Microeconomic Theory (ECON5001)

UNIT OF STUDY

This unit presumes no prior exposure to economics and aims, by the end of the unit, to bring a proficiency equivalent to that of students with an intermediate level microeconomics unit in an Honours degree program. Many economic principles developed in this unit are routinely used in several other units in the program. Microeconomics studies how economic agents make choices in a variety of environments. The unit covers theory and applications of the principles of consumer choice, of firm behaviour, and of strategic interaction among economic agents. Equipped with these theories of decision making, students can address a range of interesting and important questions. Examples are: What market strategy should a firm adopt with its competitors? How might one create a market to deal with externalities such as pollution? What are the implications of different kinds of taxes? What compensation scheme will provide the right incentives to work?

Our courses that offer this unit of study

Further unit of study information

Classes

1x3hr seminar/week, 1x1hr non-compulsory tutorial/week

Assessment

Online quizzes equivalent to 1000wd (10%), 1x1.5hr Mid-semester test (35%), 1x2hr Final exam (55%),

Faculty/department permission required?

No

Unit of study rules

Prohibitions

ECON5003, ECON5000

Study this unit outside a degree

Non-award/non-degree study

If you wish to undertake one or more units of study (subjects) for your own interest but not towards a degree, you may enrol in single units as a non-award student.

Cross-institutional study

If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.