Monash University Handbook 2010 Postgraduate - Unit

Synopsis

This unit applies microeconomic principles to study how businesses make decisions to achieve their goals. In particular, it an analyses how businesses position themselves in the market and how they form their output and price decisions on the basis of their understanding of demand and supply conditions, market competition and business risks. Finally this unit looks at particular aspects of market failure and the role of government in relation to market failure. Professionals in domestic and international organisations will find this subject an aid to the formulation of strategies.

Objectives

The learning goals associated with this unit are to:

• appreciate that microeconomic theory can be usefully applied in many facets of modern business decision making
• understand the economic logic behind basic decision rules about output and prices
• use economic tools to assess the conditions of a market a given business operates in and make intelligent business decisions based on that assessment
• effectively communicate their analyses verbally and in writing.

Assessment

Within semester assessment: 50%
Examination (3 hours): 50%

Chief examiner(s)

Wenli Cheng

Contact hours

3 hours per week

Prohibitions

ECF4100