|Year of offer||2019|
|Subject level||Undergraduate Level 3|
|Fees||Subject 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.
- 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
|Code||Name||Teaching period||Credit Points|
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
- 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 coordinator Georgy Artemov 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 4 March 2019 to 2 June 2019 Last self-enrol date 15 March 2019 Census date 31 March 2019 Last date to withdraw without fail 10 May 2019 Assessment period ends 28 June 2019
Semester 1 contact information
Time commitment details
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.
- Related Handbook entries
- 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.