This course builds on the microeconomic principles studied in the first year by extending students' knowledge and understanding of microeconomic phenomena and the environment within which consumers, firms, businesses and governments operate. The course provides microeconomic principles that can be applied to improve managerial decision making and the formulation of an effective public policy to improve the welfare of the citizenry. Topics include making choices under uncertainty, industry structures, markets for factors of production, firm strategy, organisational architecture or systems, market failure, regulation and firm governance. The course helps students to develop a critical thinking ability and a mastery of the theoretical and analytical tools as well as their application for solving real world microeconomic problems, thereby providing a basis for more specialised study of third year economics.
- Semester 1 - 2017
On successful completion of the course students will be able to:
1. Critically assess traditional approaches to consumer, producer and market structure theories and have insights into alternate perspectives.
2. Apply microeconomic concepts to inform business decisions and governance in the workplace and develop an appreciation of synergies with other disciplines in the business faculty.
3. Demonstrate a proficiency in utilising numerical and graphical techniques.
4. Work collaboratively when communicating microeconomic principles and their applications.
5. Apply microeconomic theory to explain and inform real world economic events and debates.
6. Comprehend how economics can be utilised to improve business competitiveness through strategic industry decisions and internal firm architecture.
This course may include but is not limited to the following topics:
- Markets and information.
- Market demand and production costs.
- Market structure and product pricing.
- Economics of firm strategy.
- Game theory and incentive contracts.
- The Labour market.
- Vertical integration and outsourcing.
- Firm architecture and evaluation.
- Internal governance in the firm.
- Government regulation and the firm
Presentation: Group Presentation and Summary Report
In Term Test: Class Test
Formal Examination: Formal Exam
Tutorial / Laboratory Exercises: Tutorial Exercises
Face to Face On Campus 2 hour(s) per Week for Full Term
Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.