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This subject examines the development of the microeconomic theory of the behaviour of economic agents and how the behaviour of economic agents and government influence the efficiency of the economy. Topics include perfect competition, general equilibrium, market power, intertemporal decision making, decision making under uncertainty and imperfect information.
Intended learning outcomes
On successful completion of this subject students should be able to:
- Explain the core microeconomic theories of the consumer and the firm;
- Identify the usefulness and limitations of these theories;
- Apply microeconomic theories to economic problems faced by business, government and other decision makers under different assumptions about market structure and under different assumptions about available information;
- Critically evaluate the role of markets and governments in solving the economic problems facing societies;
- Apply economic tools to the analysis and solution of selected decision problems facing businesses; and
- Synthesise theory and practice in he context of selected public policy issues
High level of development: oral communication; written communication; collaborative learning; problem solving; team work; application of theory to practice; interpretation and analysis; critical thinking.
Moderate level of development: synthesis of data and other information; evaluation of data and other information; receptiveness to alternative ideas.
Some level of development: statistical reasoning.
Last updated: 21 January 2021