THE UNIVERSITY OF MELBOURNE

ECON10004 - Introductory Microeconomics

Final Examination Guide and Notes 2024

Part 01. Revision Notes

Part 02. Sample Final Examination Paper

Part 03. Suggested Solutions to Final Exam Paper

Part 04. Final Examination - Hints and Tips

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University of Melbourne - ECON10004: Introductory Microeconomics (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	University of Melbourne
Subject Code	ECON10004
Subject Name	Introductory Microeconomics
Study Level	Undergraduate
Notes Title	Final Examination Guide and Notes
Page Length	121

Reinforce and practise the skills learned with step-by-step support from our best tutors in ECON10004: Introductory Microeconomics - University of Melbourne, helping you achieve your maximum potential. This is a complete revision guide that covers everything for the subject, providing a comprehensive evaluation of all examinable topics. Every learning outcome that can be tested is explored in-depth, and diagrams are provided to aid retention. This guide is extremely helpful for you in revising all the topics and preparing for the exam.

This subject, Introductory Microeconomics (ECON10004) - is an introduction to microeconomic theory and policy. Topics include the theory of perfectly competitive markets, welfare analysis and the role of government in the economy, theory of the firm (production and costs), game theory, and effects of market structure on resource allocation.

✔ On successful completion of the subject, you should be able to:

Understand the operation of the economy, and to guide decision-making by individuals, businesses and government in solving the key economic problem of meeting unlimited wants with limited resources.
Explain the concepts of market demand, supply and equilibrium; and apply the market model to explain the determination of prices, quantities and wellbeing.
Explain how market and social welfare outcomes are affected by changes in demand and supply, and by changes of government policy.
Explain in what circumstances and in what forms intervention by government in the operation of the economy can improve efficiency and social welfare.
Identify “strategic situations” in economic activity, and be able to analyse and predict outcomes of strategic situations.
Identify the main characteristics of different market structures, and describe and evaluate the nature of decisions and outcomes in the different market structures.
Explain the nature, role and limitations of theory and models in economic analysis.
Proceed to the study of other economics and commerce subjects that have a knowledge of introductory microeconomics as a prerequisite.

SUBJECT CODE	SUBJECT NAME
ACCT10001	Accounting Reports and Analysis
ACCT10002	Introductory Financial Accounting
ACCT20001	Cost Management
BLAW10001	Principles of Business Law
BLAW30002	Taxation Law I
ECOM20001	Econometrics 1
ECOM30002	Econometrics 2
ECON10003	Introductory Macroeconomics
ECON10004	Introductory Microeconomics
ECON10005	Quantitative Methods 1
ECON20002	Intermediate Microeconomics
ECON20003	Quantitative Methods 2
FNCE10002	Principles of Finance
FNCE20005	Corporate Financial Decision Making
FNCE30001	Investments
FNCE30007	Derivative Securities
FNCE40001	Advanced Corporate Finance
MAST20005	Statistics
MGMT10002	Principles of Management
MKTG10001	Principles of Marketing

University of Melbourne - ECON10004: Introductory Microeconomics (Solutions)

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