Skip to main content
Unit of study_

ECOS2001: Intermediate Microeconomics

Intensive February, 2023 [Block mode] - Remote

The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.

Unit details and rules

Unit code ECOS2001
Academic unit Economics
Credit points 6
Prohibitions
? 
ECON2001 or ECON2901 or ECOS2901
Prerequisites
? 
ECON1001 or BUSS1040 or ECON1040
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Andrew Wait, andrew.wait@sydney.edu.au
Lecturer(s) Nina Parfinenko, nina.parfinenko@sydney.edu.au
Tutor(s) Cynthia Wen, cynthia.wen@sydney.edu.au
Type Description Weight Due Length
Presentation Participation
Presentation of your solutions to homework
10% Multiple weeks 1000 words (equiv)
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Monitored test
? 
Mid-term test
Online mid-term test
40% Week 03
Due date: 30 Jan 2023 at 10:00
1 hour
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Monitored exam
? 
Final exam
Online final exam
50% Week 05
Due date: 17 Feb 2023 at 10:00
2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a Credit a good standard, and a Pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

 

Distinction

75 - 84

 

Credit

65 - 74

 

Pass

50 - 64

 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Budget Constraint, Preferences, Utility, Marginal Rate of Substitution: Varian Chs 2 & 3 Lecture and tutorial (3 hr)  
Utility, Optimal Choice & Demand: Varian Chs 4, 5, 6 Lecture and tutorial (3 hr)  
Comparative Statics & Market Demand: Varian Chs 6 & 8 (except 8.8 & 8.9) Lecture and tutorial (3 hr)  
Week 02 Endowments, Intertemporal Choice, Choice under Uncertainty: Varian Chs 10 & 12 Lecture and tutorial (3 hr)  
Market Equilibrium & Welfare Theorems: Varian Ch 32 Lecture and tutorial (3 hr)  
Technology, Profit & Cost Minimization: Varian Chs 19, 20, 21 Lecture and tutorial (3 hr)  
Week 03 Mid-term test Lecture (2 hr)  
Cost Curves, Firm Supply: Varian Chs 22 & 23 Lecture and tutorial (3 hr)  
Industry Supply, Monopoly I: Varian Chs 24 & 25 Lecture and tutorial (3 hr)  
Week 04 Monopoly and Monopolistic Competition: Varian Ch 26 Lecture and tutorial (3 hr)  
Game Theory & Oligopoly: Varian Chs 28, 29, 30 Lecture and tutorial (3 hr)  
Completion of unfinished topics, Revision Lecture and tutorial (3 hr)  

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Required textbook: Hal R. Varian (2014), Intermediate Microeconomics, 9th edition, W.W. Norton & Co. New York.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. demonstrate familiarity with the main microeconomic models describing consumer choice and firm behaviour
  • LO2. identify the likely outcome arising from the interaction of firms and consumers
  • LO3. understand microeconomic concepts and apply analytical models to describe “real world” economic situations
  • LO4. understand the limitations of various models, distinguish between competing explanations of market behaviour and critically evaluate competing theories
  • LO5. intellectually participate in public policy discussions arising in business and government environments.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.