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Handbook 1997 : Faculty of Economics and Commerce : Economics

316-102 Introductory Microeconomics

Note:

There will be a quota imposed on this subject in first semester for students not currently undertaking the BCom.

Credit Points:

When taken from Architecture, Faculty of Architecture, Building and Planning:
12.5

Coordinator:

Professor J Freebairn

Timetable:

Semester 1 and 2

Contact:

Two 1-hour lectures and a 1-hour tutorial a week

Objectives:

On completion of this subject students should be able to:

  • use the 'economic way of thinking' about a broad range of individual, business and government choice options and decisions;

  • recognise the characteristics of different economic systems and critically evaluate their comparative pros and cons;

  • explain the determinants of prices and outputs of goods, services and factors, and of how they respond to changing circumstances, including policy changes;

  • recognise the characteristics of different market structures, such as competition and monopoly and evaluate their comparative outcomes;

  • make an informed and critical assessment of public debate on many economic policy issues;

  • proceed to the study of other economics subjects which have an introduction to microeconomics as a prerequisite.

Content:

An introduction to microeconomic theory and policy. The economy and economic decisions. Production and exchange. Markets, demand and supply. Application of supply and demand. Market structures. Firm costs. Perfect competition. Monopoly. Government in the economy.

Assessment:

A 2-hour end-of-semester examination (70%), assignments of up to 2000 words in total, (one assignment may take the form of a class test) (20%), tutorial attendance and participation (10%).

Prescribed Texts:

  • McTaggart D et. al., Economics, (Addison Wesley) 2nd Ed.
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Handbook 1997 : Faculty of Economics and Commerce : Economics 
Status:                   OFFICIAL 1997
Last Modified:            Wednesday March 12 3:36 pm
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Email Enquiries:          Course_Information@registrar.unimelb.edu.au
Copyright © University of Melbourne 1997.