Intermediate microeconomics
Dr Barry Goss
6 points * Two 1-hour lectures and one 1-hour tutorial per week * First, second semester * Clayton * Prerequisites: ECO1020 or ECO1000 or equivalent, ECO1100 and ECO1110 only with permission of the lecturer
Objectives On completion of this subject students should be able to analyse decision-making by individual consumers and producers; understand the conditions for allocative efficiency in a general equilibrium framework; analyse price determination in product and input markets under various conditions; analyse and critically evaluate policies designed to affect individual behaviour and market outcomes.
Synopsis Theory of consumer choice, including applications to income-leisure choice and intertemporal consumption; isoquant theory of production; allocative efficiency and competition and monopoly; models of monopolistic competition and oligopoly; input pricing; microeconomic policies to address problems of market failure.
Assessment Examination (2 hours): 70% * Written assignment and/or mid-semester test: 30%
Prescribed texts
Maurice S C and Phillips O R Economic analysis 6th edn, Irwin, 1992
or
Pindyck R S and Rubinfeld D L Microeconomics 2nd edn, Maxwell Macmillan, 1992