Monash University Handbook 2011 Undergraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Synopsis

This subject reviews the contemporary microeconomic principles in the context most relevant to business people. Market processes, demand patterns, cost structures, market conditions, pricing policies, and the impact of regulation on business decisions are discussed. Cases and problems from the prescribed text, Australian media, and online resources illustrate how economic concepts can be applied to specific industries. Analytical techniques and quantitative tools link the concepts to measurement and managerial decision-making.

Objectives

The learning goals associated with this unit are to:

1. understand how do markets work
2. understand how do customers value products
3. understand which production and cost measures are relevant for decision making
4. understand how does competition affect business decisions on investment, production, and pricing in different market structures
5. understand how important to managerial and marketing decisions are changes in foreign exchange rates, technology, incomes, government regulations, sources of energy, the balance of payments
6. demonstrate in individual summative assessment tasks the acquisition of a comprehensive understanding of the topics covered in this unit.

Assessment

Within semester assessment: 30%
Examination (2 hours): 70%

Prerequisites

Students must have passed ECW1101 or ECG1101 before undertaking this unit.

Prohibitions

ECW2731