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 | $2,040 |
| Pre-2021 CSP student contribution | $1,597 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 | $3,024 |
| International unit fee | $4,176 |
Unit Outline: Semester 1 2024, Gardens Point, Internal
| Unit code: | EFB228 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed study |
| Equivalent: | EFB331, EFX331 |
| Coordinator: | 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
- 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
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes Relates to: UG Business Capabilities: 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
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.
COVID-19 restrictions may require changes to the planned Learning Approaches described here. Students should refer to the unit Canvas site for the latest information.
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
General Assessment Information
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);
- demonstrate your learning in order to achieve a final grade (summative assessment).
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.
This is an assignment for the purposes of an extension.
Assessment: Quiz
A multiple choice quiz that assesses your application of knowledge of game theory, consumer responses and economic relationships between production and costs.
Assessment: Examination (written)
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties 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.
You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to view the Emergency video.
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 , Examination (written)
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, Problem Solving Task , Quiz , Examination (written)
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
Unit Outline: Semester 1 2024, 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
- 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
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes Relates to: UG Business Capabilities: 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
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.
COVID-19 restrictions may require changes to the planned Learning Approaches described here. Students should refer to the unit Canvas site for the latest information.
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
General Assessment Information
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);
- demonstrate your learning in order to achieve a final grade (summative assessment).
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.
This is an assignment for the purposes of an extension.
Assessment: Quiz
A multiple choice quiz that assesses your application of knowledge of game theory, consumer responses and economic relationships between production and costs.
Assessment: Examination (written)
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties 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.
You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to view the Emergency video.
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 , Examination (written)
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, Problem Solving Task , Quiz , Examination (written)
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
Unit Outline: Semester 2 2024, Gardens Point, Internal
| Unit code: | EFB228 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed study |
| Equivalent: | EFB331, EFX331 |
| Coordinator: | 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
- 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
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes Relates to: UG Business Capabilities: 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
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.
COVID-19 restrictions may require changes to the planned Learning Approaches described here. Students should refer to the unit Canvas site for the latest information.
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
General Assessment Information
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);
- demonstrate your learning in order to achieve a final grade (summative assessment).
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.
This is an assignment for the purposes of an extension.
Assessment: Quiz
A multiple choice quiz that assesses your application of knowledge of game theory, consumer responses and economic relationships between production and costs.
Assessment: Examination (written)
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties 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.
You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to view the Emergency video.
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 , Examination (written)
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, Problem Solving Task , Quiz , Examination (written)
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
Unit Outline: Semester 2 2024, 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
- 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
- Use game theoretic concepts to solve various economic problems related to firm’s decision making processes Relates to: UG Business Capabilities: 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
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.
COVID-19 restrictions may require changes to the planned Learning Approaches described here. Students should refer to the unit Canvas site for the latest information.
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
General Assessment Information
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);
- demonstrate your learning in order to achieve a final grade (summative assessment).
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.
This is an assignment for the purposes of an extension.
Assessment: Quiz
A multiple choice quiz that assesses your application of knowledge of game theory, consumer responses and economic relationships between production and costs.
Assessment: Examination (written)
The examination will assess your application of knowledge and problem solving based on material covered in the unit.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties 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.
You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to view the Emergency video.
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 , Examination (written)
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, ULO3, Problem Solving Task , Quiz , Examination (written)
SE (5.1): Ethical and Legal Understanding
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)
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, Problem Solving Task , Quiz , Examination (written) - 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 , Examination (written) - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO3, Examination (written)