Course Title: Prices and Markets
Part A: Course Overview
Course Title: Prices and Markets
Credit Points: 12.00
Course Coordinator: Professor Robert Hoffmann
Course Coordinator Phone: +61 3 9925 5447
Course Coordinator Email: email@example.com (Melbourne students) or firstname.lastname@example.org (SIM students)
Course Coordinator Location: Melbourne Campus B080 F10
Course Coordinator Availability: By appointment via email
Pre-requisite Courses and Assumed Knowledge and Capabilities
A proficiency in basic algebraic manipulation is assumed.
The Prices and Markets course is a study of microeconomic theory and its applications. The purpose of the course is to introduce you to key microeconomic concepts and analytical techniques, and to apply these to a variety of real world economic phenomena in a systematic and rigorous way. The course focuses on how consumers, firms and government interact in markets in a manner that gives rise to prices.
This course will enhance your appreciation of microeconomics, both in theory and in practice, and equip you with the language and skills to identify, define and analyse markets and firms in modern business environments. You will learn to think systematically about market interactions and the role of producers and consumers in the modern economy. You will also be introduced to the benefits and limits of government intervention.
At the conclusion of this course, you will be able to understand and critically evaluate contemporary microeconomic and public policy issues at the theoretical level. At the same time, you will be able to appreciate the practical relevance of these to the real world.
Objectives/Learning Outcomes/Capability Development
On successful completion of this course, you should be able to:
- Identify appropriate foundational microeconomics theories and techniques to apply in the business environment;
- Apply the economic method to systematically and rigorously analyse economic phenomena;
- Analyse microeconomic issues within the frameworks of modern microeconomic models and analytical techniques to explain and predict the outcomes of changes in a variety of economic variables;
- Identify and assess, in a microeconomic framework, the economic issues confronted by individual decision makers and by society as a whole to guide economic decision making;
- Analyse and evaluate public policy to determine its economic and societal welfare consequences;
- Characterise the link between market structures and market outcomes to explain and predict price, output and strategic outcomes in different markets.
Overview of Learning Activities
In this course you will be encouraged to be an active learner. Your learning will be supported through various in-class and online activities comprising individual and group work. These may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; conducting presentations; producing written work and collaborating with peers on set tasks or projects.
Overview of Learning Resources
Various learning resources are available online through MyRMIT Studies\Canvas. The lecture notes and workshop notes are posted on Canvas.
Resources are also available online through RMIT Library databases and other facilities. Visit the RMIT library website for further details. Assistance is available online via our chat and email services, face to face at our campus libraries or via the telephone on (03) 9925 2020.
Additional resources and/or sources to assist your learning will be identified by your course coordinator and will be made available to you as required during the teaching period.
Overview of Assessment
The assessment tasks, their weighting and the course learning outcomes to which they are aligned are as follows:
Assessment Task 1: 10%
Linked CLOs: 1, 2, 3, 4
Assessment Task 2: 40%
Linked CLOs: 1, 2, 3, 4, 5
Assessment Task 3: 50%
Linked CLOs: 1, 2, 3, 4, 5, 6
Feedback will be provided throughout the semester in class and/or in online forums through individual and group feedback on practical exercises and by individual consultation.