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Introductory Microeconomics (ECON10004)

Undergraduate level 1Points: 12.5On Campus (Parkville)

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Overview

Year of offer2018
Subject levelUndergraduate Level 1
Subject codeECON10004
Campus
Parkville
Availability(Quotas apply)
Semester 1
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

This subject is an introduction to microeconomic theory and policy. Topics include the theory of perfectly competitive markets, welfare analysis and the role of government in the economy, theory of the firm (production and costs), game theory, and effects of market structure on resource allocation.

Intended learning outcomes

  • Understand the operation of the economy, and to guide decision-making by individuals, businesses and government in solving the key economic problem of meeting unlimited wants with limited resources
  • Explain the concepts of market demand, supply and equilibrium; and apply the market model to explain the determination of prices, quantities and wellbeing
  • Explain how market and social welfare outcomes are affected by changes in demand and supply, and by changes of government policy
  • Explain in what circumstances and in what forms intervention by government in the operation of the economy can improve efficiency and social welfare
  • Identify “strategic situations” in economic activity, and be able to analyse and predict outcomes of strategic situations
  • Identify the main characteristics of different market structures, and describe and evaluate the nature of decisions and outcomes in the different market structures
  • Explain the nature, role and limitations of theory and models in economic analysis
  • Proceed to the study of other economics and commerce subjects that have a knowledge of introductory microeconomics as a prerequisite

Generic skills

  • High level of development: written communication; problem solving; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information.

  • Moderate level of development: oral communication; collaborative learning; team work; evaluation of data and other information; receptiveness to alternative ideas.

  • Some level of development: statistical reasoning; use of computer software; accessing data and other information from a range of sources.

Eligibility and requirements

Prerequisites

One of:

  • Entry into the Bachelor of Commerce
  • Entry into the Bachelor of Biomedicine
  • Entry into the Bachelor of Science

OR

Both of:

  • A study score of at least 25 in VCE English/English Language/Literature (Units 3 and 4), or equivalent, or at least 30 in ESL
  • A study score of at least 25 in VCE Mathematical Methods (Units 3 and 4) or Specialist Mathematics (Units 3 and 4), or equivalent; OR MAST10012 Introduction to Mathematics (can be taken concurrently in order to meet prerequisite); OR both MAST10014 Foundation Mathematics 1 and MAST10015 Foundation Mathematics 2.

Code Name Teaching period Credit Points
MAST10012 Introduction to Mathematics
Summer Term
Semester 1
12.5
MAST10014 Foundation Mathematics 1
Semester 1
12.5
MAST10015 Foundation Mathematics 2
Semester 2
12.5

Corequisites

None

Non-allowed subjects

None

Recommended background knowledge

Please refer to Prerequisites and Corequisites.

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 25-minute multiple choice test, in week 4 (5%)
  • A 750-word assignment, due week 6 (10%)
  • A 1250-word assignment, due week 10 (15%)
  • A 2-hour end-of-semester examination (60%)
  • Tutorial attendance and participation throughout the semester (10%)
  • Successful completion of this subject requires a pass (50%) in the final exam

Quotas apply to this subject

Dates & times

  • Semester 1
    Principal coordinatorsTom Wilkening and Eik Leong Swee
    Mode of deliveryOn Campus — Parkville
    Contact hoursTwo 1-hour lectures and a 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period26 February 2018 to 27 May 2018
    Last self-enrol date 9 February 2018
    Census date31 March 2018
    Last date to withdraw without fail 4 May 2018
    Assessment period ends22 June 2018

    Semester 1 contact information

  • Semester 2
    Principal coordinatorPhillip McCalman
    Mode of deliveryOn Campus — Parkville
    Contact hoursTwo 1-hour lectures and a 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period23 July 2018 to 21 October 2018
    Last self-enrol date 3 August 2018
    Census date31 August 2018
    Last date to withdraw without fail21 September 2018
    Assessment period ends16 November 2018

    Semester 2 contact information

Time commitment details

An estimated total time commitment of at least 170 hours.

Additional delivery details

Please note that the Semester 1 & 2 offering of this subject has an enrolment quota:

  • 1900 places only.
  • Initial self-enrolment will be provisional, places will not be guaranteed until the selection process has been run.
  • Students will be selected into the subject on a first-come, first-served basis with preference given to students undertaking the subject as a compulsory subject in their degree or a core subject in their major.
  • Students taking the subject as breadth may be withdrawn and should consider enrolling in the subject in a subsequent semester.

Further information

Last updated: 16 June 2018