Seoul, South Korea
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
Microeconomics studies the economic behavior of individual decision-making agents such as consumers, resource owners and firms. The main objective of this course is to provide an adequate theoretical foundation to study various fields in economics and management such as international trade, labor economics or finance. Another important objective is to encourage you to think analytically about economic decision-making. You are expected to be familiar with the course content of a Principles of Microeconomics class and elementary differential calculus (Calc I). This class is calculus-based and uses tools from multivariate calculus that will be taught at the beginning of the semester.
The text for this course is my book, Intermediate Microeconomics: A Tool-Building Approach published by Routledge, 2015. You have a couple of options:
Buy the new book (~$48 @ Kyobo)
Rent the ebook on VitalSource for 90 days (~$36).
For option 4, go to
You may also consult Intermediate Microeconomics by Hal Varian (W.W. Norton) if you wish — any edition from 6th to the 9th will do. Homework assignments will be on a web-based resource called WebAssign.
All students have to register online with WebAssign. The cost is $36. Details will be provided later.
If you are taking this course pass/fail, you will need to get at least a C in order to pass.
- Please note that if you miss a WebAssign problem set for whatever reason, I cannot let you take it once the deadline is past!
- However, you do have one “free pass” on your homework assignments: at the end of the semester, I will calculate your percentage scores on each problem set and drop your lowest score. This allows you to miss one problem set during the course of the semester.
- There will be NO opportunities for additional credit to be earned, say, by writing a paper or doing extra problems.
- There will be NO makeup tests in general. However, if you know you’ll miss a test on the scheduled date, you may arrange to take it early. If something totally unforeseen comes up on the day of your test that prevents you from testing, contact me IMMEDIATELY.
- It is understood that at all times you will adhere to Korea University’s Student Code of Conduct. Violations of academic integrity (cheating, fabrication, facilitating academic dishonesty, plagiarism, denying others access to information or material) will not be tolerated. For the record, you may consult your classmates on WebAssign homework assignments—that does NOT constitute a violation of the Code of Conduct.
- There is a strict no-electronic-devices-in-use policy in the classroom! That means NO computers or tablets in use and NO TEXTING on cellphones. If you need to use your phone for talking or texting, please exit the room to do so. Please silence all electronic devices that can make noise before you come into the classroom.
Warning: While I do not take attendance, you’re virtually guaranteed to do poorly if you skip classes. Please take this warning seriously! There is serious learning-by-doing that happens in the classroom in addition to the fact that 15% of your grade comes from in-class work. Also I will not stick to the book, even if it is my own book! You are responsible for all material, including topics covered in class that are not in the book or are treated differently from the book. If you must miss class, make sure you get notes from one or two classmates, set up an appointment to see me and catch up ASAP.
Please start working on your problem sets early! You may change your answers as often as you wish until the deadline passes, at which point the last set of answers will be graded automatically. Feel free to consult with your classmates on difficult questions if you wish but attempt them first.
A few suggestions from previous students to make your life easier:
• Use a binder to organize the materials for this course.
• Print out the posted materials and emails and file them immediately.
• Bring colored pens or pencils to class for note taking (I make a lot of use of color).
• Review your notes and other materials regularly, flag questions you may have using Post-It notes, and get them clarified quickly.
• Feel free to ask me questions in class or by email or in person.
ISC 316 Summer 2017: Tentative Course Outline (Updated 1/23/17)
Markets—Demand, supply, equilibrium
Markets—Taxes and subsidies
Consumer theory—Budgets, preferences
Consumer theory—Choice, demand
Consumer theory—Comparative statics
Producer Theory—Technology and PPFs
Producer Theory—Cost minimization
Producer Theory—Cost curves
Duopoly and oligopoly
Duopoly and oligopoly
Discuss final exam and grade
Courses and course hours of instruction are subject to change.