Intermediate Microeconomics (9538.1)

This unit is designed to extend knowledge of the basic microeconomic principles that will provide the foundation for future work in economics and give insight into how economic models can help students think about important real world phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, and game theory. This unit presents a logical and coherent framework in which to organize observed economic phenomena. Several economic ¿models¿ are developed and analyzed in order to help explain and predict a wide variety of economic (and sometimes, seemingly non-economic) phenomena. Microeconomic theory is based on the notion that individuals (and firms) have well defined objectives (e.g., maximizing utility or profits) and behave systematically according to the incentives and constraints of their economic environment.

Learning outcomes

Upon successful completion of this unit, students will be able to:
1. Explain the standard theory in microeconomics at an intermediate level;

2. Explain and use the basic tools of microeconomic theory, and apply them to help address problems in public policy;
3. Analyze the role of markets in allocating scarce resources;
4. Synthesize the impact of government intervention in the market;
5. Demonstrate quantitative skills in economic cost and consumer analysis using calculus;
6. Compare and contrast arguments concerning business and politics, and make good conjectures regarding the possible solutions;
7. Analyze the economic behaviour of individuals and firms; and
8. Apply basic tools that used in fields of economics, including household economics, labour economics, production theory, international economics, natural resource economics, public finance, and capital markets.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Prerequisites

9518 Foundations of Microeconomics OR 6355 Introduction to Economics

Corequisites

None.

Incompatible units

6382 Intermediate Microeconomics

Equivalent units

6382 Intermediate Microeconomics

Assumed knowledge

None.