Introductory Microeconomics

  • Summer schools
  • Department of Economics
  • Application code SS-EC101
  • Starting 2022
  • Short course: Open
  • Location: Houghton Street, London

Microeconomics seeks to make sense of the behaviour of individuals, households and firms. It aims to answer questions such as: if incomes rise, how will individuals spend their surplus income, and on what? If the price of goods change, how will household spending habits shift? If the price of oil increases, how will firms react and what impact will this have on the price of goods and services?

This course seeks to introduce microeconomic analysis as a way of understanding the world. You will be exposed to important topics like consumer choice theory, the theory of production and costs, the economics of time, and the impact of market failure and government intervention. You will be exposed to standard microeconomic theory to develop your economic intuition, whilst also gaining economic tools that support this intuition along the way.

This highly interactive course allows you to practice the theories you learn through active class discussion, class-based exercises, and feedback from faculty and peers. By the end of the course, you will understand how microeconomics is applied to real-world problems, helping you develop a microeconomic mindset when thinking about issues that are relevant for practice and policy.

Session: One  - CLOSED
Dates: 20 June - 8 July 2022
Lecturers: Professor Ronny Razin and Dr Pasquale Schiraldi


Programme details

Key facts

Level: 100 level. Read more information on levels in our FAQs

Fees:  Please see Fees and payments

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit*: 3-4 credits (US) 7.5 ECTS points (EU)

*Assessment is optional but may be required for credit by your home institution. Your home institution will be able to advise how you can meet their credit requirements.

For more information on exams and credit, read Teaching and assessment


A working knowledge of mathematics (including elementary calculus) is required.

Key topics

  • Consumer behaviour
  • Theory of the firm
  • Competitive market equilibrium
  • Monopoly
  • Factor markets
  • General equilibrium theory
  • Welfare economics

Programme structure and assessment

This highly interactive course is delivered as a combination of lectures and classes. A large part of learning microeconomics comprises discovering when abstract models are useful and when they are not. The daily classes are devoted to discussing problems that highlight these aspects of microeconomic theory. You will get maximum benefit from the course by actively engaging with the class exercises, giving you an opportunity to put the theory into practice.

This course is assessed through two examinations; a mid-session examination (50%) and a final examination (50%). You will also need to hand in problem sets for feedback during the course, which allow you to evaluate your understanding of the course content.

Further details will be provided at the beginning of the course.

Course outcomes

  • Understand how scarcity, opportunity costs and cost/benefit analysis impact economic behaviour
  • Identify the determinants of supply and demand
  • Illustrate how government intervention attempts to address market failures
  • Understand the impact of monopolies verses competitive equilibrium on economic outcomes

Is this course right for you?

The course is ideal if you have not previously studied economics. It provides a strong foundation in microeconomics if you are interested in furthering your studies in this area, but is sufficiently self-contained to provide grounding in economics if you do not intend to take the subject further.

Your department

The LSE Department of Economics is one of the largest and most prestigious in the world. It is the highest ranked faculty in Europe, according to the 2020 QS World University Rankings, with no fewer than 13 Nobel Prizes among current and former professors and alumni. The Department’s reputation is far-reaching, with research that has influenced responses to major global challenges, such as climate change, economic instability, development and growth, at a global level.

In our highly international faculty, students will learn from global thought-leaders and gain a thorough understanding of economic principles grounded in rigorous research. A long-standing commitment to remaining at the cutting-edge of developments in the field has ensured the lasting impact of the work of the Department on the discipline as a whole. This ensures that students are equipped with the necessary analytical skills to tackle the world’s most pressing problems.

Your faculty

Dr Pasquale Schiraldi 
Lecturer in Economics, Department of Economics

Professor Ronny Razin
Professor of Economics, Department of Economics

Reading materials

R. H. Frank, Microeconomics and Behaviour, (9th edition), McGraw-Hill (2014). [required]
H. R. Varian, Intermediate Microeconomics, (9th edition), Norton (2014). [recommended]

*A more detailed reading list will be supplied prior to the start of the programme
**Course content, faculty and dates may be subject to change without prior notice

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