Microeconomic Analysis

The aim of this unit is to provide an economic analysis of consumer behaviour, producer behaviour and markets. Key concepts, theories and methods of modern economic analysis will be consolidated and applied to everyday economic issues and problems. Topics include: consumer theory; demand analysis; production and cost; perfect competition; microeconomic policies; monopoly; and oligopoly. Students will engage in a range of learning activities involving practical problem solving sessions, case study analysis, online learning activities, peer discussion and review, and self-reflection. Student learning will be guided and assessed by means of a test, a major industry/market study and a final examination.

Learning Outcomes

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

1. Critically reflect on behaviour, choices and decision of consumers with reference to a broad range of concepts, theories and methods of modern economic analysis;
2. Conceptualise how producers make business decisions based on cost and revenue;
3. Explain how resources are allocated in a market economy under various markets structures;
4. Critically evaluate how government policies affect consumers, producers and markets;
5. Exercise critical thinking and judgement in identifying and solving economic problems with intellectual independence; and
6. Research collaboratively and communicate economic knowledge in a clear and coherent manner in the form of a professional market/industry report.