ECON5003 Microeconomic Theory for Agricultural and Environmental Economics

Credit
6 points
Offering
(see Timetable)

If this unit does not have an online alternative, then students who are presently unable to enter Western Australia and whose studies would be delayed by an inability to complete this unit, should contact the unit coordinator (details given on this page) to ascertain, on an individual case-by-case basis, if alternate arrangements can be made to support their study in this unit.

AvailabilityLocationMode
Semester 2UWA (Perth)Face to face Predominantly face-to-face. On campus attendance required to complete this unit. May have accompanying resources online.
Content
This unit focuses on advanced concepts in agricultural and applied economics and uses a formal approach to concepts. Real-world applications are used as a motivation but rather than the interpretation of results, it is the derivation of results that is emphasised. The focus of the first half of the unit is on deriving the key insights from modelling individuals as utility maximising agents and firms as profit maximising entities. Applications that allow the measurement of welfare gains from trade are emphasised. Models of production under discrete time and continuous time are then considered, as are production efficiency measures. The final part of the unit focuses on the theory that underlies models that seek to explain economic behaviours under different market conditions.
Outcomes
Students are able to (1) derive the key properties of demand, cost and production functions; (2) use advanced microeconomic models to reason how consumers and producers will respond in a range of market circumstances; (3) conduct advanced microeconomic analysis to understand the issues that confront economic agents in a modern market economy; and (4) analyse the way that policies affecting business and individuals are formed based on microeconomic principles..
Assessment
Indicative assessments in this unit are as follows: (1) assignments; (2) quizzes; and (3) workshop attendance. Further information is available in the unit outline.

Supplementary assessment is not available in this unit.
Unit Coordinator(s)
Dr Chunbo Ma
Unit rules
Prerequisites:
AGRI5402 Agribusiness or ECON4002 Core Concepts in Agricultural and Applied Economics or ECON3302 Applied Microeconomics
Contact hours
Weekly - two hour workshop
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  • Unit readings, including any essential textbooks, are listed in the unit outline for each unit, one week prior the commencement of study. The unit outline will be available via the LMS and the UWA Handbook one week prior the commencement of study. Reading lists and essential textbooks are subject to change each semester. Information on essential textbooks will also be made available on the Essential Textbooks. This website is updated regularly in the lead up to semester so content may change. It is recommended that students purchase essential textbooks for convenience due to the frequency with which they will be required during the unit. A limited number of textbooks will be made available from the Library in print and will also be made available online wherever possible. Essential textbooks can be purchased from the commercial vendors to secure the best deal. The Student Guild can provide assistance on where to purchase books if required. Books can be purchased second hand at the Guild Secondhand bookshop (second floor, Guild Village), which is located on campus.