Intermediate Microeconomics

This subject examines the development of the microeconomic theory of the behaviour of economic agents and how the behaviour of economic agents and government influence the efficiency of the economy. Topics include perfect competition, general equilibrium, market power, intertemporal decision making, decision making under uncertainty and imperfect information.

• 1Explain the core microeconomic theories of the consumer and the firm;
• 2Identify the usefulness and limitations of these theories;
• 3Apply microeconomic theories to economic problems faced by business, government and other decision makers under different assumptions about market structure and under different assumptions about available information;
• 4Critically evaluate the role of markets and governments in solving the economic problems facing societies;
• 5Apply economic tools to the analysis and solution of selected decision problems facing businesses; and
• 6Synthesise theory and practice in the context of selected public policy issues.