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

Readings

Resource TypeTitleResource RequirementAuthor and YearPublisher
ReadingsMicroeconomics.PrescribedPindyck, Robert S. and Daniel L. RubinfeldLATEST 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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Start date between: and    Key dates

Melbourne, 2015, Semester 1, Day

Overview

Online enrolmentYes

Maximum enrolment sizeN/A

Enrolment information

Subject Instance Co-ordinatorBuly Cardak

Class requirements

Lecture Week: 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.

Tutorial Week: 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.

WorkShop Week: 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 elementComments% ILO*
Two mid-semester tests40 01, 02, 03, 04
one 2-hour final examination50 01, 02, 03, 04
tutorial assessmentequivalent to 1500-words10 01, 02, 03, 04, 05