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ECON 217

Markets, Firms and Consumers

Course overview

You’ll the be introduced to the world of microeconomics and extend your knowledge by applying these concepts to real world problems in the food and agricultural sectors.

Course information

Prerequisites and Restrictions You must satisfy the following requirement(s):

pre-requisite

  • Economies and Markets, ECON-113

or

pre-requisite

  • Introduction to Applied Economics, ECON-110 ECON-110R

or

pre-requisite

  • Introduction to Economic Theory, ECON-111 ECON-111R

and

  • restriction Agricultural and Forestry Economics, ECON-214
  • restriction Managerial Economics, ECON-215

Available semesters Semester 2 2021
Credits 15
Domestic fees $741.00

What you will learn

After successfully completing this course, you’ll be able to:

  1. Understand the main economic concepts of product supply, including production response, cost analysis and optimal output levels.
  2. Know the main economic concepts of consumer demand, particularly as they relate to food products.
  3. Explain how market prices and quantities are determined under a variety of market structures.
  4. Recognise how risk and uncertainty can impact production decisions.
  5. Understand how agricultural and trade policies contribute to global welfare and food security.
  6. Relate how consumer preference affects producer decision-making on production.
  7. Estimate and interpret elasticities.
  8. Develop and estimate a simple model of consumer demand for an agricultural product.
  9. Use a variety of decision rules to make production and investment decisions in an uncertain environment.
  10. Read diagrams to examine the welfare effects of government policies and international trade.

Course examiners

Wei Yang

Dr Wei Yang

Lecturer

Department of Global Value Chains and Trade

[email protected]