Course Details & Outcomes

Course Description

Decision-making by consumers, producers, and governments lies at the heart of economic analysis. The frst half of this intermediate course in microeconomic theory is devoted to the study of decision-making and the modelling of associated market behaviour. We then study how individual economic decisions interact in markets with varying degrees of competition, paying substantial attention to the comparative welfare outcomes produced by different market forms. Additional topics include externalities, game theory and its applications and asymmetric information (if time permits). There is emphasis on the use of analytical tools and mathematical models, which underpin much of the world's current research in microeconomics

Course Aims

This course provides an overview of Microeconomics at an intermediate level and focuses on the application of microeconomics to the solving of problems. It builds on the foundation established in ECON1101 (Microeconomics 1) and relies on mathematical techniques taught in ECON1202 (Quantitative Analysis). Some foundational materials are also covered in COMM1100.

It is also an essential prerequisite for a large number of third-year economics courses, which build on the material taught in this course.

Relationship to Other Courses

Prerequisite: (ECON1101 or COMM1100) and (ECON1202, MATH1031, MATH1131, MATH1141 or MATH1151)

Course Learning Outcomes

Learning and Teaching Technologies

Moodle - Learning Management System | Echo 360

Learning and Teaching in this course

This course takes the approach that economic theory is best learnt through extensive practice with problem-solving. Students will spend much of their energy working through numerical problems that require the direct application of theoretical principles. The examinable content of  the course is defned by the text references given in the lecture schedule, the content of lectures, the content of the tutorial program, and the problems in the Homework Assignments.

Lectures

The purpose of lectures is to provide a logical structure for the topics that make up the course, to emphasise the important concepts and methods of each topic, and to provide relevant examples to which the concepts and methods are applied.

All lectures will be face-to-face. The lecture recordings will be available for download from Echo360 (24 hours after the live lectures). However, the course staff are not experts in recording technology, and will not be responsible for system failure. From our experience, it is very likely that students will gain more, and perform better, if they attend class in person than otherwise.

Note that lecturers may use the black (or white) board. This use will not show up in recordings.

Tutorials

The purpose of tutorial meetings is primarily to provide an opportunity for small group discussion of the economic concepts and methods, and to use those concepts and methods to understand applied problems which are assigned in the Homework Assignments.

Tutorials will begin from Week 2. Each tutorial is scheduled for 90 minutes. They will take place during the times listed in the Class Timetable. Nearly all tutorials are in-person and on-campus. Please check the mode of delivery and location of your tutorial in the Class Timetable.

Out-of-Class Study

While students may have preferred individual learning strategies, most learning will be achieved   outside of class time. Lectures can only provide a structure to assist your study, and tutorial time is limited.

An ideal strategy includes:

  Reading the relevant chapter(s) of the text before the lecture - this will give you a general idea of the topic area.

  Attending the lectures. Here the context of the topic in the course and the important elements of the topic are identifed. The relevance of the topic is explained, and problem-solving methods are illustrated.

·  Staying engaged with the course discussion forum and asking any questions you have about the material. Our discussion forum will be housed on “Ed”, which is math friendly and very conducive to interaction.

·  Attempting the assigned problems and preparing answers for them. This will identify the

things you need to do to demonstrate your understanding of a topic and guide your re-reading of specifc parts of the text. This will also provide a self-test of your understanding and identify those parts of the topic with which you have problems.

·  Attending tutorials. Although attendance is not mandatory, there is no substitute for attending tutorials for this course.

Assessments

Assessment Structure

Assessment Details

Quizzes

Assessment Overview

In the Moodle quizzes, you will be required to solve problems similar to those seen in lectures and tutorials.

Assesses: PLO1, PLO2, PLO3, PLO5, PLO6

BCom students: myBCom course points for PLO6

Course Learning Outcomes

  CLO1 : Demonstrate an understanding of economic concepts and their appropriate usage; construct economic arguments in terms of these concepts.

  CLO2 : Use appropriate mathematical techniques to construct and solve economic models; apply economic models to the analysis of choice problems and markets.

Detailed Assessment Description

There are 8 quizzes, each is worth 6%. The mark for the best fve quizzes will be recorded.

Written Questions

Assessment Overview

There will be two written assignments. These assignments will consist of a handful of more substantial problems.

Assesses: PLO1, PLO2, PLO3

Course Learning Outcomes

  CLO1 : Demonstrate an understanding of economic concepts and their appropriate usage; construct economic arguments in terms of these concepts.

  CLO2 : Use appropriate mathematical techniques to construct and solve economic models; apply economic models to the analysis of choice problems and markets.

  CLO3 : Construct written and analytical work which communicates ideas in a succinct and clear manner, and is logically and professionally presented.

  CLO4 : Understand environmental and sustainability problems arising from non- cooperative decision making among agents/ frms/countries.

Detailed Assessment Description

There will be two written assignments (10% each). These assignments will consist of a handful of more substantial problems

Answers to the written questions are due in week 5 and week 9.

If you fail to submit a homework in time due to circumstances beyond your control, you may  apply for SpecialConsideration . A successful Special Consideration application will result in points from the missed homework being reallocated towards fnals.

Assessment Length

One working week

Submission notes

You must write out your workings in your answer and upload it via a dedicated link on Moodle  (using an app, like Camscanner, that converts mobile-phone photos of your work to a scan-like pdf).

Assignment submission Turnitin type

This is not a Turnitin assignment

Final examination

Assessment Overview

This will beheld during the University examination period. You will have 2 hours to complete. It will test knowledge from the whole course.

Assesses: PLO1, PLO2, PLO3, PLO5, PLO6

BCom students: myBCom course points for PLO2

Course Learning Outcomes

  CLO1 : Demonstrate an understanding of economic concepts and their appropriate usage; construct economic arguments in terms of these concepts.

  CLO2 : Use appropriate mathematical techniques to construct and solve economic models; apply economic models to the analysis of choice problems and markets.

  CLO3 : Construct written and analytical work which communicates ideas in a succinct and clear manner, and is logically and professionally presented.

  CLO4 : Understand environmental and sustainability problems arising from non- cooperative decision making among agents/ frms/countries.

Detailed Assessment Description

This will beheld during the University examination period. The fnal exam will be in the format of a Moodle quiz which you will have 2 hours to complete. It will test knowledge from the whole

course. You are allowed to access all course resources during the exam (lecture videos, slides, textbook, etc.).

BCom students: myBCom course points for PLO2

Assessment Length

2 hours

Submission notes

The fnal exam will be in the format of a Moodle quiz which you will have 2 hours to complete.

Assignment submission Turnitin type

This is not a Turnitin assignment

General Assessment Information

Grading Basis

Standard

Requirements to pass course

In order to pass this course students must:

• Achieve a composite mark of at least 50 out of 100

• Engage actively in course learning activities and attempt all assessment requirements

• Meet any additional requirements specifed in the assessment details

• Meet the specifed attendance requirements of the course (see Schedule section)