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Overview

This topic is concerned with the study of markets and the behaviour of consumers and firms in both competitive and monopolistic markets. An understanding is developed of market demand and supply forces and the interaction of both in determining market outcomes. Insight is given into the behaviour of major decision-makers … For more content click the Read More button below.

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Tuition pattern

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Aims

This topic aims to understand the business applications of microeconomic concepts. The basics of consumer behaviour and the short-run and long-run output decisions of a business will be examined. Students will learn how to make comparisons between competitive and monopolistic market outcomes from both a business and societal perspective.

Learning outcomes

On completion of this topic you will be expected to be able to:
1.
Explain the concept of scarcity; opportunity cost; demand and supply; economic profit; profit maximisation; short-run and long-run; economies and diseconomies of scale; and price discrimination
2.
Explain elasticity and the relationship with the market demand curve
3.
Explain the need for equity considerations and the efficiency impact of government taxes, subsidies, price floors and price ceilings
4.
Use diagrammatic models and tools, to indicate your understanding of the short-run and long-run adjustments of competitive markets
5.
Reflect the relationship between business costs and short-run and long-run output decisions, with reference to the returns to a variable output, returns to scale, and the minimum efficient scale of production
6.
Identify the relationship between the business cycle and inflation and unemployment
7.
Illustrate how fiscal and monetary policy are used over the business cycle

Assessments

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Requisites information

Anti-requisites: