LSP240 - Micro Economics - Theory and Practice

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Last revision date Jul 6, 2021 11:15:33 PM
Last review date Jul 6, 2021 11:16:34 PM

Subject Title
Micro Economics - Theory and 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
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Please visit the Academic Integrity website to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

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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.