EFB346 Market Structure and Regulation
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: | EFB346 |
|---|---|
| Prerequisite(s): | EFB228 or EFB223 |
| 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: | EFB346 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | EFB228 or EFB223 |
| Coordinator: | Gregory Kubitz | gregory.kubitz@qut.edu.au |
Overview
The profitability of firms, the prices faced by consumer, and the economic value of a market are determined by the market’s underlying structure. Market Structure and Regulation advances understanding of the sources of firms’ market power, its impact on consumer welfare and market efficiency, and the role of public policy in regulating markets. The unit enables you to use fundamental economics tools to analyse real world markets and regulations.
Learning Outcomes
On successful completion of this unit you will be able to:
- Analyse pricing and other forms of strategic behaviour on the part of firms, both when faced with complex patterns of consumer demand and when faced with strategic competitors.
- Identify sources of market power and analyse its impact on economic efficiency and consumer welfare.
- Critique both Australian and international regulatory policy with regards to competition and market power, considering theoretical, comparative and empirical perspectives to make recommendations.
- Apply teamwork knowledge and skills for collaborating effectively with peers. Relates to: UG Business Capabilities: TS (4.2)
- Communicate complex microeconomic theories and concepts effectively in written forms. Relates to: UG Business Capabilities: PC (3.1)
Content
The unit applies microeconomics concepts covered in (Intermediate) Microeconomics to the field of Industrial Organization. It takes a formal approach to analysing the way firms make production and sales decisions and interact strategically with each other in the marketplace. The unit focuses on the concept of market power and the tension it creates between increased firm profits and decreased market efficiency. The role of competition regulators, such at the ACCC in Australia, in response to the presence or potential threat of excess market power is highlighted throughout the unit. The list of topics of includes:
- Monopoly markets and their regulation
- Markets with imperfect competition
- Horizontal relations, collusion, and mergers
- Market foreclosure and maintenance of market power
- Vertical relations and restraints
- Network effects
Learning Approaches
Active student involvement is needed to develop theoretical, empirical and applied knowledge and skills in this advanced area of economics. Policy analysis fosters social and ethical understanding while working with more conceptual materials helps advance critical analysis and more mature thinking.
In accordance with QUT policy, all units will be subject to Criterion Referenced Assessment (CRA). The Unit Coordinator will provide students with further details regarding CRA during the course of the semester.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with some opportunity for questions from students.
A one-hour tutorial, organised in the format of a workshop is provided each week. The tutorial program depends integrally on student preparation of solutions to set questions, prior to the tutorial. The questions are designed to test basic understanding, critical analysis, and higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The questions used for the tutorial program are also designed to prepare students for the end-of-semester examination.
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 the 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);
- 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: Consultation Report
Acting as a team of economic consultants, you will investigate a contemporary policy issue and provide recommendations to the relevant regulatory authority. You will then reflect on the teamwork process.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Problem Solving Task
Problem-solving/discussion oriented exercises based on material covered in the unit.
Assessment: End of Semester Exam
Problem-solving/discussion oriented exercises 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 this unit include a prescribed text and additional resources added to the Canvas site.
Resource Materials
Prescribed text(s)
Cabral, Luis M. B., (2017) 2nd Edition, Introduction to Industrial Organization, The MIT Press.
Recommended text(s)
Kwoka Jr, John E & White, Lawrence J., (2019) 7th edition, The Antitrust Revolution, Oxford University Press.
Other
A Canvas site for EFB346 has been developed. Students must refer to it regularly for important updates and announcements. It contains links to many additional resources that are pertinent to this unit, including downloadable lecture notes, recordings, tutorial questions, and answer keys.
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, Consultation Report, End of Semester Exam
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO3, Consultation Report
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, End of Semester Exam
KS (1.2): Technical and Technological Skills
Relates to: End of Semester Exam
PC (3.1): Professional Communication (Written)
Relates to: ULO5, Consultation Report
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, Consultation Report
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: End of Semester Exam - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: End of Semester Exam - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: Consultation Report, End of Semester Exam - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: Consultation Report - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO5, Consultation Report - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: Consultation Report
Unit Outline: Semester 1 2024, Online
| Unit code: | EFB346 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | EFB228 or EFB223 |
Overview
The profitability of firms, the prices faced by consumer, and the economic value of a market are determined by the market’s underlying structure. Market Structure and Regulation advances understanding of the sources of firms’ market power, its impact on consumer welfare and market efficiency, and the role of public policy in regulating markets. The unit enables you to use fundamental economics tools to analyse real world markets and regulations.
Learning Outcomes
On successful completion of this unit you will be able to:
- Analyse pricing and other forms of strategic behaviour on the part of firms, both when faced with complex patterns of consumer demand and when faced with strategic competitors.
- Identify sources of market power and analyse its impact on economic efficiency and consumer welfare.
- Critique both Australian and international regulatory policy with regards to competition and market power, considering theoretical, comparative and empirical perspectives to make recommendations.
- Apply teamwork knowledge and skills for collaborating effectively with peers. Relates to: UG Business Capabilities: TS (4.2)
- Communicate complex microeconomic theories and concepts effectively in written forms. Relates to: UG Business Capabilities: PC (3.1)
Content
The unit applies microeconomics concepts covered in (Intermediate) Microeconomics to the field of Industrial Organization. It takes a formal approach to analysing the way firms make production and sales decisions and interact strategically with each other in the marketplace. The unit focuses on the concept of market power and the tension it creates between increased firm profits and decreased market efficiency. The role of competition regulators, such at the ACCC in Australia, in response to the presence or potential threat of excess market power is highlighted throughout the unit. The list of topics of includes:
- Monopoly markets and their regulation
- Markets with imperfect competition
- Horizontal relations, collusion, and mergers
- Market foreclosure and maintenance of market power
- Vertical relations and restraints
- Network effects
Learning Approaches
Active student involvement is needed to develop theoretical, empirical and applied knowledge and skills in this advanced area of economics. Policy analysis fosters social and ethical understanding while working with more conceptual materials helps advance critical analysis and more mature thinking.
In accordance with QUT policy, all units will be subject to Criterion Referenced Assessment (CRA). The Unit Coordinator will provide students with further details regarding CRA during the course of the semester.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with some opportunity for questions from students.
A one-hour tutorial, organised in the format of a workshop is provided each week. The tutorial program depends integrally on student preparation of solutions to set questions, prior to the tutorial. The questions are designed to test basic understanding, critical analysis, and higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The questions used for the tutorial program are also designed to prepare students for the end-of-semester examination.
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 the 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);
- 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: Consultation Report
Acting as a team of economic consultants, you will investigate a contemporary policy issue and provide recommendations to the relevant regulatory authority. You will then reflect on the teamwork process.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Problem Solving Task
Problem-solving/discussion oriented exercises based on material covered in the unit.
Assessment: End of Semester Exam
Problem-solving/discussion oriented exercises 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 this unit include a prescribed text and additional resources added to the Canvas site.
Resource Materials
Prescribed text(s)
Cabral, Luis M. B., (2017) 2nd Edition, Introduction to Industrial Organization, The MIT Press.
Recommended text(s)
Kwoka Jr, John E & White, Lawrence J., (2019) 7th edition, The Antitrust Revolution, Oxford University Press.
Other
A Canvas site for EFB346 has been developed. Students must refer to it regularly for important updates and announcements. It contains links to many additional resources that are pertinent to this unit, including downloadable lecture notes, recordings, tutorial questions, and answer keys.
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, Consultation Report, End of Semester Exam
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO3, Consultation Report
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, End of Semester Exam
KS (1.2): Technical and Technological Skills
Relates to: End of Semester Exam
PC (3.1): Professional Communication (Written)
Relates to: ULO5, Consultation Report
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, Consultation Report
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: End of Semester Exam - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: End of Semester Exam - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: Consultation Report, End of Semester Exam - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: Consultation Report - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO5, Consultation Report - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: Consultation Report