ECONOMICS-05 · Undergraduate · ENGLISH · PLANNED
State the question and assumptions, draw the model, analyse evidence and test competing explanations.
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Complete these courses or demonstrate equivalent knowledge. These are recommended prerequisites, not enforced enrolment locks.
YouTube playlist: ARK Economics | Intermediate Microeconomics and Welfare
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Sign in to save this learning pathPractical outcome: Analyse a hypothetical price change using substitution and income effects.
Explain preferences using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Explain indifference curves using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Explain utility maximisation using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Explain demand derivation using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Use the first concepts from this section. Analyse a hypothetical price change using substitution and income effects. Produce a labelled diagram, trace or calculation; explain each step and check one changed input.
3–6 questions on the preceding first-half concepts only: recall, visual interpretation, application and one plausible misconception. Explain each answer after submission.
Explain income effects using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Explain substitution effects using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Explain revealed preference using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Explain choice under risk using a visual and one worked real-world example. Context: Analyse a hypothetical price change using substitution and income effects. End with a prediction or check-for-understanding.
Analyse a hypothetical price change using substitution and income effects. Work without the example, compare two cases, record assumptions and limitations, then self-review correctness, reasoning and clarity.
6–12 questions covering Preferences, Indifference curves, Utility maximisation and the remaining section concepts, with cumulative retrieval from earlier sections. Include a new transfer problem; 70% unlocks progression.
Practical outcome: Derive costs and output for a fictional firm.
Explain production functions using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Explain isoquants using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Explain cost minimisation using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Explain returns to scale using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Use the first concepts from this section. Derive costs and output for a fictional firm. Produce a labelled diagram, trace or calculation; explain each step and check one changed input.
3–6 questions on the preceding first-half concepts only: recall, visual interpretation, application and one plausible misconception. Explain each answer after submission.
Explain short-run costs using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Explain long-run costs using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Explain competitive equilibrium using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Explain factor demand using a visual and one worked real-world example. Context: Derive costs and output for a fictional firm. End with a prediction or check-for-understanding.
Derive costs and output for a fictional firm. Work without the example, compare two cases, record assumptions and limitations, then self-review correctness, reasoning and clarity.
6–12 questions covering Production functions, Isoquants, Cost minimisation and the remaining section concepts, with cumulative retrieval from earlier sections. Include a new transfer problem; 70% unlocks progression.
Practical outcome: Compare efficient allocations and distributional outcomes in a toy economy.
Explain exchange economies using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Explain general equilibrium using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Explain pareto efficiency using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Explain welfare theorems using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Use the first concepts from this section. Compare efficient allocations and distributional outcomes in a toy economy. Produce a labelled diagram, trace or calculation; explain each step and check one changed input.
3–6 questions on the preceding first-half concepts only: recall, visual interpretation, application and one plausible misconception. Explain each answer after submission.
Explain market power using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Explain deadweight loss using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Explain social welfare using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Explain second-best reasoning using a visual and one worked real-world example. Context: Compare efficient allocations and distributional outcomes in a toy economy. End with a prediction or check-for-understanding.
Compare efficient allocations and distributional outcomes in a toy economy. Work without the example, compare two cases, record assumptions and limitations, then self-review correctness, reasoning and clarity.
6–12 questions covering Exchange economies, General equilibrium, Pareto efficiency and the remaining section concepts, with cumulative retrieval from earlier sections. Include a new transfer problem; 70% unlocks progression.
Combine all three sections: Compare efficient allocations and distributional outcomes in a toy economy. Submit an original worked artifact, evidence or tests, assumptions and a reflection. Rubric: correctness, method, practical usefulness, reproducibility and communication. Self-reviewed, not certified.
6–12 balanced questions sampling every section of Intermediate Microeconomics and Welfare, including interpretation, calculation or reasoning, a misconception and a new application. Passing is 70%; review errors before retrying.
Economic diagrams, synthetic datasets, calculations and evidence-based policy memos. Guided work leads to an independent attempt, with a diagram, explanation, trace, calculation or tested artifact. Question bodies are generated when opened in your private learning path. Programming submissions are stored as text; the platform does not execute submitted code.
Use original or appropriately licensed datasets. Practical science activities use models or supplied data unless a qualified supervisor has reviewed a physical experiment.
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