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ZUG4033 - Microeconomics

15 credits

Honours degree – Module

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Faculty

Business, Engineering and Technology

Offered

South Africa

  • Second Semester 2018

Synopsis

This module is a sequel to Intermediate Microeconomics. The emphasis will be on giving conceptual clarity to the student coupled with the use of mathematical tools and reasoning. The module will extend the coverage of key microeconomic concepts and principles beyond those introduced in the undergraduate microeconomics courses. Much of the material introduced in the undergraduate will be reworked, with an emphasis on more advanced terminology and mathematical modelling.  This includes using mathematical functions, manipulating and graphing them, defining, and solving equilibrium conditions.  This course covers similar material to that covered in Intermediate Microeconomics but is mathematically more rigorous and moves at a more rapid pace in the African context.

Outcomes

  1. Apply microeconomic principles to the analysis of a range of economic issues.
  2. Use optimization principles to arrive at the best economic solution.
  3. Apply the concept of elasticity.
  4. Apply economic models.
  5. Apply consumer equilibrium using utility and indifference approaches.
  6. Describe the concept of production and production costs.
  7. Apply both economic theory and mathematical tools in real world settings.
  8. Analyse economic problems in the presence of asymmetric information.
  9. Use economic theory to predict human behaviour.

Assessment

Within semester assessment: 40%
Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this module is 150 hours, typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The module requires on average three to four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Prerequisites

ECS2731 (Intermediate Microeconomics); ECS3830 (Business Competition and Regulation); ETS2000 (Advanced Quantitative Methods); ETW2410 (Introductory Econometrics); ETW3410 (Applied Econometrics); or equivalent

Prohibitions

None

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