ECX2710

Microeconomics

Ms Judy Taylor

6 points
* 3 hours per week
* First and second semester (Caulfield and Peninsula)
* First semester (Distance)

Objectives On completion of this subject students should be able to understand the economic behaviour of individual consumers and producers; understand concepts relating to the cost of production in both the short and long run; explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes; describe the virtues and shortcomings of free markets; have a knowledge of remedies to overcome market failure; have an awareness of current issues in microeconomic policy.

Synopsis An introduction to microeconomic theory and policy; basic demand and supply analysis; consumer behaviour and elasticity; costs of production and profit maximisation; the output and price decision of firms operating under different market conditions; market failure; payments to factors of production; income inequality and poverty; current government microeconomic policies.

Assessment (on campus) Mid-semester test: 20%
* Examination (2 hours): 80%
Assessment (off campus) Assignment (1500 words): 30% Examination (2 hours): 70%

Prescribed texts

To be advised