EFB228 Microeconomics
To view more information for this unit, select Unit Outline from the list below. Please note the teaching period for which the Unit Outline is relevant.
| Unit code: | EFB228 |
|---|---|
| Prerequisite(s): | 24 credit points of completed study |
| Equivalent(s): | EFB331, EFX331 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| CSP student contribution | $2,124 |
| Pre-2021 CSP student contribution | $1,663 The pre-2021 commonwealth supported place (CSP) contribution amount only applies to students enrolled in a course prior to 2021. To learn more, visit our Understanding your fees page. |
| Domestic tuition unit fee | $3,204 |
| International unit fee | $4,512 |
Unit Outline: Semester 1 2025, Gardens Point, Internal
| Unit code: | EFB228 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed study |
| Equivalent: | EFB331, EFX331 |
| Coordinators: | Tommy Tang | tt.tang@qut.edu.au |
Overview
This unit 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.
Learning Outcomes
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. [KS 1.1, HO 2.1]
- 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. [KS 1.1, HO 2.1]
- Analyse and evaluate the impacts of externalities and public goods on market outcomes and the role of Government in addressing problems of market failures. [KS 1.1, HO 2.1, SE 5.1]
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes. [KS 1.1, HO 2.1]
Content
This unit is concerned with the economic analysis of the decisions and actions of consumers, firms, and governments in modern economies. The unit is designed to develop critical thinking and understanding of microeconomic concepts. The list of topics includes:
- Consumer Behaviour
- Theory of the Firm
- Game Theory
- Market Structure: Monopoly, Perfect Competition and Oligopoly
- Externalities and Public Goods
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit makes use of applications where possible, to expound the economic principles involved and to demonstrate the applicability of microeconomics to "real world" issues.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with opportunity for questions from students.
A one-hour tutorial, organised in the format of a workshop is provided each week. The tutorial program consists of working on problems/questions designed to test basic understanding, critical analysis, higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The tutorial questions are based on real world examples and designed to prepare students for the assessments.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester, which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Problem Solving Task
Acting as an economist, you will apply your knowledge of microeconomic concepts to analyse consumer responses and the decisions and actions of various firms in diverse market structures and produce a series of responses to real world economic problems.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Quiz
A multiple choice quiz that assesses your application of knowledge of game theory, consumer responses and economic relationships between production and costs.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1)
Assessment: End of Semester Examination
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), SE (5.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements.
Costs
No additional costs.
Resources
The resources in the unit include prescribed texts and additional resources added to the unit's Canvas site.
Resource Materials
Prescribed text(s)
- Authors: Steven A. Greenlaw, Timothy Taylor
- Publisher/website: OpenStax
- Book title: Principles of Microeconomics
- Publication date: Mar 19, 2014
- Location: Houston, Texas
- Book URL: https://openstax.org/books/principles-microeconomics/pages/1-introduction
Other
Pindyck, Robert & Rubinfeld, Daniel (1998) Microeconomics, Prentice Hall.
Schotter, Andrew (2009) Microeconomics: A Modern Approach, South-Western.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.1): Critical Analysis
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, End of Semester Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
Unit Outline: Semester 1 2025, Online
| Unit code: | EFB228 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed study |
| Equivalent: | EFB331, EFX331 |
Overview
This unit 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.
Learning Outcomes
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. [KS 1.1, HO 2.1]
- 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. [KS 1.1, HO 2.1]
- Analyse and evaluate the impacts of externalities and public goods on market outcomes and the role of Government in addressing problems of market failures. [KS 1.1, HO 2.1, SE 5.1]
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes. [KS 1.1, HO 2.1]
Content
This unit is concerned with the economic analysis of the decisions and actions of consumers, firms, and governments in modern economies. The unit is designed to develop critical thinking and understanding of microeconomic concepts. The list of topics includes:
- Consumer Behaviour
- Theory of the Firm
- Game Theory
- Market Structure: Monopoly, Perfect Competition and Oligopoly
- Externalities and Public Goods
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit makes use of applications where possible, to expound the economic principles involved and to demonstrate the applicability of microeconomics to "real world" issues.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with opportunity for questions from students.
A one-hour tutorial, organised in the format of a workshop is provided each week. The tutorial program consists of working on problems/questions designed to test basic understanding, critical analysis, higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The tutorial questions are based on real world examples and designed to prepare students for the assessments.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester, which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Problem Solving Task
Acting as an economist, you will apply your knowledge of microeconomic concepts to analyse consumer responses and the decisions and actions of various firms in diverse market structures and produce a series of responses to real world economic problems.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Quiz
A multiple choice quiz that assesses your application of knowledge of game theory, consumer responses and economic relationships between production and costs.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1)
Assessment: End of Semester Examination
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), SE (5.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements.
Costs
No additional costs.
Resources
The resources in the unit include prescribed texts and additional resources added to the unit's Canvas site.
Resource Materials
Prescribed text(s)
- Authors: Steven A. Greenlaw, Timothy Taylor
- Publisher/website: OpenStax
- Book title: Principles of Microeconomics
- Publication date: Mar 19, 2014
- Location: Houston, Texas
- Book URL: https://openstax.org/books/principles-microeconomics/pages/1-introduction
Other
Pindyck, Robert & Rubinfeld, Daniel (1998) Microeconomics, Prentice Hall.
Schotter, Andrew (2009) Microeconomics: A Modern Approach, South-Western.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.1): Critical Analysis
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, End of Semester Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , Quiz , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
Unit Outline: Semester 2 2025, Gardens Point, Internal
| Unit code: | EFB228 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed study |
| Equivalent: | EFB331, EFX331 |
| Coordinators: | Dipa Sarkar | dipanwita.sarkar@qut.edu.au |
Overview
This unit 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.
Learning Outcomes
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. [KS 1.1, HO 2.1]
- 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. [KS 1.1, HO 2.1]
- Analyse and evaluate the impacts of externalities and public goods on market outcomes and the role of Government in addressing problems of market failures. [KS 1.1, HO 2.1, SE 5.1]
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes. [KS 1.1, HO 2.1]
Content
This unit is concerned with the economic analysis of the decisions and actions of consumers, firms, and governments in modern economies. The unit is designed to develop critical thinking and understanding of microeconomic concepts. The list of topics includes:
- Consumer Behaviour
- Theory of the Firm
- Game Theory
- Market Structure: Monopoly, Perfect Competition and Oligopoly
- Externalities and Public Goods
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit makes use of applications where possible, to expound the economic principles involved and to demonstrate the applicability of microeconomics to "real world" issues.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with opportunity for questions from students.
A one-hour tutorial, organised in the format of a workshop is provided each week. The tutorial program consists of working on problems/questions designed to test basic understanding, critical analysis, higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The tutorial questions are based on real world examples and designed to prepare students for the assessments.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester, which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Problem Solving Task
Acting as an economist, you will apply your knowledge of microeconomic concepts to analyse consumer responses and the decisions and actions of various firms in diverse market structures and produce a series of responses to real world economic problems.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: End of Semester Examination
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), SE (5.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements.
Costs
No additional costs.
Resources
The resources in the unit include prescribed texts and additional resources added to the unit's Canvas site.
Resource Materials
Prescribed text(s)
- Authors: Steven A. Greenlaw, Timothy Taylor
- Publisher/website: OpenStax
- Book title: Principles of Microeconomics
- Publication date: Mar 19, 2014
- Location: Houston, Texas
- Book URL: https://openstax.org/books/principles-microeconomics/pages/1-introduction
Other
Pindyck, Robert & Rubinfeld, Daniel (1998) Microeconomics, Prentice Hall.
Schotter, Andrew (2009) Microeconomics: A Modern Approach, South-Western.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.1): Critical Analysis
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, End of Semester Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
Unit Outline: Semester 2 2025, Online
| Unit code: | EFB228 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed study |
| Equivalent: | EFB331, EFX331 |
Overview
This unit 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.
Learning Outcomes
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. [KS 1.1, HO 2.1]
- 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. [KS 1.1, HO 2.1]
- Analyse and evaluate the impacts of externalities and public goods on market outcomes and the role of Government in addressing problems of market failures. [KS 1.1, HO 2.1, SE 5.1]
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes. [KS 1.1, HO 2.1]
Content
This unit is concerned with the economic analysis of the decisions and actions of consumers, firms, and governments in modern economies. The unit is designed to develop critical thinking and understanding of microeconomic concepts. The list of topics includes:
- Consumer Behaviour
- Theory of the Firm
- Game Theory
- Market Structure: Monopoly, Perfect Competition and Oligopoly
- Externalities and Public Goods
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit makes use of applications where possible, to expound the economic principles involved and to demonstrate the applicability of microeconomics to "real world" issues.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with opportunity for questions from students.
A one-hour tutorial, organised in the format of a workshop is provided each week. The tutorial program consists of working on problems/questions designed to test basic understanding, critical analysis, higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The tutorial questions are based on real world examples and designed to prepare students for the assessments.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester, which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Problem Solving Task
Acting as an economist, you will apply your knowledge of microeconomic concepts to analyse consumer responses and the decisions and actions of various firms in diverse market structures and produce a series of responses to real world economic problems.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: End of Semester Examination
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), SE (5.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements.
Costs
No additional costs.
Resources
The resources in the unit include prescribed texts and additional resources added to the unit's Canvas site.
Resource Materials
Prescribed text(s)
- Authors: Steven A. Greenlaw, Timothy Taylor
- Publisher/website: OpenStax
- Book title: Principles of Microeconomics
- Publication date: Mar 19, 2014
- Location: Houston, Texas
- Book URL: https://openstax.org/books/principles-microeconomics/pages/1-introduction
Other
Pindyck, Robert & Rubinfeld, Daniel (1998) Microeconomics, Prentice Hall.
Schotter, Andrew (2009) Microeconomics: A Modern Approach, South-Western.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.1): Critical Analysis
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, End of Semester Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, ULO3, ULO4, Problem Solving Task , End of Semester Examination - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, End of Semester Examination