Department of Economics

31 218 Prices and Markets

Welcome to the webpage for the Prices and Markets module. You should add this page to your web favourites as you will need to access this page regularly throughout the semester.


This course is designed to help your understanding as an economist and requires a significant amount of effort on your part. At the very least you must attend all of the lectures and tutorials, preparing your answers in advance of each tutorial and reading the relevant part of the textbook associated with each lecture. If you don't invest this time in the course, you can't expect to do well.

Representatives to Staff-Student Committee

The class representatives are Andrei Kravtsov and David Patton. They would be delighted to have your comments and suggestions on the course!

Ian Wooton's Office Hours

I am available without appointment on Tuesdays between 10:00 and 12:00 in my office (6.03 in the Sir William Duncan Building).


There are two lectures each week and each lecture is delivered twice. You should attend the lectures that you are enrolled in but you may occasionally attend a lecture for the other group.

Lecture Schedule for 2004-5

Downloadable Lecture notes

In order to enhance the lectures, we have provided notes that will be of use for you in lectures. The notes contain the bullet points used in the lectures and basic diagrams from the textbook. In no respect should these notes be considered a substitute for attending lectures. The lectures provide much fuller explanations of the economic concepts and use more sophisticated graphics to help your understanding. Having copies of the notes for a particular lecture in front of you during the class will make note-taking much easier and will allow you to focus more on the discussion (rather than having to copy down lots of text).

Complete Set of Ian Wooton's Lecture Notes

Lecture 1  The Market

Lecture 2  The Budget Constraint

Lecture 3  Preferences

Lecture 4  Utility

Lecture 5  Choice

Lecture 6  Demand

Lecture 7  Consumer's Surplus

Lecture 8  Market Demand

Lecture 9  Equilibrium

Lecture 10  Exchange

Lecture 11 Technology

Lecture 12  Production no lecture on this topic

Lecture 13  Profit Maximisation

Lecture 14  Cost Minimisation

Lecture 15 Cost Curves

Lecture 16 Firm Supply

Lecture 17 Industry Supply

Stewart Dunlop's Lecture Notes


Tutorials are one of the most effective means of reinforcing your understanding of what's being presented in the lectures and what you read in the textbook. Tutorials are in Weeks 4, 6, 8, and 11 and questions for the tutorials will be posted here approximately 2 weeks prior to each tutorial. Attendance is mandatory and you will be expected to have attempted to answers all of the questions for that week's tutorial.
Tutorial 1 questions Tutorial 1 answers
Tutorial 2 questions Tutorial 2 answers
Tutorial 3 questions Tutorial 3 answers
Tutorial 4 questions

Class Test, Tuesday 30 November 2004

This will be a multiple-choice examination. You will have 40 minutes to answer 8 questions based on Ian Wooton's lectures. You can download a sample test below.
Sample Class Test

The actual test (with answers indicated in bold) can now be downloaded here: Class Test with answers. Note that this is one of the four variants of the test�the test that you took may have had the answers in a different order

The marks distribution for the test was:

Final Examination

Some sample questions are provided to give an indication of the type of question that will be asked in the final examination.