ECG9122

Introduction to microeconomic theory and policy

Dr Shirley Richardson

6 points
* Distance, approximately 12 hours per week
* First semester
* Gippsland

Objectives On completion of this subject students should gain the following knowledge and skills: a rigorous, theoretical and practical grounding in microeconomic principles; ability to apply those principles to judge the usefulness and limitations of contemporary microeconomic policy debates; an ability, in further studies, to apply those principles to the issues of regional economic development, natural resources and environmental policy from both an Australian and International perspective.

Synopsis This subject covers the theory of consumer choice and its relationship to demand, production, costs and supply. It looks at pricing and output decisions of firms in various market structures, including perfect competition, monopoly, monopolistic competition and oligopoly. The subject considers the issue of efficiency, from the regional perspective, of resource allocation and the problems of externalities, public goods and imperfect information. Contemporary microeconomic policy, issues from the regional perspective are especially emphasised.

Assessment Essay work (4000 words): 40%
* Examination: 60%

Prescribed texts

McTaggart D and others Economics 2nd edn, Addison-Wesley, 1995