Course Details in 2023/24 Session

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%).
Other
Reading List