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Intermediate Microeconomics has two main purposes. First, it is a foundation course in the study of economics. Starting from a number of fundamental assumptions, this course develops the neoclassical theory of the optimizing behavior of consumers and firms and the process of interaction of these agents within various market structures. Intermediate microeconomics provides the essential building blocks for higher level economics and finance units. Second, Intermediate Microeconomics shows how the economic theory developed can be directly applied to help solve the day-to-day decisions that face managers, financiers and economists such as dealing with risk and time, minimising cost, production, maximising profit through pricing and analysing markets and competition. It achieves this through application of the theory to real-world examples and solving problems of this nature. This unit is not highly mathematical but does involve some simple algebra, and relies extensively on the use of graphical analysis. An understanding of simple differentiation is also useful, but it will be taught as part of the unit and is not a prerequisite.
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