Building upon material introduced in Microeconomics 1, this course aims to provide a solid understanding of basic microeconomic theory and the ability to apply those tools and ideas. Models describing the economic behaviour of individual decision-makers and the outcomes of markets are developed and applied to examine the welfare of market participants. Questions addressed include: What influences consumer demand decisions and how? How do firms decide on how much to produce and how much inputs to use? How do prices function to coordinate economic activity? What is meant by economic efficiency? When do markets fail to achieve efficient outcomes? Training in economic analysis is achieved via weekly tutorials that go over problem sets linked to material presented in lecture. Overall, the course takes an analytical approach emphasising rigorous logical reasoning and economic problem solving.
Upon successful completion, students will have the knowledge and skills to:
- describe the main microeconomic/neoclassical theory of consumer and producer behaviour
- apply economic concepts to solve for choices made by consumers and producers
- assess the economic efficiency of market outcomes for different market structures, in the presence of externalities, and/or when influenced by government intervention
- compare and contrast the information needed for markets or for the government to allocate resources efficiently
- Assessment will consist of a Final Exam, mid-semester exam(s), quizzes, assignment or some combination thereof. See the Class Summary for details. (100) [LO null]
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130 hours in total over the semester consisting of lectures, tutorials and private study time.
Requisite and Incompatibility
See Class Summary
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees.
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- 6 units
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Offerings, Dates and Class Summary Links
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Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.
|Class number||Class start date||Last day to enrol||Census date||Class end date||Mode Of Delivery||Class Summary|
|4088||19 Feb 2024||26 Feb 2024||31 Mar 2024||24 May 2024||In Person||N/A|