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Module Title
LC Introduction to Microeconomics
School
Mathematics
Department
Mathematics
Module Code
07 32704
Module Lead
Yin Jing
Level
Certificate Level
Credits
10
Semester
Pre-requisites
Co-requisites
Restrictions
Available only to students on the JI dual degree programmes
Exclusions
Description
This course is intended to teach the basic concepts and principles in Microeconomics within the neoclassical framework, such as gains from trade, supply, demand and the Marshallian Cross diagram model, comparative static analysis of equilibrium or market clearing, efficiency and deadweight loss of social welfare, externalities, public goods and common resources, various costs and profit maximization, perfect competition, monopoly, oligopoly and monopolistic competition, equilibrium wage in a perfectly competitive market, preference/indifference curve, budget constraint and consumer’s choice, asymmetric information, moral hazard and adverse selection.
Learning Outcomes
By the end of the module students should be able to:
Understand the concepts of gains from trade, absolute advantage and comparative advantage
Understand and be able to apply static analysis on market equilibriums
Identify and analyse the welfare from comparative market economy
Comprehend the concepts of marginal products and marginal costs in production
Measure and analyse the costs and profits of producers in a competitive market
Recognize the differences between various market structures, such as competitive, monopolistic, oligopoly and monopolistic competitive markets
Understand and apply the components and processes for consumer choice
Assessment
Assessment Methods & Exceptions
Assessment:
Assignments/projects (20%): a maximum 2500 word report.
Mid-term exam (20%): a 2 hour examination.
Final exam (60%): a 2 hour examination.
Reassessment (where allowed):
a 2 hour resit examination (100%).