Postgraduate - UnitECX5410 - Applied microeconomics

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

Synopsis

This unit applies microeconomic principles to study how businesses make decisions to achieve their goals. In particular, it analyses how businesses position themselves in the market and how they form their output and price decisions on the basis of their understanding of demand and supply conditions, market competition and business risks. Finally this unit looks at particular aspects of market failure and the role of government in relation to market failure.

Outcomes

The learning goals associated with this unit are to:

1. appreciate that microeconomic theory can be usefully applied in many facets of modern business decision making
2. understand the economic logic behind basic decision rules about output and prices
3. critically assess the strengths and weaknesses of the neoclassical microeconomic theory
4. think independently and communicate effectively.

Assessment

Within semester assessment: 50%
Examination (3 hours): 50%

Chief examiner(s)

Wenli Cheng

Contact hours

3 hours per week

Prohibitions

ECF4100