| 10cp Microeconomics 1 Prerequisites Nil Teaching Organisation 3 hours per week for 12 weeks or equivalent. An introduction to economics with particular emphasis on microeconomics Topics include the economic problem (scarcity and choice); the allocation of resources and economic efficiency; the market system, ¾ demand, supply and price formation; the theory of consumer demand (including income and substitution effects and utility analysis); competition in theory and practice; real world applications of market theory, including government intervention in the form of price controls, tariffs, etc; measures of elasticity; short-run and long-run production theory and analysis; the microeconomic basis of international trade (the theory of comparative advantage). Case studies, particularly Australian ones, are an integral part of the unit. Back to Bachelor of Arts(Business Studies) |