6 points, SCA Band 3, 0.125 EFTSL
Undergraduate - Unit
Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
Not offered in 2017
This unit adopts the quantitative method in teaching contemporary microeconomic principles in the context most relevant to business people. Market processes, demand patterns and estimation, cost structures and estimation, market conditions and measurement, pricing policies and implementation, and the impact of regulation on business decisions are discussed. Cases and problems illustrate how economic concepts can be applied to specific industries. The unit is designed to assist students in understanding the quantitative application of economic analysis to the problems of formulating rational managerial decisions, corporate and marketing strategies.
The learning goals associated with this unit are to:
- understand and recognise the various processes involved in business decision making, including the macroeconomic constraints which affect these processes
- understand and explain the estimation of demand and supply conditions in an industry
- understand and analyse firms' pricing and non-pricing strategies and their quantitative implications on profitability
- recognise and evaluate the various theories of the organisation known as the theory of the firm and the role of managers in such organisations
- develop an understanding of strategic games in the use of business applications
- understand the quantitative implications of the interactions of government policies and business decisions.
Within semester assessment: 50%; Examination: 50%
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