Postgraduate - UnitECF5410 - Applied microeconomics

This unit entry is for students who completed this unit in 2015 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

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

Level	Postgraduate
Faculty	Faculty of Business and Economics
Organisational Unit	Department of Economics
Offered	Caulfield First semester 2015 (Evening)
Coordinator(s)	Dr Wenli Cheng

Synopsis

This unit applies microeconomic principles to study how businesses make decisions to achieve their goals. In particular, it 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.

Outcomes

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
critically assess the strengths and weaknesses of the neoclassical microeconomic theory
think independently and communicate effectively.

Assessment

Within semester assessment: 50%
Examination: 50%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Chief examiner(s)

Dr Wenli Cheng

Prohibitions

ECF4100 and ECX5410