|Course code ECON2500||Units 10||Level 2000||Faculty of Business and LawNewcastle Business School|
Microeconomics investigates the interaction of supply and demand in varying market conditions. Building upon your experience in ECON1001 and ECON1002, Microeconomics ll investigates the more specialised topics including theories of production and consumption, Paretian optimality conditions, market power and special aspects of imperfect competition. The microeconomic aspects of distribution theory, externalities and market failure, and economics of common property resources will be examined. Developing theories and models will engage you in inquiry modes and critical and adaptive thinking.
Not available in 2014
|Previously offered in 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004|
|Objectives||Upon successful completion of this course you will be able to:|
1. Develop a complex theory of production.
2. Generate a sophisticated theory of consumption demand.
3. Define optimal resource configuration.\
4. Analyse imperfectly competitive states and their implications.
5. Define market failure and externalities
6. Produce the model by incorporating market failure and common property resources.
7. Investigate, formulate and apply different theories and strategies to resolve economic problems.
8. Analyse, evaluate and synthesise both quantitative and qualitative information to inform problem solving process and argument.
|Content||This course covers some specialised microeconomic topics not covered in Microeconomics I. The following topics are amongst those considered:|
1. Theories of production and consumption.
2. Paretian optimality conditions.
3. Market power.
4. Special aspects of imperfect competition.
5. Microeconomic aspects of distribution theory.
6. Externalities and market failure.
7. Economics of comon property resources.
|Replacing Course(s)||Not applicable|
|Assumed Knowledge||ECON1100 and ECON1110 or ECON1001 and ECON1002|
|Modes of Delivery||Internal Mode|
|Contact Hours||Tutorial: for 1 hour(s) per Week for Full Term|
Lecture: for 2 hour(s) per Week for Full Term