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Microeconomics (ECON30010)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Year of offer2019
Subject levelUndergraduate Level 3
Subject codeECON30010
Campus
Parkville
Availability
Semester 1
FeesSubject EFTSL, Level, Discipline & Census Date

The objectives of the subject are to introduce new techniques of microeconomic analysis; and to study applications of microeconomic theory to a range of situations involving behaviour of consumers and firms, and market interaction. Topics include game theory and oligopoly, economics of information, behaviour under uncertainty and general equilibrium analysis.

Intended learning outcomes

  • Distinguish between positive and normative issues;
  • Appreciate the purpose of models and the inevitable limitation of every model;
  • Apply formal models to analyse positive problems and answer normative questions;
  • Identify the conditions under which markets can be expected to work satisfactorily, and the conditions under which they cannot;
  • Apply thorough economic reasoning to shed light on ongoing policy debates;
  • Identify and analyse problems that arise from imperfect information including the phenomenon of adverse selection and the principle-agent problem;
  • Apply game theory techniques to analyse situations with strategic interactions, such as competition between firms with market power, provision of public goods, or between generals at war;
  • Apply advanced economic tools and reasoning to inform policy debates;
  • Identify the properties of standard competitive markets (consumer theory, producer theory, welfare theorems, decision making under uncertainty);
  • Understand Coase Theorem and its implications, which include transaction costs economics, for environmental policy, and market design.

Generic skills

  • High level of development: Economic reasoning; appreciation of the use of models; purpose and limitations of models; evaluate models; use models to analyse positive questions and to make normative evaluation of alternative policies;

  • Moderate level of development: Mathematical analysis, written communication; critical thinking; problem solving; and receptiveness to alternative ideas.

  • Some level of development: Independent thinking; solving new problems; constructing a coherent argument; apply economic reasoning to a variety of practical problems.

Eligibility and requirements

Prerequisites

Both of:

Code Name Teaching period Credit Points
ECON20002 Intermediate Microeconomics
Summer Term
Semester 1
12.5
ECON20001 Intermediate Macroeconomics
Semester 2
12.5

Corequisites

None

Non-allowed subjects

None

Recommended background knowledge

Please refer to Prerequisites and Corequisites. Students proceeding to an honours degree in economics are required to take this subject in the third year of their course and the subject has been designed accordingly. There are, however, no restrictions on entry to the subject which all third year economics students are welcome to take.

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

Assessment

Description

  • A 2-hour end-of-semester examination (65%)
  • 5 class assignments totalling approximately 2000 words due fortnightly (35%)
  • To pass this subject students must pass the end of semester examination.

Dates & times

  • Semester 1
    Principal coordinatorGeorgy Artemov
    Mode of deliveryOn Campus — Parkville
    Contact hoursTwo 1-hour lectures and a 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period 4 March 2019 to 2 June 2019
    Last self-enrol date15 March 2019
    Census date31 March 2019
    Last date to withdraw without fail10 May 2019
    Assessment period ends28 June 2019

    Semester 1 contact information

Time commitment details

170 Hours

Further information

  • Texts

    Prescribed texts

    You will be advised of prescribed texts by your lecturer

  • Subject notes

    Students proceeding to an honours degree in economics are required to take this subject in the third year of their course and the subject has been designed accordingly. There are, however, no restrictions on entry to the subject which all third year economics students are welcome to take.

  • Breadth options
  • 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.

  • Available to Study Abroad and/or Study Exchange Students

    This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.

Last updated: 1 May 2019