JQU0023 - Microeconomics

    Unit code: JQU0023 | Study level: TAFE
    City Campus
    Footscray Park


    In this unit students will be introduced to the major principles and concepts of microeconomics - the study of the economic behaviour of individual units of an economy, such as a person, household, firm, or industry. Students will explore the decisions made by firms and how their behaviour can be affected by the structure and characteristics of the industry in which they operate.

    Microeconomic models such as demand and supply, prefect competition, monopoly, the operation of the market mechanism and the causes of market failure are analysed. Government responses to market failure will also be investigated.

    Learning Outcomes

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

    1. Describe how prices are determined in a competitive market;
    2. Analyse firms' production decisions in the short-run and the long-run, based on costs and profits;
    3. Describe concentrated markets and their effects on the economy;
    4. Outline why market failure occurs and the consequences of market failure; and
    5. Examine the case for and against Government intervention in market failure.


    For Melbourne campuses

    Assessment type: Test
    Grade: 20%
    Multiple choice test
    Assessment type: Project
    Grade: 20%
    Analyse quantitative information on selected topic.
    Assessment type: Presentation
    Grade: 20%
    Commentary on a news media extract
    Assessment type: Assignment
    Grade: 40%
    Research on an allocated topic

    As part of a course

    This unit is studied as part of the following course(s):

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