Microeconomics examines how consumers and firms make decisions under conditions of scarcity and how they interact with each other in markets. It also examines the effects of government policy and actions on market outcomes. The economic way of thinking provides a decision-making framework for individuals, corporate managers, and policy-makers. This course aims to provide students with a solid understanding of basic microeconomic principles and the ability to apply those tools and ideas. Topics include comparative advantage, consumer and firm decision-making, supply and demand, market structure, international trade, and market failure.

On successful completion of this unit you will be able to:

• Demonstrate a solid understanding of "the economic way of thinking".
• Demonstrate a solid understanding of the principles of supply and demand, including consumer and firm behaviour.
• Demonstrate a solid understanding of market structure, performance and failure.
• Be able to explain the effects of different government interventions in markets.
• Present in written form arguments using both economic reasoning and actual evidence.

1. Examinable Tutorial Tests (10%)

2. Short Essay (25%)

3. Mid-Semester Exam (25% - redeemable)

4. Final Exam - (40% or 65%)

The course will be delivered over 13 weeks, involving a 2-hour lecture and a 1.5-hour tutorial each week. Students will also be expected to spend a minimum of six hours per week reading the textbook, revising lecture notes and preparing for tutorials.

Robert Frank, Sarah Jennings and Ben S. Bernanke, 2011, Principles of Microeconomics, 3rd Edition, McGraw Hill Australia

The 1st and 2nd Australian editions and American editions of this text are also acceptable.

Delivery mode:

on campus, weekly based.