Undergraduate - UnitECS2731 - Intermediate microeconomics

This unit entry is for students who completed this unit in 2014 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

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6 points, SCA Band 3, 0.125 EFTSL

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Level	Undergraduate
Faculty	Faculty of Business and Economics
Organisational Unit	Department of Economics
Offered	South Africa Second semester 2014 (Day)

Synopsis

This unit reviews the contemporary microeconomic principles. Consumer and producer theory focusing on individual consumers and firms, 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, South African 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 decision-making.

Outcomes

The learning goals associated with this unit are to:

understand how markets work
understand how customers value products
understand which production and cost measures are relevant for decision making
understand how competition affects business decisions on investment, production, and pricing in different market structures
understand how changes in foreign exchange rates, technology, incomes, government regulations, sources of energy, the balance of payments impact on decision making.