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Industrial Economics (ECON30003)
Undergraduate level 3Points: 12.5Not available in 2022
From 2023 most subjects will be taught on campus only with flexible options limited to a select number of postgraduate programs and individual subjects.
To learn more, visit COVID-19 course and subject delivery.
Overview
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This subject is an introduction to the field of industrial organisation. Industrial organisation deals with the structure, management, and performance of firms and markets. It is concerned with firm behaviour and strategy, the implications of firm behaviour for economic efficiency, and the role public policy plays in promoting efficiency. Most of the time, models of perfect competition and monopoly fail to explain the composition and behaviour of most industries in modern capitalist economies. Our goal in this class is to depart from those two idealised models and to explain why industries are composed of a few large firms instead of many small ones. We will be looking at the strategic interactions between firms in a market, and analysing such market phenomena as price discrimination, product differentiation, price wars, mergers, vertical relationships between firms, advertising, entry and exit, and research and development. Whenever possible, we will try to study real-world applications of the theories that we learn in class.
Intended learning outcomes
- Explain and analyse the main issues and debates in the field of industrial economics
- Describe the workings of different market structures
- Critically evaluate different policy approaches to industry
- Analyse the value and the limitations of existing theory in the area of industry economics
- Explain the economic behaviour of different industries, firms and markets in relation to their output and pricing decisions
- Analyse and provide policy recommendations about monopolies, cartels, non-cooperative oligopolies and other forms of imperfect competition
- Critically evaluate the relationship between industrial structure and performance and the various approaches to innovation, entrepreneurship and industry policy
Generic skills
- High level of development: problem solving; application of theory to practice; interpretation and analysis; critical thinking.
- Moderate level of development: written communication; receptiveness to alternative ideas.
- Some level of development: oral communication; collaborative learning; team work; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources.
Last updated: 7 September 2023
Eligibility and requirements
Prerequisites
One of
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ECON20005 | Competition and Strategy | Semester 2 (Dual-Delivery - Parkville) |
12.5 |
| ECON30010 | Microeconomics | Semester 1 (Dual-Delivery - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
Inherent requirements (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
Last updated: 7 September 2023
Assessment
| Description | Timing | Percentage |
|---|---|---|
Assignment 1
| Week 4 | 6.67% |
Assignment 2
| Week 7 | 6.67% |
Assignment 3
| Week 11 | 6.67% |
End-of-semester examination
| During the examination period | 80% |
Additional details
Important online examination information: This examination is the equivalent of a 2-hour assessment; however, students are provided with 3-hours to accommodate the time that will be required for typesetting of mathematical expressions and the uploading of documents.
Last updated: 7 September 2023
Dates & times
Not available in 2022
Time commitment details
170 Hours
Last updated: 7 September 2023
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
- Related Handbook entries
This subject contributes to the following:
Type Name Major Economics - Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- Bachelor of Biomedicine
- Bachelor of Design
- Bachelor of Environments
- Bachelor of Fine Arts (Acting)
- Bachelor of Fine Arts (Animation)
- Bachelor of Fine Arts (Dance)
- Bachelor of Fine Arts (Film and Television)
- Bachelor of Fine Arts (Music Theatre)
- Bachelor of Fine Arts (Production)
- Bachelor of Fine Arts (Screenwriting)
- Bachelor of Fine Arts (Theatre)
- Bachelor of Fine Arts (Visual Art)
- Bachelor of Music
- Bachelor of Science
- 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: 7 September 2023