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 … For more content click the Read More button below.
Offerings
S1-01-CLAYTON-ON-CAMPUS
S2-01-CLAYTON-ON-CAMPUS
SSB-01-CAULFIELD-ON-BLK
Requisites
Prerequisite
Prohibition
Rules
Enrolment Rule
Contacts
Chief Examiner(s)
Dr Jackie So
Dr Dyuti Banerjee
Professor Nicholas Feltovich
Learning outcomes
On successful completion of this unit, you should be able to:
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.
Teaching approach
Active learning
Assessment
1 - Within semester assessment
2 - Examination
Scheduled and non-scheduled teaching activities
Seminars
Tutorials
Workshops
Workload requirements
Workload
Learning resources
Required resources
Technology resources
Other unit costs
Costs are indicative and subject to change.
Electronics, calculators and tools: $100