This is a more advanced course than the typical intermediate (second year) microeconomics course taught in an economics major.  While there is considerable emphasis on the techniques used to formally analyse economic problems, the main focus is to establish and understand the basic economic principles that lie behind resource allocation in private market economies.  Emphasis is placed on problem solving as a way to reinforce the lecture material, and explanations are sought for the economic intuition.

Upon successful completion of this course, students will:

• understand the way budget constrained individuals and profit maximising firms make optimising choices, and the way resources are allocated in private markets;
• be able to use formal analysis to evaluate the effects government interventions and other exogenous changes in markets;
• be introduced to the impact of non-competitive behavious on private market outcomes;
• use basic mathematics to formally analyse microeconomic problems, and have the ability to explain the economic intuition for the results;
• be introduced to general equilibrium analysis and applied welfare economics in preparation for more advanced study at the Masters level.

Two examinable tutorials will be held during the semester and a three (3) hour examination at the end of the semester. A set of questions will be provided at the beginning of each examinable tutorial with the written answers being marked and returned in the next tutorial.

10-12 per week

At least an average of 65% (or equivalent) in the final two years of an Australian undergraduate degree with introductory level courses in Economics, Statistics and Econometrics

Nicholson, Walter and Snyder, Christopher, Microeconomic Theory: Basic Principles and Extensions, Southwestern (10^th Edition), 2008.

Landsburg, Steven, E., Price Theory and Applications, West (3^rd Edition), 1995.
Pashigian, B., Peter, Price Theory and Applications, McGraw Hill, 1995

Please see Course Website