Undergraduate - UnitECF1100 - Microeconomics

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

Synopsis

Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic policies, competition policy, privatisation and the funding of education.

Outcomes

The learning goals associated with this unit are to:

1. understand the economic behaviour of individual consumers and producers
2. understand concepts relating to the cost of production in both the short and long run
3. explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
4. describe the virtues and shortcomings of free markets
5. have knowledge of remedies to overcome market failure.

Assessment

Within semester assessment: 50%, Examination (2 hours): 50%

Chief examiner(s)

Dr George Rivers

Contact hours

3 hours per week

Prohibitions

ECC1000, ECG1101, ECP1100, ECW1101, PMM2020