Available in 2012
|Callaghan Campus||Semester 1|
Previously offered in 2013
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 an appreciation of the 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. Emphasis is given to the economies of information and choice under uncertainty, industry structures, markets for factors of production a, economic efficiency, market failure and the role of government. 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.
Upon successful completion of this course students will be able to:
1. Research and evaluate the impact of consumer behaviour upon the firm.
2. Demonstrate understanding of how scale impacts on production costs.
3. Relate how firms decide on the efficient combination of production inputs.
4. Assess how the external market environment influences firm performance.
5. Recognise and analyse the influence of government regulations on firm behaviour.
6. Comprehend how internal firm capabilities, reputation, and systems sustain competitiveness.
7. Explain how incentive, decision making and evaluation policies can improve firm profits.
8. Engage in collaborative work processes to research and communicate microeconomic principles.
This course may include but is not limited to the following topics:
1. Markets and information.
2. Market demand and production costs.
3. Market structure and product pricing.
4. Economics of firm strategy.
5. Game theory and incentive contracts.
6. The Labour market.
7. Vertical integration and outsourcing.
8. Firm architecture and evaluation.
9. Internal decision making in the firm.
10. Government regulation and the firm.
This course replaces ECON2500 Microeconomics II.
This course is not available to students who have completed ECON2500.
Modes of Delivery
Tutorial: for 1 hour(s) per Week for Full Term
Lecture: for 2 hour(s) per Week for Full Term