eco2cfc consumers, firms competition
CONSUMERS, FIRMS COMPETITION
ECO2CFC
2015
Credit points: 15
Subject outline
This is an intermediate microeconomic theory subject, which expounds demand theory, producer theory, price determination and industry structure. Some welfare economics may also be treated. In particular, students learn how the behaviour of consumers is modelled and measured; using consumer preferences to ultimately derive a demand function representing the demand side of a market. Production technology and different market structures are modelled in the second half of the semester to ultimately derive a supply function representing the supply side of market.
SchoolLa Trobe Business School
Credit points15
Subject Co-ordinatorBuly Cardak
Available to Study Abroad StudentsYes
Subject year levelYear Level 2 - UG
Exchange StudentsYes
Subject particulars
Subject rules
Prerequisites ECO1DSM or BUS1BUE or ECO1PPA(pre) or ECO1IMI
Co-requisites ECO1EME or ECO2IQA or equivalent
Incompatible subjects ECO2PPA
Equivalent subjectsN/A
Special conditionsN/A
Learning resources
Readings
| Resource Type | Title | Resource Requirement | Author and Year | Publisher |
|---|---|---|---|---|
| Readings | Microeconomics. | Prescribed | Pindyck, Robert S. and Daniel L. Rubinfeld | LATEST EDITION, PEARSON |
Graduate capabilities & intended learning outcomes
01. Apply consumer and produce theory using calculus and graphical analysis to derive simple demand and supply functions and market equilibria.
- Activities:
- - Modelling of processes in lectures - Pre-tutorial/test preparation-in-class discussion and reflection-reporting to group-tutor/lecturer feedback - Tutorial group work and presentations - Application of solution sheets to independent problem-solving exercises
- Related graduate capabilities and elements:
- Creative Problem-solving(Creative Problem-solving)
- Critical Thinking(Critical Thinking)
- Inquiry/ Research(Inquiry/ Research)
02. Use economic analysis to assess welfare changes resulting from economic policy
- Activities:
- - Modelling of processes in lectures - Pre-tutorial/test preparation-in-class discussion and reflection-reporting to group-tutor/lecturer feedback - Tutorial group work and presentations - Application of solution sheets to independent problem-solving exercises
- Related graduate capabilities and elements:
- Creative Problem-solving(Creative Problem-solving)
- Inquiry/ Research(Inquiry/ Research)
- Critical Thinking(Critical Thinking)
03. Independently solve practical problems in microeconomics and discuss the solutions in relation to economic policy
- Activities:
- - Modelling of processes in lectures - Pre-tutorial/test preparation-in-class discussion and reflection-reporting to group-tutor/lecturer feedback - Tutorial group work and presentations - Application of solution sheets to independent problem-solving exercises
- Related graduate capabilities and elements:
- Inquiry/ Research(Inquiry/ Research)
- Critical Thinking(Critical Thinking)
- Creative Problem-solving(Creative Problem-solving)
04. Apply appropriate mathematical techniques to a range of problems in microeconomics
- Activities:
- - Modelling of processes in lectures - Pre-tutorial/test preparation-in-class discussion and reflection-reporting to group-tutor/lecturer feedback - Tutorial group work and presentations - Application of solution sheets to independent problem-solving exercises
- Related graduate capabilities and elements:
- Creative Problem-solving(Creative Problem-solving)
- Critical Thinking(Critical Thinking)
05. Interact effectively in groups on a weekly basis to work towards the above four ILOs
- Activities:
- Tutorial group work and presentations
- Related graduate capabilities and elements:
- Inquiry/ Research(Inquiry/ Research)
Subject options
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Melbourne, 2015, Semester 1, Day
Overview
Online enrolmentYes
Maximum enrolment sizeN/A
Enrolment information
Subject Instance Co-ordinatorBuly Cardak
Class requirements
LectureWeek: 10 - 22
One 2.0 hours lecture per week on weekdays during the day from week 10 to week 22 and delivered via face-to-face.
TutorialWeek: 10 - 22
One 1.0 hours tutorial per week on weekdays during the day from week 10 to week 22 and delivered via face-to-face.
WorkShopWeek: 10 - 22
One 1.0 hours workshop per week on weekdays during the day from week 10 to week 22 and delivered via face-to-face.
Assessments
| Assessment element | Comments | % | ILO* |
|---|---|---|---|
| Two mid-semester tests | 40 | 01, 02, 03, 04 | |
| one 2-hour final examination | 50 | 01, 02, 03, 04 | |
| tutorial assessment | equivalent to 1500-words | 10 | 01, 02, 03, 04, 05 |