Queensland University of Technology - EFB228: Microeconomics

This unit, Microeconomics (EFB228) - explores the economic analysis of and the interplay between the decisions and actions of consumers, firms and governments in modern economies.  The theoretical and empirical content of this unit provides a basis for understanding these decisions and actions with a focus on applications to real world contexts. You will develop the ability to understand and apply microeconomic concepts to a range of contemporary economic issues and problems at an intermediate level.  Further, the unit provides the basis for appreciation of a range of issues that can improve managerial decision-making to the formulation of public policy that can improve the welfare of the community. The unit prepares you for a major in economics and develops your ability to apply microeconomic knowledge and critical thinking skills to economic problems in real world contexts. 

✔ On successful completion of this unit you will be able to: 

• analyse the response of consumers to changes in price, income, and other important variables;
• demonstrate and apply knowledge of the economic relationships between production and costs to analyse and evaluate the price and output decisions of firms in diverse market structures;
• analyse and evaluate the impacts of externalities and public goods on market outcomes and the role of Government in addressing problems of market failures; and, 
• use game theoretic concepts to solve various economic problems related to firm’s decision making processes.