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Introductory Microeconomics (ECON10004)
Undergraduate level 1Points: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Semester 2
Overview
| Availability(Quotas apply) | Semester 1 Semester 2 |
|---|---|
| Fees | Look up fees |
This subject is an introduction to microeconomic theory and policy. Topics include the theory of perfectly competitive markets, welfare analysis and the role of government in the economy, theory of the firm (production and costs), game theory, and effects of market structure on resource allocation.
Intended learning outcomes
- Understand the operation of the economy, and to guide decision-making by individuals, businesses and government in solving the key economic problem of meeting unlimited wants with limited resources
- Explain the concepts of market demand, supply and equilibrium; and apply the market model to explain the determination of prices, quantities and wellbeing
- Explain how market and social welfare outcomes are affected by changes in demand and supply, and by changes of government policy
- Explain in what circumstances and in what forms intervention by government in the operation of the economy can improve efficiency and social welfare
- Identify “strategic situations” in economic activity, and be able to analyse and predict outcomes of strategic situations
- Identify the main characteristics of different market structures, and describe and evaluate the nature of decisions and outcomes in the different market structures
- Explain the nature, role and limitations of theory and models in economic analysis
- Proceed to the study of other economics and commerce subjects that have a knowledge of introductory microeconomics as a prerequisite
Generic skills
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High level of development: written communication; problem solving; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information.
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Moderate level of development: oral communication; collaborative learning; team work; evaluation of data and other information; receptiveness to alternative ideas.
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Some level of development: statistical reasoning; use of computer software; accessing data and other information from a range of sources.
Last updated: 20 May 2023
Eligibility and requirements
Prerequisites
One of:
- Entry into the Bachelor of Commerce
- Entry into the Bachelor of Biomedicine
- Entry into the Bachelor of Science
OR
Both of:
- A study score of at least 25 in VCE English/English Language/Literature (Units 3 and 4), or equivalent, or at least 30 in ESL
- A study score of at least 25 in VCE Mathematical Methods (Units 3 and 4) or Specialist Mathematics (Units 3 and 4), or equivalent; OR MAST10012 Introduction to Mathematics (can be taken concurrently in order to meet prerequisite); OR both MAST10014 Foundation Mathematics 1 and MAST10015 Foundation Mathematics 2.
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| MAST10012 | Introduction to Mathematics |
Semester 1 (On Campus - Parkville)
Summer Term (Online)
|
12.5 |
| MAST10014 | Foundation Mathematics 1 | Semester 1 (On Campus - Parkville) |
12.5 |
| MAST10015 | Foundation Mathematics 2 | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 20 May 2023
Assessment
Additional details
- A 25-minute multiple choice test, in week 4 (5%)
- A 750-word assignment, due week 6 (10%)
- A 1250-word assignment, due week 10 (15%)
- A 2-hour end-of-semester examination (60%)
- Tutorial attendance and participation throughout the semester (10%)
- Successful completion of this subject requires a pass (50%) in the final exam
Last updated: 20 May 2023
Quotas apply to this subject
Dates & times
- Semester 1
Principal coordinators Tom Wilkening and Eik Leong Swee Mode of delivery On Campus (Parkville) Contact hours Two 1-hour lectures and a 1-hour tutorial per week Total time commitment 170 hours Teaching period 26 February 2018 to 27 May 2018 Last self-enrol date 9 February 2018 Census date 31 March 2018 Last date to withdraw without fail 4 May 2018 Assessment period ends 22 June 2018 Semester 1 contact information
- Semester 2
Principal coordinator Phillip McCalman Mode of delivery On Campus (Parkville) Contact hours Two 1-hour lectures and a 1-hour tutorial per week Total time commitment 170 hours Teaching period 23 July 2018 to 21 October 2018 Last self-enrol date 3 August 2018 Census date 31 August 2018 Last date to withdraw without fail 21 September 2018 Assessment period ends 16 November 2018 Semester 2 contact information
Time commitment details
An estimated total time commitment of at least 170 hours.
Additional delivery details
Please note that the Semester 1 & 2 offering of this subject has an enrolment quota:
- 1900 places only.
- Initial self-enrolment will be provisional, places will not be guaranteed until the selection process has been run.
- Students will be selected into the subject on a first-come, first-served basis with preference given to students undertaking the subject as a compulsory subject in their degree or a core subject in their major.
- Students taking the subject as breadth may be withdrawn and should consider enrolling in the subject in a subsequent semester.
Last updated: 20 May 2023
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Bachelor of Environments Major Economics Major Construction major Major Property major Breadth Track Quantitative Methods in Economics Breadth Track Global Economic Issues Breadth Track Contemporary Public Economic Policy - Breadth options
This subject is available as breadth in the following courses:
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Last updated: 20 May 2023