MICROECONOMIC THEORY AND APPLICATIONS

ECO4MTA

2020

Credit points: 15

Subject outline

In this subject you will examine the key principles of microeconomic theory at an advanced undergraduate level. It covers some of the most important topics, concepts and methods used in modern microeconomic analysis. These include theory of optimal choice, duality in consumer demand, choice under uncertainty, and noncooperative game theory. They will be discussed in socioeconomic applications.

SchoolLa Trobe Business School

Credit points15

Subject Co-ordinatorYuji Tamura

Available to Study Abroad StudentsYes

Subject year levelYear Level 4 - UG/Hons/1st Yr PG

Exchange StudentsYes

Subject particulars

Subject rules

Prerequisites ECO3CMF & ECO1IQN

Co-requisitesN/A

Incompatible subjectsN/A

Equivalent subjectsN/A

Special conditionsN/A

Readings

Resource TypeTitleResource RequirementAuthor and YearPublisher
ReadingsAdvanced microeconomic theory, 3eRecommendedG. A. Jehle & P. J. Reny, 2011FINANCIAL TIMES PRENTICE HALL

Graduate capabilities & intended learning outcomes

01. Eplain the theory of rational individual choice under certainty and uncertainty, using mathematical symbols and diagrams.

Activities:
Lecture & Tutorial homework exercises
Related graduate capabilities and elements:
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Discipline -Specific Knowledge and Skills (Discipline-Specific Knowledge and Skills)

02. Use the theory of rational choice to analyse individual demand and supply in the non-strategic environment.

Activities:
Lecture & Tutorial homework exercises
Related graduate capabilities and elements:
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Discipline -Specific Knowledge and Skills (Discipline-Specific Knowledge and Skills)

03. Distinguish between different game-theoretic frameworks based on the time-frame and informational characteristics of the strategic interaction(s) under consideration.

Activities:
Lecture & Tutorial homework exercises
Related graduate capabilities and elements:
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Discipline -Specific Knowledge and Skills (Discipline-Specific Knowledge and Skills)

04. Predict potential outcomes by game-theoretically modelling situations that you come across.

Activities:
Lecture, Tutorial homework exercises & Small assignments
Related graduate capabilities and elements:
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Discipline -Specific Knowledge and Skills (Discipline-Specific Knowledge and Skills)

05. Explain the importance of information for individual decision making and theoretical predictions

Activities:
Lecture, Tutorial homework exercises & Small assignments
Related graduate capabilities and elements:
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Discipline -Specific Knowledge and Skills (Discipline-Specific Knowledge and Skills)

06. Synthesize the arguments in microeconomic theory papers in the process of reviewing the literature for your academic/practical work

Activities:
Small assignments
Related graduate capabilities and elements:
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Inquiry and Analytical Skills (Critical Thinking,Creative Problem-solving,Inquiry/Research)
Discipline -Specific Knowledge and Skills (Discipline-Specific Knowledge and Skills)

Subject options

Select to view your study options…

Start date between: and    Key dates

Melbourne, 2020, Semester 1, Day

Overview

Online enrolmentYes

Maximum enrolment sizeN/A

Enrolment information

Subject Instance Co-ordinatorYuji Tamura

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: 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.

Assessments

Assessment elementComments% ILO*
Tutorial based assignments (2500 words)For each tutorial, there is a set of exercises. Students are expected to do the exercises and prepare their answers before coming to the tutorial. Preparation for selected exercises is assessed. As the answers to the exercises are discussed in the tutorial, students get face to face feedback. Individual feedback is given when group discussion did not touch on individually specific aspects of prepared answe50 01, 02, 03, 04, 05, 06
One two-hour final examination (equivalent to 2000 words)50 01, 02, 03, 04, 05