Microeconomics II

Course code ECON2500Units 10Level 2000Faculty of Business and LawNewcastle Business School

Microeconomics investigates the interaction of supply and demand in varying market conditions. Building upon your experience in ECON1001 and ECON1002, Microeconomics ll investigates the more specialised topics including theories of production and consumption, Paretian optimality conditions, market power and special aspects of imperfect competition. The microeconomic aspects of distribution theory, externalities and market failure, and economics of common property resources will be examined. Developing theories and models will engage you in inquiry modes and critical and adaptive thinking.

Not available in 2014

ObjectivesUpon successful completion of this course you will be able to:
1. Develop a complex theory of production.
2. Generate a sophisticated theory of consumption demand.
3. Define optimal resource configuration.\
4. Analyse imperfectly competitive states and their implications.
5. Define market failure and externalities
6. Produce the model by incorporating market failure and common property resources.
7. Investigate, formulate and apply different theories and strategies to resolve economic problems.
8. Analyse, evaluate and synthesise both quantitative and qualitative information to inform problem solving process and argument.
ContentThis course covers some specialised microeconomic topics not covered in Microeconomics I. The following topics are amongst those considered:
1. Theories of production and consumption.
2. Paretian optimality conditions.
3. Market power.
4. Special aspects of imperfect competition.
5. Microeconomic aspects of distribution theory.
6. Externalities and market failure.
7. Economics of comon property resources.
Replacing Course(s)Not applicable
Industrial Experience0
Assumed KnowledgeECON1100 and ECON1110 or ECON1001 and ECON1002
Modes of DeliveryInternal Mode
Teaching MethodsLecture
Assessment Items
Examination: FormalFinal exam during formal exam period.
Other: (please specify)Students must submit written answers to tutorial exercises.
Quiz - ClassIn-class test. Details in course outline.
Contact HoursTutorial: for 1 hour(s) per Week for Full Term