Monash University - ECC2000: Intermediate Microeconomics

Overview:

This unit develops understanding of individual decision making in consumption and production. It introduces theory of consumer choice, including applications to income-leisure choice. In the theory of production, it develops the concept of allocative efficiency and implications for input pricing. Various market structures are analysed: competition, monopoly, monopolistic competition and oligopoly. The unit discusses market failures and relevant microeconomic policies.

✔ Learning Outcomes:

On successful completion of this unit, you should be able to:

• understand how markets work, and how prices work to allocate resources
• understand the basic principles of how people make economic decisions, how they interact economically, and how the economy as a whole works
• understand the role of public policy, and the constraints on its operation, when markets fail
• understand how firms are organised and make decisions
• have developed learning skills and begun to acquire the techniques of thinking like an economist
• have sufficient grounding to attempt advanced studies in microeconomics in subsequent years