Microeconomics is the study of choice under scarcity. Its importance is underlined by the fact that all businesses, consumers and even countries and their governments have limited resources. This unit provides an introduction to microeconomic analysis with a particular focus on concepts and applications relevant to business. It addresses how individual consumers and firms make decisions and how they interact in markets. We also introduce economic tools for analysing public policies a government might introduce to address market failures. It provides a rigorous platform for further study and a specialisation in business economics as well as providing valuable tools of analysis that complement a student's general business training, regardless of their area of study.
1x1.5hr mid-semester exam (35%), 5x online quizzes (1000wd equivalent)(10%), 1x2hr final exam (55%)