Principles of economics
Lecturer to be advised
Two 1-hour lectures and one 1-hour tutorial per week * Second semester * Clayton * Prohibition: available only to Diploma of Accounting students
Objectives On completion of this subject students should be able to analyse economic decision making by firms and consumers; apply basic conceptual and analytical tools to examine market outcomes such as price determination, firm's market share and consumer demand; understand the necessary conditions for a competitive market and appreciate the efficiency outcomes from competition; understand the interplay between market conditions and the objectives and strategies of firms; analyse and critically evaluate government policy designed to affect market outcomes.
Synopsis The theory of demand and supply and market equilibrium; firms' production and costs; firms' strategies in imperfectly competitive markets; pricing and public policy, externalities and regulation; introduction to the macroeconomic environment.
Assessment Class assessment: 30% * Examination (2 hours): 70%