ECC5900 · Microeconomics

Overview

This unit develops understanding of individual decision making in consumption and production. It introduces theory of consumer choice, including applications to income-leisure choice. In the theory of production, it develops the concept of allocative efficiency and implications for input pricing. Various market structures are analysed: competition, monopoly, monopolistic competition and oligopoly. The unit discusses market failures and relevant microeconomic policies.

Offerings

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. understand how markets work, and how prices work to allocate resources
2. understand the basic principles of how people make economic decisions, how they interact economically, and how the economy as a whole works
3. understand the role of public policy, and the constraints on its operation, when markets fail
4. understand how firms are organised and make decisions
5. have developed learning skills and begun to acquire the techniques of thinking like an economist
6. have sufficient grounding to attempt advanced studies in microeconomics in subsequent years.

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Student experience, not official rules. Nothing here changes what the Handbook says.