaching Resource
• Publication Date: Jan 29, 2023
• Deposit Date: Jan 28, 2023
• Publicly Available Date: Feb 7, 2023
• Pages: 227
• Public URL: https://hull-repository.worktribe.com/output/4188646