23567 Intermediate Microeconomics
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Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 23566 Economics for Business 2 OR 23000 Principles of Microeconomics
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 25562 Economics of the Firm AND 25567 Intermediate Microeconomics
Description
This subject extends students' knowledge and understanding of microeconomic phenomena and the environment within which consumers and businesses operate, as developed in introductory economics subjects. It develops the ability of students to analyse and critically evaluate these microeconomic issues, by equipping them with formal concepts and models.
Issues considered in this subject include: the theory of consumer choice, firm behaviour, comparative welfare outcomes produced by different market forms and externalities arising from market failures such as pollution.
The subject equips students with formal concepts and tools that are essential for further study in a range of specialised microeconomic fields.
Subject learning objectives (SLOs)
| 1. | explain the microeconomic principles which underlie economic decision-making by consumers and firms using formal language and techniques |
|---|---|
| 2. | apply formal economic models and tools to the analysis and solution of selected decision problems facing consumers and firms in a range of market structures |
| 3. | evaluate economic outcomes and government policy responses to these outcomes in terms of well-defined economic welfare criteria |
Contribution to the development of graduate attributes
The subject contributes to the Bachelor of Business and Bachelor of Economics learning goals by extending students’ knowledge and understanding of microeconomic phenomena and the environment within which consumers and firms operate, as developed in introductory economics subjects. It develops the ability of students to analyse and critically evaluate these microeconomic issues by equipping them with formal concepts and models. Intermediate Microeconomics thus prepares students for further study in a range of specialised microeconomic fields.
This subject contributes to the development of the following graduate attributes:
- Intellectual rigour and innovative problem solving
- Social responsibility and cultural awareness
This subject extends students’ knowledge and understanding of microeconomic phenomena and the environment within which consumers and businesses operate, as developed in introductory economics subjects. It develops the ability of students to analyse and critically evaluate these microeconomic issues by equipping them with formal concepts and models. Intermediate Microeconomics thus prepares students for further study in a range of specialised microeconomic fields.
This subject also contributes specifically to develop the following Program Learning Objectives for the Bachelor of Business:
- Apply evidence, creativity and critical reasoning to solve business problems (1.1)
It also contributes to developing the following Program Learning Objectives for the Bachelor of Economics:
- Critically analyse economic problems in Australian and global society using and justifying appropriate economic concepts and frameworks (1.1)
- Analyse and discuss the intended and unintended effects of economic decisions on social welfare, equity, the environment and Indigenous peoples (3.1)
Teaching and learning strategies
The subject is taught through a range of interactive activities and resources, including the following:
Pre-class activities. Students are expected to read the relevant parts of textbook before attending a lecture (see program below). It is also essential that they come to a lecture having a firm understanding of all the material covered in the previous weeks.
Lectures. Face-to-face lectures are designed to present the theory associated with the weekly topics. Students are expected to participate and interact during a lecture. In this respect, questions will be posed to students throughout a lecture to encourage them to think critically and analytically about the concepts and topics being presented. This also provides students with the opportunity to receive instant feedback about their level of understanding. Students will be able to access lecture notes via the UTS Learning Management System (see below).
Tutorials. Face-to-face tutorials are designed to reinforce the theory presented in lectures as well as develop and strengthen the analytical and problem-solving skills that are required for rigorous economic analysis. Each tutorial consists of a set of questions that the tutor will solve and discuss together with the students. Since students’ interaction and active participation is an important component of the tutorial, students are expected to come to a tutorial having a firm understanding of the material covered in the previous weeks, and having attempted all the tutorial questions. Students will be able to access tutorial material via the learning mangement system (see below).
Online Problem Sets. Online problem sets serve both for assessment and didactic purposes. Problem sets require students to apply the type of problem-solving ability that is required for rigorous economic analysis of real-world economic problems. After the deadline of each problem set, feedback is provided in the form of an explanation of the solutions. Attempting a problem set and then thoroughly reviewing it is considered to be a key component of the learning process. As such, problem sets and their related explanations are considered to be part of the subject’s (assessable) material. The design and schedule of the problem set is meant to provide students with feedback about their understanding of the material as the subject unfolds. Further feedback about performance is provided by releasing information about the distribution of marks for each problem set so that students can compare their individual performance to overall performance
UTS Learning Management System. The learning management system a web-based tool used at UTS to provide online learning to students. From the course page, students will be able to:
- Download course material (e.g. lecture notes, tutorial material, sample exams, etc…);
- Access, complete, submit and review the Online Problem Sets;
- Interact with peers via the Discussion Board;
- Keep up to date via Announcements
Content (topics)
- An introduction to the study of rational decision-making under certainty and uncertainty and the modeling of associated problems
- A formal treatment of consumer choice and the theory of demand
- A formal treatment of production costs and the theory of the firm
- Consumer and producer welfare measurement
- Analysis of perfectly competitive markets and first theorem of welfare economics
- Departures from perfect competition
Assessment
Assessment task 1: Assignments (Individual)
| Objective(s): | This addresses subject learning objective(s): 2 and 3 |
|---|---|
| Weight: | 40% |
| Length: | Students have approximately one week to complete each problem set. |
Assessment task 2: Final examination (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 60% |
| Length: | 2 hours (120 minutes with no additional reading time). |
| Criteria: | Clarity of explanation; Accuracy; Legibility. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Microeconomics: An Intuitive Approach with Calculus (Edition 2) by Thomas Nechyba. (Edition 1 is OK too).
An electronic version of the text is available from the publisher at the following web address: http://www.cengage.com
Recommended texts
- Intermediate Microeconomics (8th or 7th edition) by Hal R. Varian
- Microeconomics (6th edition) by Jeffrey M. Perloff [Easier]
- Microeconomic Theory (11th or 10th edition) by Walter Nicholson and Christopher Sneyder [Formal]
Other resources
The Mathematics department also offers extra (free) help to any students having difficulties with their maths background, at the Mathematics and Science Study Centre.