Faculty of Business and Economics

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This unit entry is for students who completed this unit in 2016 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.

Monash University

6 points, SCA Band 3, 0.125 EFTSL

Postgraduate - Unit

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


Business and Economics

Organisational Unit

Department of Economics


Dr Zhijun Chen



  • First semester 2016 (Evening)


This unit discusses microeconomic issues from both the neoclassical and Austrian perspectives. The main topics include: economics as a science, the market and its operations, money, competition, information and knowledge, risk and uncertainty, and government regulation.


The learning goals associated with this unit are to:

  1. appreciate that microeconomic theory can be usefully applied in many facets of modern business decision making
  2. understand the economic logic behind basic decision rules about output and prices
  3. critically assess the strengths and weaknesses of the neoclassical microeconomic theory
  4. think independently and communicate effectively.


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.

See also Unit timetable information

Chief examiner(s)


ECF4100 and ECX5410