Indifference Curve and Game Theory

INDIFFERENCE CURVE AND GAME THEORY
November 17, 2019 Off All,

Please read and follow paper details and look through attached files. You need to write an essay evaluating the usefulness of (i) indifference curve analysis and (ii) game theory using the contents of your lectures. The essay will include coverage of the Theory/model, examples of use in real life and criticisms (if any). The essay needs to demonstrate evidence that the student has followed and studied the materials covered in lectures and seminars. NB: Look through the attached PowerPoints (lecture slides) and Word document (seminars). Details of what you are expected to do: The assignment should be well structured, with a (general) introduction specifying the premise and objectives of the assignment. It should then be followed by the main body, which will be divided into two sub-headings: the Indifference Curve and Game Theory. The assignment should end with a general conclusion (‘’general’’ conclusions and introductions meaning being both about the Indifference Curve and Game theory). You are expected to demonstrate evidence of external reading. The essay is expected to provide good coverage of the contents of lectures. No need to use diagrams in the essay, rather emphasis should be given in explaining the main ideas of the economic models and how the usefulness of them. Use real examples instead of hypothetical examples. Many will be discussed in the lectures and seminars and you are expected to include some of them in the essay. Microeconomics analyses everyday activities though proposing models structures instead of arbitrary discussion. These models then allow Microeconomics to propose theories on economic behaviour and recommend policies. These theories in turn influence the activities of firms and governments. The lectures will aim to deliver an understanding of microeconomic thinking procedures, their applicability and limitations. Specific emphasis will be given to the understanding of welfare and efficiency in various economic situations and how they lead to government interventions.