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Economics of Markets and Organisations (ECON90077)

Graduate courseworkPoints: 12.5Online

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Overview

Year of offer2019
Subject levelGraduate coursework
Subject codeECON90077
Availability
Term 2 - Online
Term 4 - Online
FeesSubject EFTSL, Level, Discipline & Census Date

The subject provides an introduction to the fundamentals of microeconomics and strategy, and applies this knowledge to a number of business and management issues. Topics to be covered include: the working of competitive markets and the determination of market prices and quantities; the organisation of the firm and various measures of the costs of production; business strategies and market outcomes in different market environments; and public policy towards business in the presence of “external costs” in production.

Intended learning outcomes

On successful completion of this subject students should be able to:

  • Explain the role of supply and demand in determining price in a competitive market;
  • Apply supply and demand analysis to economic and business strategy issues;
  • Explain how economies of scale, scope and learning determine the boundaries of a firm and market structure;
  • Identify the main characteristics of different market types, such as perfect competition, monopoly, monopolistic competition and oligopoly. Explain and analyse the nature of competitive behaviour in these markets and the implications for business strategy;
  • Apply economic models of business behaviour and markets to describe the main features of actual markets and to explain outcomes in actual markets, including prices and output levels, and business performance and profitability;
  • Identify strategic situations in business activity and be able to analyse and predict the outcomes of these strategic situations using game theory;
  • Identify the concepts of "external" costs and benefits that may be generated by consumption and production. Explain the nature of public policy in the form of taxation, quantitative restrictions and tradeable emissions permits that may be imposed on firms to correct for external costs in production where environmental pollution may have resulted.
  • Analyse and explain the implications of various measures of cost; and
  • Identify the concepts of "external" costs and benefits that may be generated by consumption and production. Explain the nature of public policy in the form of taxation, quantitative restrictions and tradeable emissions permits that may be imposed on firms to correct for external costs in production where environmental pollution may have resulted.

Generic skills

  • Evaluation of ideas, views and evidence;
  • Synthesis of ideas, views and evidence;
  • Strategic thinking;
  • Critical thinking;
  • Application of theory to economic policy and business decision making;
  • Accessing economic and other information;
  • Summary and interpretation of information;
  • Problem solving skills;
  • Written communication; and
  • Oral communication.

Last updated: 19 July 2019