Leader: Dr Tissa Rajapakse

Offered

Austin Hospital First semester 2008 (Off-campus)
Gippsland First semester 2008 (Off-campus)
Parkville First semester 2008 (Off-campus)

Synopsis

The theory of consumer choice and its relationship to demand, production, costs and supply. Pricing and output decisions of firms in various market structures, including perfect competition, monopoly, monopolistic competition and oligopoly. Efficiency, from the regional perspective, of resource allocation and the problems of externalities, public goods and imperfect information. Contemporary microeconomic policy issues from the regional perspective.

Objectives

The learning goals associated with this unit are to:

• gain a rigorous, theoretical and practical grounding in microeconomic principles
• consider and understand issues of efficiency in the use of productive resources using this model
• critically assess the economic environment to which they will contribute as graduates that will provide the essential basis for more advanced studies in economics
• develop skills in the application of economics principles to business and social policy decisions.

Assessment

Within semester assessment: 40%
Examination: 60%