Microeconomics
ECO100
Overview
Level of study: What does Undergraduate Level 1 mean?
Undergraduate Level 1
EFTSL: What does EFTSL mean?
0.125
Delivery Method: What does delivery method mean?
Fully Online
Prerequisites: What are the prerequisites?
Duration:
13 weeks
Domestic student fee:
$1,178.00 (AUD)
HECS student fee:
$1,178.00 (AUD)
International student fee:
$1,403.00 (AUD)
Description
ECO100 Microeconomics has two broad aims. The first is to help students to understand some of the basic tools and concepts of microeconomics and to apply those tools and concepts to a variety of economic issues faced by individuals, business, non-profit organisations and government. The second is to help students develop expertise in using an analytical approach to problem-solving which will benefit them in their personal and professional lives.
Prerequisites
Equivalent units
You cannot enrol in this unit if you have successfully completed any of the following unit(s) because they are considered academically equivalent:
- ECO11 — Principles of Economics (Previously Microeconomics 1)
Assessment
- Assignment 1 — (10%-20%)
- Assignment 2 — Workshop problems (10%-20%)
- Essay — (10%-20%)
- Invigilated Exam — (40%-60%) (50%)
- Quizzes — Short tests (10%-30%)
Learning Outcomes
At the completion of this unit students will be able to:
- appreciate the nature and significance of the key economic concept of opportunity cost and its relevance in a variety of contexts
- understand a range of economic concepts and their relevance to personal and professional decision-making
- understand and use graphical representations and economic models
- evaluate newspaper articles dealing with microeconomic issues
- apply economic concepts and reasoning to real-world issues facing government, business and consumers
- contribute to the ongoing debate about economic issues of interest to students.
Topics
This unit addresses the following topics.
| Number | Topic |
|---|---|
| 1 | Scarcity, choice and opportunity cost: economics: issues, methods and graphs. Scarcity, choice, opportunity cost and efficiency |
| 2 | Demand, supply and market equilibrium: demand and its determinants and supply and its determinants. Market equilibrium: price and quantity |
| 3 | Elasticity and applications of demand and supply: elasticity. Government intervention in markets |
| 4 | Costs of production: determining the firm's costs of production in the short run. The firm's long run costs |
| 5 | The determination of price and output in a perfectly competitive market: price and output determination in perfect competition |
| 6 | Price and output determination in alternative market structures: monopoly. Monopolistic competition. Oligopoly |
Study Resources
This unit is delivered using the following methods and materials:
Instructional Methods
- Discussion Forum/Discussion Board
- Online Quizzes/Tests
- Online assignment submission
- Streaming Multimedia
- Web links
Textbooks are subject to change within the academic year. Students are advised to purchase their books no earlier than one to two months before the start of a unit.
Click on the titles of the listed books below to find out more:
Required textbooks
Recommended textbooks
Relevant Courses
This unit is part of a major, minor, stream or specialisation in the following courses:
This unit may be eligible for credit towards other courses:
- Many undergraduate courses on offer through OUA include 'open elective' where any OUA unit can be credited to the course. You need to check the Award Requirements on the course page for the number of allowed open electives and any level limitations.
- In other cases, the content of this unit might be relevant to a course on offer through OUA or elsewhere. In order to receive credit for this unit in the course you will need to supply the provider institution with a copy of the Unit Profile in the approved format, which you can download here. Note that the Unit Profile is set at the start of the year, and if textbooks change this may not match the Unibooks textbook list.
