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Handbook 1997 : Faculty of Economics and Commerce : Economics

316-313 Microeconomics

Note:

Students proceeding to an honours degree in economics are required to take this subject in the third year of their course and the subject has been designed accordingly. There are, however, no restrictions on entry to the subject which all third-year economics students are welcome to take.

Coordinator:

Dr K Sherstyuk

Prerequisite/s:

316-201 Intermediate Macroeconomics and 316-202 Intermediate Microeconomics.

Timetable:

Semester 1

Contact:

Two hours of lectures and one hour of tutorial each week

Objectives:

On completion of this subject students should be able to:

  • describe the distinctive approach of economics as a method of studying consumer and firm behaviour, and market outcomes;

  • formulate and solve simple optimisation problems relating to consumer and firm behaviour;

  • recognise situations where economic theory can assist in understanding behaviour or in guiding decision-making, and to proceed to apply the relevant theory in an appropriate manner;

  • extend their knowledge of microeconomics via independent study of theory and policy issues relating to this area;

  • evaluate the limitations of existing theories in the area of microeconomics.

Content:

A more theoretical and intensive treatment of material covered in the first and second years; the consequences of individual optimising behaviour and of the nature of social equilibrium. Topics include: an introduction to constrained optimisation, consumer theory, producer theory, perfect competition and monopoly, game theory and oligopoly, behaviour under uncertainty and general equilibrium analysis.

Assessment:

A 2-hour examination (80%) and class assignments totalling approximately 2000 words (20%).

Prescribed Texts:

  • Binger B and Hoffman E, Microeconomics with Calculus, 1st ed. Scott Foresman & Co.
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Handbook 1997 : Faculty of Economics and Commerce : Economics 
Status:                   OFFICIAL 1997
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Copyright © University of Melbourne 1997.