Microeconomics for Business Decisions

University of Newcastle

Course Description

  • Course Name

    Microeconomics for Business Decisions

  • Host University

    University of Newcastle

  • Location

    Newcastle, Australia

  • Area of Study

    Business, Business Management, Economics

  • Language Level

    Taught In English

  • Course Level Recommendations

    Lower

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Host University Units

    10
  • Recommended U.S. Semester Credits
    3 - 4
  • Recommended U.S. Quarter Units
    4 - 6
  • Overview

    Description

    The study of Economics is essential for informing business decisions and public policy choice. This course applies microeconomic principles and tools to the management of firms, including both small price-taker firms as well as large dominant firms with market power. You will develop an understanding of the economic and political environment in which firms operate and begin to think strategically about firm-to-firm, firm-to-consumer, and firm-to-government interactions.

    Concepts that assist managers to operate strategically include learning about market failure, pricing strategies, cooperative behaviour, decision-making under uncertainty, reactions to competitors and government intervention. Also examined are the underlying reasons for the existence of cartels, collusion, price discrimination, regulation, and trade barriers.

    The course also addresses contemporary public policy issues that impact on firms, such as pollution, resource depletion, provision of public goods and services, rental controls, minimum wages, and taxes and subsidies. Designed for students from varied academic backgrounds, the course develops both communication and critical analysis attributes allowing you to evaluate numerous day-to-day economic events at the local, national and international scale.

    Learning Outcomes

    1. Utilise microeconomic theory and models to critically assess firm performance and government policy.

    2. Apply microeconomic concepts to inform business decisions in the workplace and develop an integrated understanding of other business orientated subjects.

    3. Connect the study of economics to global, political, social and environmental contexts.

    4. Employ both numerical and graphical techniques to support economic analysis.

    5. Engage effectively in oral and written communication appropriate to both context and audience.

    Content

    Lectures may include, but are not restricted to, the following topics:
    Economic methodology in decision making, opportunity cost
    Consumers demand analysis
    Firms' production decisions: inputs and costs
    Characteristics and types of markets, eg. product markets, imperfect markets, capital and labour markets.
    Market failures, public goods and regulation
    Microeconomic debates over public policy

    Assessment Items

    Tutorial / Laboratory Exercises: Tutorial Exercises
    In Term Test: Mid Semester Test
    In Term Test: BB online tests
    Formal Examination: Final Examination

Course Disclaimer

Courses and course hours of instruction are subject to change.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.