MCDBus Part 2 - Subject Units

Diploma of Business Subject Units

Diploma of Business - Part 2

MCD2020 Microeconomics

Description

The purpose of Microeconomics Unit is to provide students with a good understanding of how individuals and firms make rational decisions when faced with scarcity. The key topics we study include demand, supply and market equilibrium, efficiency of the free market, market failure, profit maximising decisions in different market structures, and consumer choice and behavioral economics.

Prerequisites

Nil

Learning Outcomes

On completion of this unit, students should be able to:

1. Understand the main microeconomic issues associated with the decision
    making by individual consumers and firms
2. Understand concepts relating to the cost of production in both the short and
    long run
3. Explain the differences in price and output outcomes under different market
    structures in both the short and long run and the welfare implications of
    these outcomes
4. Describe the virtues and shortcomings of free markets
5. Have knowledge of remedies to overcome market failure

 

Assessment Task

Weighting

Within semester assessment

50%

Examination

50%



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