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