ECO110 Microeconomics (8)

CSU Discipline Area: Unallocated to a CSU Discipline code (OTHER)Unallocated to a CSU Discipline code (OTHER)Unallocated to a CSU Discipline code (OTHER)Unallocated to a CSU Discipline code (OTHER)Economics and Finance (ECFIN)

Duration: One session

Abstract:

This subject introduces a range of core microeconomic principles to students assuming no previous knowledge of economics. The subject covers the role of consumers and producers in the market system, and develops the perfect competition and monopoly models of market structure. The subject also covers the role of government as a regulator of market activity and selected aspects of contemporary market failure including public goods and externalities.

+ Subject Availability Modes and Locations

Session 1
Internal	Holmesglen
Distance	Wagga Wagga
Session 2
Internal	Holmesglen

Continuing students should consult the SAL for current offering details: ECO110

Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Enrolment restrictions:

Not available to students who have completed RMBU1639.

Objectives:

Upon successful completion of this subject, students should:

be able to explain core microeconomic principles and how they apply to the economic behaviour of consumers and producers;
work with basic economic models and express economic relations in graphical terms;
explain how the competitive market system works in contemporary Australia to address the basic economic questions of (a) how and (b) what to produce;
explore cases of imperfect competition focusing on pure monopoly and aspects of natural monopoly;
explain the role of government in the economy as a regulator of market activity; and
explain the central importance of market failure by studying the cases of (i) public goods and (ii) externalities.

Syllabus:

The subject will cover the following topics:

Scarcity, choice and the economic way of thinking; The elements of supply and demand in the market system; Introduction to consumer theory; Production theory and cost analysis in both the short run and the long run; The model of perfect competition in both the short run and long run; The model of pure monopoly; Natural monopoly and its regulation by government; Market failure including public goods and externalities.

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