School Of Economics And FinanceMicroeconomicsWestern Sydney University Unit Code: 200046.1
Discipline: ECONOMICS
Student Contribution Band: 3
Level: 1
Credit Points: 10
Equivalent Units
61321.1 - Microeconomics OR H1732.1 - Microeconomics 1
Incompatible Units
D1023.1 - Economics for Technology Management (A) OR D1801.1 - Economics for Technology Management OR EC102A.1 - Principles of Economics OR 200076 - Introductory Economics
About this Unit
This unit is replaced by 200525 Principles of Economics in 2008. This unit is an introduction to economic concepts and economic method. The five central concepts of this unit develop in a logical sequence but are essentially an integrated whole. Foundation concepts include scarcity, opportunity cost, production possibilities, frontier, marginal analysis, incentives and equilibrium. Market mechanisms includes determinants of demand and supply, elasticity, welfare maximisation, effects of taxation and other government interventions, and static and dynamic equilibrium. Inside the firm investigates production, cost and revenue curves. Market structures covers perfect competition, monopolistic competition, and oligopoly and monopolistic competition. Market failure is analysed in relation to externalities and public goods. Throughout the unit theories are analysed and applied in the context of real-life contemporary economic problems.