Social economics
Dr Matthew Peter
6 points
* 3 hours per week
* First semester
* Clayton
*
Prohibitions: Not available to students of the Faculty of Business and
Economics or those from other faculties taking an economics major
Objectives On completion of this subject students should be able to apply basic conceptual and analytical tools to examine market outcomes such as price determination and market demand and supply; understand the conditions for competitive, monopolistic and imperfectly competitive markets; understand the interplay between market conditions and the objectives and strategies of firms; appreciate the role of inter-industry linkages and the usefulness of economic forecasting in the decision making of firms.
Synopsis The subject examines the theory of demand and supply and market equilibrium, firm's production and costs, behaviour in competitive markets, strategies in imperfectly competitive markets. The course concludes with an introduction to inter-industry analysis and economic forecasting.
Assessment Mid-semester test: 30%
* Examinations (2 hours): 70%
Recommended texts
Landsburg S E Price theory and applications 3rd edn, West, 1995
Pindyck R S and Rubinfeld D L Microeconomics 2nd edn, Maxwell Macmillan, 1992
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