EF3442Intermediate Microeconomics

What you will study

Course overview

This course aims at equipping students with an in-depth understanding of microeconomic concepts, analyses, and their applications in the real world. This course builds upon some basic knowledge in economics, and provides students with a balanced coverage of both standard/traditional and modern microeconomic theories. It aims at equipping students with an in-depth understanding of various economic tools for analyzing market behavior and decision making at consumer and firm levels. The course will also cover techniques of optimization, equilibrium and strategic interaction in detail in the context of problems relating to consumers and firms. The standard models of the general theory of microeconomics (such as the models of consumer theory, perfect competition, and monopoly) will be studied extensively to establish a concrete microeconomic understanding. Several applications of the basic theory (such as the analyses of the effects of taxation and government regulation) will also be introduced. A considerable amount of time will be devoted to study game theory through which modern microeconomic theory functions. Various applications of game theory to oligopolistic markets, uncertainty and asymmetric information will also be covered (given that time permits). The course meets weekly for a three-hour lecture. The lectures introduce theories/models and problem solving sessions that mainly focus on applying the microeconomic models to real world problems.

Official PDF, pages 1–2 · Abstract

Course content

Supply and demand, Indifference curves, Production costs, Perfect vs. Monopolistic competition, Oligopoly, Game theory, Pricing strategies, Asymmetric information, and Market failure.

Official PDF, page 8 · Keyword Syllabus

Intended learning outcomes

View official learning outcomes and conditions

CILOs                                              Weighting (if DEC-A1          DEC-A2          DEC-A3
                                                                  app.)
1              Demonstrate a solid understanding of               25             x              x
               the traditional microeconomic theory
               of individuals’ and firms’ behaviors;
               recognize the connections among different
               microeconomic theories.
2              Justify and apply economic theories to real-       25             x              x
               world decision making in various business
               environments. Utilize the information in a
               context different from the one given in the
               lecture, and apply the theories to real life.
3              Analyze and predict the outcome of strategic 25                   x              x               x
               interactions among individuals and/or firms;
               compare and integrate microeconomic theories
               and identify them between individuals and
               firms.
4              Comprehend and explain the economic                25             x              x               x
               importance of market imperfections, such as
               transactions costs, uncertainty, asymmetric
               information, and externalities; interpret and
               infer the information acquired from the lecture
               to make decisions based on in-depth reflection,
               criticism, and assessment.

Official PDF, page 2 · Course Intended Learning Outcomes (CILOs)

Before you take this course

Check prerequisites, precursors and corequisites separately, together with equivalence and exclusion conditions. “and” means conditions must be met together; “or” marks alternatives. Read combined conditions in the groupings shown in the original text below.

Prerequisites

CB2400 Microeconomics or FB2400 Economics I and EF2452 Mathematics for Economics and Finance

Official PDF, page 1 · Prerequisites

Precursors

This edition of the official syllabus does not state this item.

Corequisites

This edition of the official syllabus does not state this item.

Additional course requirements

This edition of the official syllabus does not state this item.

Equivalent courses and conditions

EF3440 Microeconomics for Business Strategy EF3440A Microeconomics for Business Strategy

Official PDF, page 1 · Equivalent Courses

Exclusive courses and conditions

Nil

Official PDF, page 1 · Exclusive Courses

Assessment and passing the course

Assessment

Continuous Assessment (%): 50; Examination (%): 50; Examination Duration (Hours): 2

View the original assessment table and instructions

ATs                   CILO No.     Weighting (%)   Remarks ("-" for   Allow Use of
                                                                        nil entry)         GenAI?
1                    Midterm exam        1, 2, 3, 4     20              -                  No
                     Students will be
                     assessed via the
                     examination their
                     understanding
                     of the theoretical
                     frameworks
                     learned in class,
                     textbooks, reading
                     materials and their
                     ability to apply
                     the theoretical
                     frameworks.
2                    Quizzes               1, 2, 3, 4   15              -                  No
                     Students will
                     be assessed
                     via quizzes for
                     knowledge and
                     understanding
                     of specific topics
                     covered in class.
3                    Problem sets         2, 3, 4       15              -                  Yes
                     Students will be
                     assigned problem
                     sets to assess their
                     understanding
                     of the theoretical
                     frameworks
                     learned in class
                     and their ability
                     to apply these
                     frameworks to real-
                     world problems.

Official PDF, page 4 · Continuous Assessment (%),Examination (%),Examination Duration (Hours)

Passing requirements

This edition of the official syllabus does not state this item.