Course Title: Prices and Markets

Part A: Course Overview

Course Title: Prices and Markets

Credit Points: 12.00

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ECON1020

City Campus

Undergraduate

625H Economics, Finance and Marketing

Face-to-Face

 Sem 1 2006,
Sem 2 2006,
Sem 1 2007,
Sem 2 2007,
Sem 1 2008,
Sem 2 2008,
Sem 1 2009,
Sem 2 2009,
Sem 1 2010,
Sem 2 2010,
Sem 1 2011,
Sem 2 2011,
Sem 1 2012,
Sem 2 2012,
Sem 1 2013,
Sem 2 2013,
Sem 1 2014,
Sem 2 2014,
Sem 1 2015,
Sem 2 2015,
Sem 1 2016,
Sem 2 2016,
Sem 1 2017,
Sem 2 2017,
Sem 1 2018,
Sem 2 2018,
Sem 1 2019,
Sem 2 2019,
Sem 1 2020,
Sem 2 2020,
Sem 1 2021,
Sem 2 2021,
Sem 1 2022,
Sem 2 2022,
Sem 1 2023,
Sem 2 2023,
Sem 1 2024

ECON1024

Kolej Metropolitan

Undergraduate

625H Economics, Finance and Marketing

Face-to-Face

 Offsh 1 09,
Offsh 3 09

ECON1025

Singapore Inst of Management

Undergraduate

625H Economics, Finance and Marketing

Face-to-Face

 Offsh 1 09,
Offsh 3 09,
Offsh 1 10,
Offsh 3 10,
Offsh 1 11,
Offsh 3 11,
Offsh1 12,
Offsh3 12,
Offsh1 13,
Offsh3 13,
Offsh1 14,
Offsh3 14,
Offsh1 15,
Offsh3 15,
Offsh1 16,
Offsh3 16,
Offsh1 17,
Offsh3 17,
Offsh1 18,
Offsh3 18,
Offsh1 19,
Offsh3 19,
Offsh1 20,
Offsh3 20,
Offsh1 21,
Offsh3 21,
Offsh1 22,
Offsh3 22,
Offsh1 23,
Offsh3 23

ECON1171

Hong Kong Management Associatn

Undergraduate

625H Economics, Finance and Marketing

Face-to-Face

 Offsh 1 09

ECON1194

RMIT University Vietnam

Undergraduate

625H Economics, Finance and Marketing

Face-to-Face

 Viet2 2007,
Viet3 2007,
Viet1 2008,
Viet2 2008,
Viet3 2008,
Viet1 2009,
Viet2 2009,
Viet3 2009,
Viet1 2010,
Viet2 2010,
Viet1 2011,
Viet2 2011,
Viet3 2011,
Viet1 2012,
Viet2 2012,
Viet1 2013,
Viet2 2013,
Viet3 2013,
Viet1 2014,
Viet2 2014,
Viet3 2014,
Viet1 2015,
Viet2 2015,
Viet3 2015,
Viet1 2016,
Viet2 2016,
Viet3 2016,
Viet1 2017,
Viet2 2017,
Viet3 2017,
Viet1 2018,
Viet2 2018,
Viet3 2018,
Viet1 2019,
Viet2 2019,
Viet3 2019,
Viet1 2020,
Viet2 2020,
Viet3 2020,
Viet1 2021,
Viet2 2021,
Viet3 2021,
Viet1 2022,
Viet2 2022,
Viet3 2022,
Viet1 2023,
Viet2 2023,
Viet3 2023,
Viet1 2024

ECON1333

RMIT Vietnam Hanoi Campus

Undergraduate

625H Economics, Finance and Marketing

Face-to-Face

 Viet3 2019,
Viet1 2020,
Viet2 2020,
Viet3 2020,
Viet1 2021,
Viet2 2021,
Viet3 2021,
Viet1 2022,
Viet2 2022,
Viet3 2022,
Viet1 2023,
Viet2 2023,
Viet3 2023,
Viet1 2024

Course Coordinator: Associate Professor Ankita Mishra

Course Coordinator Phone: +61 (3) 99251638

Course Coordinator Email: ankita.mishra@rmit.edu.au

Course Coordinator Location: Melbourne Campus Building 80

Course Coordinator Availability: By appointment via email


Pre-requisite Courses and Assumed Knowledge and Capabilities

Assumed Knowledge
A proficiency in basic algebraic manipulation is assumed.
 


Course Description

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:

  1. Identify appropriate foundational microeconomics theories and techniques to apply in the business environment;
  2. Apply the economic method to systematically and rigorously analyse economic phenomena;
  3. 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;
  4. 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;
  5. Analyse and evaluate public policy to determine its economic and societal welfare consequences;
  6. 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.