|Year of offer||2019|
|Subject level||Undergraduate Level 1|
|Fees||Subject 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
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
- Entry into the Bachelor of Commerce
- Entry into the Bachelor of Biomedicine
- Entry into the Bachelor of Science
- 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||
|MAST10014||Foundation Mathematics 1||
|MAST10015||Foundation Mathematics 2||
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
- 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 coordinators Tom Wilkening and Phillip McCalman 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
- Semester 2
Principal coordinator Eik Leong Swee 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 29 July 2019 to 27 October 2019 Last self-enrol date 9 August 2019 Census date 31 August 2019 Last date to withdraw without fail 27 September 2019 Assessment period ends 22 November 2019
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.
You will be advised of prescribed texts by your lecturer.
- 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 Exchange students
This subject is available to students studying at the University from overseas institutions on exchange and study abroad.