ECF1100: Microeconomics (Solutions) - Monash University

Overview:

This unit provides you with an introduction to microeconomics. You will be given the tools to understand basic economic ideas and to apply their learning to analyse economic applications in everyday life. It begins with an introduction to supply and demand and the basic forces that determine an equilibrium in a market economy. Next, it introduces a framework for learning about consumer behaviour and analysing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms’ behaviour. The final section of the unit provides an introduction to some of the more advanced topics that can be analysed using microeconomic theory, including consumer choice, and game theory.

✔ Learning Outcomes:

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

• evaluate the 'economic way of thinking' about a broad range of individual, business and government choices and decisions
• apply economic principles to evaluate economic institutions, economic decisions and performance
• recognise regulatory and political environments and how they impact on business.