Microeconomics (ECON30010)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Availability
Semester 1
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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

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

  • 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.

Last updated: 9 April 2025

Eligibility and requirements

Prerequisites

All of

Code Name Teaching period Credit Points
ECON20001 Intermediate Macroeconomics
Semester 2 (On Campus - Parkville)
 12.5
ECON20002 Intermediate Microeconomics
Summer Term (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 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.

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: 9 April 2025

Assessment

DescriptionTimingPercentage

Five Assignments

  • 2000 words (total)
Throughout the teaching period35%

End-of-semester examination

  • 2 hours
During the examination period65%

Last updated: 9 April 2025

Dates & times

  • Semester 1
    Principal coordinatorGeorgy Artemov
    Mode of deliveryOn Campus (Parkville)
    Contact hoursTwo 1-hour lectures and one 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period26 February 2024 to 26 May 2024
    Last self-enrol date 8 March 2024
    Census date 3 April 2024
    Last date to withdraw without fail 3 May 2024
    Assessment period ends21 June 2024

    Semester 1 contact information

    Georgy Artemov: gartemov@unimelb.edu.au

Time commitment details

170 Hours

What do these dates mean

Visit this webpage to find out about these key dates, including how they impact on:

  • Your tuition fees, academic transcript and statements.
  • And for Commonwealth Supported students, your:
       -  Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
     

    Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.

Last updated: 9 April 2025

Further information

Last updated: 9 April 2025