eco2cfc consumers, firms competition
CONSUMERS, FIRMS COMPETITION
ECO2CFC
2016
Credit points: 15
Subject outline
In Consumers, Firms and Competition you will learn about models of demand theory,producer theory, price determination, industry structure and some examples of welfare economics. Through lecture examples and tutorial homework, you will consolidate your economic knowledge from your first year economics subjects by learning how to model economic trade-offs with more advanced graphical and mathematical techniques.You will be able to model the behaviour of individuals, which drives demand,and the behaviour of firms, which drives supply. These tools will then be used to model, understand and predict outcomes in markets, predominantly in a partial equilibrium setting. You will acquire skills that will prepare you to undertake microeconomic policy analysis, driving critical attributes of La Trobe graduates in the discipline of Economics.
SchoolLa Trobe Business School
Credit points15
Subject Co-ordinatorYuji Tamura
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: global ed. (8th ed.) | Recommended | R. S. Pindyck & D. L. Rubinfeld (2015) | Pearson |
Graduate capabilities & intended learning outcomes
01. Understand and apply consumer theory to derive simple demand function
- Activities:
- Lectures, tutorials, prescribed reading, class discussion, maths workshops run by LTLT
- Related graduate capabilities and elements:
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Discipline -Specific Knowledge and Skills(Discipline-Specific Knowledge and Skills)
02. Understand and apply producer theory to derive a firm's supply function
- Activities:
- Lectures, tutorials, prescribed reading, class discussion, maths workshops run by LTLT
- Related graduate capabilities and elements:
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Discipline -Specific Knowledge and Skills(Discipline-Specific Knowledge and Skills)
03. Compute market equilibrium using calculus and graphical analysis
- Activities:
- Lectures, tutorials, prescribed reading, class discussion, maths workshops run by LTLT
- Related graduate capabilities and elements:
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Discipline -Specific Knowledge and Skills(Discipline-Specific Knowledge and Skills)
04. Describe different types of market structures and their implications for output and prices
- Activities:
- Lectures, tutorials, prescribed reading, class discussion, maths workshops run by LTLT
- Related graduate capabilities and elements:
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Discipline -Specific Knowledge and Skills(Discipline-Specific Knowledge and Skills)
05. Use economic analysis to assess welfare changes resulting from economic policy
- Activities:
- Lectures, tutorials, prescribed reading, class discussion, maths workshops run by LTLT
- Related graduate capabilities and elements:
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Inquiry and Analytical Skills(Critical Thinking,Creative Problem-solving)
- Discipline -Specific Knowledge and Skills(Discipline-Specific Knowledge and Skills)
Subject options
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Melbourne, 2016, Semester 1, Day
Overview
Online enrolmentYes
Maximum enrolment sizeN/A
Enrolment information
Subject Instance Co-ordinatorYuji Tamura
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: 11 - 22
One 1.0 hours tutorial per week on weekdays during the day from week 11 to week 22 and delivered via face-to-face.
WorkShopWeek: 10 - 21
One 1.0 hours workshop per week on weekdays during the day from week 10 to week 21 and delivered via face-to-face.
"Supplementary maths workshops are given by LTLT for those who are not confident in mathematical and graphical methods used in this subject. These workshops are not compulsory to attend."
Assessments
| Assessment element | Comments | % | ILO* |
|---|---|---|---|
| Small assignments | Online submission of selected tutorial exercises at the LMS website | 25 | 01, 02, 03, 04, 05 |
| Mid-semester test | 25 | 01, 02, 03, 04, 05 | |
| Final examination | Two hours to answer | 50 | 01, 02, 03, 04, 05 |