LSP240 - Micro Economics - Theory & Practice

Outline information
Semester
Schools offering this subject
Last revision date Oct 22, 2020 8:46:01 AM
Last review date Oct 22, 2020 8:46:01 AM

Subject Title
Micro Economics - Theory & Practice

Subject Description
This subject explains how prices are determined and resources allocated under different market forms and in diverse economic environments. It focuses on actual economic problems and develops the theoretical structure to analyze these problems. Careful consideration is given to "soft" factors which influence decision-making, including culture, economic legislation, and trade regulation.

Credit Status
This is a required course for the following degree programs:
Honours Bachelor of Healthcare Management – BHM
Honours Bachelor of Commerce – Accounting & Finance - BACF
Honours Bachelor of Commerce – Human Resources Management - BHRM

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  • Understand the basic economic concepts of scarcity and efficiency
  • Develop the production possibilities model to explain the efficiency in different economic systems and economic institutions
  • Analyze the market model in reference to demand, supply and determination of equilibrium prices
  • Evaluate and apply the concepts of demand, supply, and cross and income elasticities to maximize revenue
  • Appraise the concepts of consumer and producer surplus
  • Explain and assess government’s role in attaining the objective of social efficiency of markets
  • Establish the relationship between a firm’s output and costs in the short run and long run to derive a firm’s short run cost curves and long run average cost curve
  • Critically examine strategic approaches for maximizing profits using marginal analysis in four market structures
  • Contrast the short run and long run outcomes of profit maximizing and their impact on efficiencies in perfectly and imperfectly competitive markets
  • Develop strategic policies for price and output management in imperfectly competitive market structures, such as price discrimination, oligopolistic games, and policy options to regulate natural monopoly

 

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Show respect for diverse opinions, values, belief systems, and contributions of others.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.