Intermediate micro-economics expands on the concepts and ideas developed in the previous subject (ECON1001), building an applicable models and tools for empirical analysis. Students are introduced to microeconomic models of the market including the individual decision maker, the household and the firm in order to measure and understand market forces, constraints and failures. Additionally, students analyse the impact of Market Failure, Behavioral Economics, Public Policy, Market Power, Poverty and Welfare. By the end of the subject students should have an intermediate (more advanced) understanding of economic models and how to apply them to a number of important economic problems from business, industry, politics, society and the environment.
The course is designed for students who have successfully completed the introductory economics course (ECON1001) and extends microeconomic principles in order to analyse and model economic events at the local, national and international levels. While the mathematics requirement for the subject is not advanced, basic math is essential to be able to fully grasp and apply the material. This subject provides the entry point into the study of the more advanced economic specialisations such as behavioral or experimental economics, industrial organisation, labour economics, health economics, property economics, or game theory.
Availability2021 Course Timetables
Newcastle City Precinct
- Semester 1 - 2021
On successful completion of the course students will be able to:
1. Critically assess traditional approaches to theories of consumer and producer behaviour, 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.
3. Demonstrate a proficiency in utilising numerical and graphical techniques.
4. Apply microeconomic theory to explain and inform real world economic events and debates.
This course may include but is not limited to the following topics:
- Economic Models.
- Utility, Choice and Demand.
- Market Structures.
- Game Theory.
- Production, Costs and Supply.
- General Equilibrium and Welfare
- Market Failures.
- Behavioural Economics.
Students must have successfully completed ECON1001.
In Term Test: Take Home Exam 1
In Term Test: Take Home Exam 2
Formal Examination: Formal Exam
Newcastle City Precinct
Integrated Learning Session
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 prior to weekly workshops and then undertake an additional 6 hours of independent study per week that may include discussion groups or self-directed learning.
Face to Face On Campus 1 hour(s) per Week for Full Term starting in week 1
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.