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This subject explains and provides illustrative applications of microeconomic theory of the behaviour of households, firms and government and how the behaviour of the private sector and the public sector influence the efficiency of the economy. Topics include consumer theory, producer theory, perfect competition and general equilibrium, market failures associated with market power, externalities and public goods.
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 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 the context of selected public policy issues.
On successful completion of this subject, students should have improved the following generic skills:
- 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: 18 December 2020