School Of Economics And FinanceMicroeconomic AnalysisWestern Sydney University Unit Code: 200056.1
Discipline: ECONOMICS
Student Contribution Band: 2
Level: 2
Credit Points: 10
Assumed Knowledge
Introduction to Economic Methods (or equivalent)
Prerequisite
200046 Microeconomics OR 61321 Microeconomics
About this Unit
In 2008, this unit replaced by 200530 Microeconomic Theory and Applications. This unit extends microeconomic analysis to alternative market structures, both theoretically and with case studies. Decision models such as price discrimination in segmented markets, advertising, game theories, auctions and decision making involving risk and uncertainty are examined. Input markets, in particular the labour market, are considered in detail. The final section considers the various possibilities of market failure, such as externalities, public goods, property rights (Coase's theorem), asymmetric information, adverse selection, moral hazard, principal-agent problem, and the efficiency wage.