Microeconomics - 2016

Unit summary

ECO10002

  • Level of Study: Undergraduate Level 1
  • Study load: 0.125 EFTSL
  • Delivery method: Fully Online
  • Prerequisites: Yes
  • Duration: 13 weeks
  • Government loans available: FEE-HELP, HECS-HELP
  • Availability for 2016: SP1 , SP3
  • Assessment: Invigilated Exam - (50-70%) , Test 1 - Ongoing (10-20%) - Learn more

Unit provided by

or
2016 Fees
AUD$
Domestic 1,305.00
HECS 1,305.00
International 1,555.00

The aim of the unit is to provide students with an introduction to how consumers and producers interact within markets, through the price mechanism, to allocate scarce resources. Economic models of perfect competition, monopoly, oligopoly (game theory) and monopolistic competition are developed. These are used to analyse the interaction between consumers and producers to determine price, output, profit and efficiency implications of market characteristics such as barriers to entry, number of buyers and sellers in the market, and types of products sold.

On successful completion of this unit, students will be able to:

  1. Identify the methodology used in economics
  2. Describe the nature of the economic problem, and the facilitating role of markets
  3. Describe why firms charge the prices and produce the quantities that they do; and what the industrial characteristics are that determine this
  4. Match variations in pricing and output behaviour with variations in industry structure and competitiveness
  5. Identify when firms are efficient and when they are not, and why
  6. Describe the situations in which market forces fail to allocate resources in a socially optimal manner (such as in the case of pollution and climate change); and indicate ways that government might be able to remedy market failure
  7. Evaluate and communicate solutions demonstrating an understanding of the economic, social and environment factors impacting on the problem
  8. Critically evaluate the application of economic principles to current situations
  • Invigilated Exam — (50-70%)
  • Test 1 — Ongoing (10-20%)
  • Test 2 — Mid Semester (20-30%)
For more information on invigilated exams see Exams and results

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:

  • Additional materials
  • Broadband access

This unit addresses the following topics.

NumberTopic
1Scarcity and opportunity cost
2Supply and demand
3Elasticity
4Behavioural economics
5Marginal cost and diminishing returns
6Alternate market structures
7Market failure
8The role of government

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

This unit is a core requirement in the following 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:

  1. 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.
  2. 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 Co-Op textbook list.

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

  • Microeconomics

    By:Hubbard, Garnett, Lewis

    ISBN: 9781486010226

    Format:Print

    Supplier:Go to The Co-op Bookshop


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