ECF1100 Microeconomics
ECF1100 Overview
- Monash Business School
- Semester 2, 2026
- a first-year undergraduate unit
- 6 credit points
- an introductory microeconomics unit
ECF1100 studies prosperity and inequality, technology and incentives, scarcity and work, strategic interaction, institutions, firms, markets, credit and market failure. It is taught within Monash Business School. It is a first-year undergraduate unit. It carries 6 credit points.
- Institutions shape choices The same preferences can produce different outcomes under different rules, property rights and bargaining positions.
- Power belongs in the model A feasible agreement can still divide surplus unequally when outside options differ.
- Equilibrium is conditional Supply-demand conclusions inherit the assumptions behind curves, competition and external effects.
What you get in the full ECF1100 Exam Bible
- 10 chapters, 28 pages — every examinable topic, week by week
- 13 original practice questions, each with a model answer in the Examination format
- 10 worked examples, solved the way ECF1100 marks
- 19 computed figures, redrawn from the course’s own numbers
- Exam-morning plan for the Examination (50%) — what to revise last, where marks are lost
Free on this page: assessment table, chapter map, one worked example, key terms, FAQ. The rest is in the full exam bible.
How ECF1100 is assessed
| Component | Weight | Format |
|---|---|---|
| Exercise | 20% | Current Moodle controls the constituent exercise tasks and deadlines |
| Quiz/Test | 30% | Includes the in-semester testing and current quiz operation |
| Examination | 50% | Held in the Monash examination period; live instructions control duration and permitted materials |
The captured S2 assessment surface publishes Exercise 20%, Quiz/Test 30% and Examination 50%; live Moodle controls exact task conditions and the examination timetable.
What other students are asking about ECF1100
- Where can I find lecture notes or study guides for ECF1100 at Monash?
- The ECF1100 study guide in AskSia Library covers Microeconomics in 10 chapters, with the assessment table, a chapter-by-chapter topic map, key terms and a worked example, free to read on this page.
- Is there a final exam in ECF1100, and how much is it worth?
- Yes. In the offering this AskSia Library guide is built from, Examination carries 50% of the ECF1100 mark; the full split is Exercise 20%, Quiz/Test 30%, Examination 50%.
- What does ECF1100 cover on technology, production and incentives?
- In AskSia Library's ECF1100 guide, the Technology, Production and Incentives chapter explains production function · opportunity cost · innovation rent · connect a technological change to feasible output, cost and incentives.
- What does ECF1100 cover on scarcity, wellbeing and working time?
- In AskSia Library's ECF1100 guide, the Scarcity, Wellbeing and Working Time chapter explains feasible frontier · marginal rate of substitution · income effect · explain how wages and preferences shape paid work, free time and consumption.
- What does ECF1100 cover on strategic interaction and social dilemmas?
- In AskSia Library's ECF1100 guide, the Strategic Interaction and Social Dilemmas chapter explains best response · Nash equilibrium · social dilemma · derive best responses and assess whether equilibrium is socially desirable.
Current ECF1100 dates
| Date | Item | Control |
|---|---|---|
| 1–2 September 2026 | Mid-semester test sittings | Current schedule lists cohort sittings across these dates; live Moodle controls the assigned sitting. |
| 19 October 2026 | Revision week begins | Week 12 is unit revision. |
| Official Monash examination period | Examination | 50%; confirm the personalised timetable and conditions. |
Dates are as published in the current course materials. Confirm exact deadlines and submission settings in the live LMS.
What ECF1100 covers
The learning path moves from Prosperity, Inequality and Planetary Limits, through the problems opened by Firms, Contracts and Employment Rents, to the synthesis required in Externalities, Public Goods and Policy.
Prosperity, Inequality and Planetary Limits
living standards · income distribution · planetary boundary · compare growth, inequality and environmental pressure without collapsing them into one indicatorDefine living standards
The course material gives this chapter a concrete anchor: Unit 1 places long-run prosperity beside inequality and planetary constraints.
- Living standards
- Income distribution
- Planetary boundary
- Applying living standards
- Limits of income distribution and planetary boundary
Technology, Production and Incentives
production function · opportunity cost · innovation rent · connect a technological change to feasible output, cost and incentivesDefine production function
The course material gives this chapter a concrete anchor: Unit 2 links technological feasibility to incentives and innovation rents.
- Production function
- Opportunity cost
- Innovation rent
- Applying production function
- Limits of opportunity cost and innovation rent
Scarcity, Wellbeing and Working Time
feasible frontier · marginal rate of substitution · income effect · explain how wages and preferences shape paid work, free time and consumptionDefine feasible frontier
The course material gives this chapter a concrete anchor: Unit 3 frames working hours through scarcity, feasible sets and wellbeing.
- Feasible frontier
- Marginal rate of substitution
- Income effect
- Applying feasible frontier
- Limits of marginal rate of substitution and income effect
Strategic Interaction and Social Dilemmas
best response · Nash equilibrium · social dilemma · derive best responses and assess whether equilibrium is socially desirableDefine best response
The course material gives this chapter a concrete anchor: Unit 4 develops payoff matrices, best responses and social dilemmas.
- Best response
- Nash equilibrium
- Social dilemma
- Applying best response
- Limits of Nash equilibrium and social dilemma
Institutions, Bargaining and the Rules of the Game
institution · reservation option · bargaining power · calculate feasible surplus and explain how rules and outside options shape its divisionDefine institution
The course material gives this chapter a concrete anchor: Unit 5 treats institutions as rules that alter bargaining positions and outcomes.
- Institution
- Reservation option
- Bargaining power
- Applying institution
- Limits of reservation option and bargaining power
Firms, Contracts and Employment Rents
firm · incomplete contract · employment rent · explain effort, supervision and wage setting when labour contracts are incompleteDefine firm
The course material gives this chapter a concrete anchor: Unit 6 moves inside the firm to authority, incomplete contracts and employment rents.
- Firm
- Incomplete contract
- Employment rent
- Applying firm
- Limits of incomplete contract and employment rent
Firms, Customers and Market Power
willingness to pay · price elasticity of demand · markup · connect demand sensitivity and cost to price, quantity and surplusDefine willingness to pay
The course material gives this chapter a concrete anchor: Unit 7 links product differentiation, demand and price-setting power.
- Willingness to pay
- Price elasticity of demand
- Markup
- Applying willingness to pay
- Limits of price elasticity of demand and markup
Supply, Demand and Competitive Equilibrium
demand curve · supply curve · competitive equilibrium · solve equilibrium and distinguish a curve shift from movement along a curveDefine demand curve
The course material gives this chapter a concrete anchor: Unit 8 introduces market demand, supply, equilibrium and comparative statics after the firm block.
- Demand curve
- Supply curve
- Competitive equilibrium
- Applying demand curve
- Limits of supply curve and competitive equilibrium
Credit Markets, Lenders and Borrowers
intertemporal choice · interest rate · credit rationing · compare borrowing or lending choices across dates and explain information constraintsDefine intertemporal choice
The course material gives this chapter a concrete anchor: Unit 9 treats credit as intertemporal exchange shaped by wealth, risk and information.
- Intertemporal choice
- Interest rate
- Credit rationing
- Applying intertemporal choice
- Limits of interest rate and credit rationing
Externalities, Public Goods and Policy
external effect · public good · Pigouvian instrument · identify market failure and compare taxes, regulation, bargaining or public provisionDefine external effect
The course material gives this chapter a concrete anchor: Unit 10 closes the course by comparing market successes, external effects and policy responses.
- External effect
- Public good
- Pigouvian instrument
- Applying external effect
- Limits of public good and Pigouvian instrument
It is positioned as an introductory microeconomics unit.
Rather than opening with supply and demand alone, the unit starts from prosperity, power and planetary limits before building firms and markets.
Assessment in ECF1100 is distributed as follows: a 20% exercise stream, a 30% quiz/test stream and a 50% final examination
The operational assessment conditions matter here.
The 50% examination is held in the Monash examination period; live instructions control duration and permitted materials.
What makes ECF1100 demanding is concrete: holding the actor, feasible set and institutional rule stable while moving from a diagram or equation to a causal and distributional claim
The captured assessment table presents the three components as standard rows;
the ordinary unit pass standard and current Moodle instructions control.
For enrolment planning, Consult the current official enrolment and eligibility controls for this offering.
The learning path moves from Prosperity, Inequality and Planetary Limits, through the problems opened by Firms, Contracts and Employment Rents, to the synthesis required in Externalities, Public Goods and Policy.
ECF1100 cheatsheet for exam revision
AskSia publishes a free ECF1100 cheatsheet for exam revision, a one-page revision sheet that condenses the topics in this guide into the priorities, methods and drills to practise before the final.
The permitted-materials rule for this offering is not confirmed in the course materials we hold, so check the exam instructions on the LMS before relying on it in the exam room. Open the ECF1100 cheatsheet.
Worked example · free
Compare a wage-setting bargain
- 1Calculate joint surplus as value minus non-labour cost minus the worker's outside option.
- 1State the minimum wage acceptable to the worker and the maximum consistent with non-negative employer surplus.
- 1Explain how bargaining power and institutions select a point within that range.
- 1Change the outside option to $170 and recompute the feasible surplus.
- 1Distinguish an efficient agreement from an equal division.
Key terms
- Living standards
- Material and non-material conditions through which people can meet needs and pursue valued lives. This chapter uses the concept when students compare growth, inequality and environmental pressure without collapsing them into one indicator.
- Income distribution
- Pattern by which income or wealth is divided across people or groups. It helps explain the reasoning required to compare growth, inequality and environmental pressure without collapsing them into one indicator.
- Planetary boundary
- Biophysical limit beyond which environmental-system risk can rise sharply. Its limit matters because GDP per person omits distribution, unpaid activity and many ecological costs.
- Production function
- Relationship between feasible output and inputs under a stated technology. This chapter uses the concept when students connect a technological change to feasible output, cost and incentives.
- Opportunity cost
- Value of the best feasible alternative forgone by a choice. It helps explain the reasoning required to connect a technological change to feasible output, cost and incentives.
- Innovation rent
- Temporary return above the next-best opportunity created by a valuable innovation or advantage. Its limit matters because technical feasibility does not determine ownership, adoption or distribution of gains.
- Feasible frontier
- Boundary of combinations attainable with available time, income and technology. This chapter uses the concept when students explain how wages and preferences shape paid work, free time and consumption.
- Marginal rate of substitution
- Rate at which a person is willing to trade one good for another while holding wellbeing constant. It helps explain the reasoning required to explain how wages and preferences shape paid work, free time and consumption.
- Income effect
- Change in choice caused by altered purchasing power with relative prices conceptually held fixed. Its limit matters because observed hours need not reveal free choice when contracts, care or job scarcity bind.
- Best response
- Action giving the highest payoff for a player given the other players' actions. This chapter uses the concept when students derive best responses and assess whether equilibrium is socially desirable.
- Nash equilibrium
- Action profile in which no player can gain by changing action alone. It helps explain the reasoning required to derive best responses and assess whether equilibrium is socially desirable.
- Social dilemma
- Interaction where individually attractive choices can produce an outcome worse for participants collectively. Its limit matters because an equilibrium is a stability claim, not a fairness or efficiency endorsement.
- Institution
- Rule, convention or organisation that structures interactions and enforcement. This chapter uses the concept when students calculate feasible surplus and explain how rules and outside options shape its division.
- Reservation option
- Outcome available to a party if an agreement is not reached. It helps explain the reasoning required to calculate feasible surplus and explain how rules and outside options shape its division.
ECF1100 FAQ
Where is the hardest reasoning in Microeconomics?
Holding the actor, feasible set and institutional rule stable while moving from a diagram or equation to a causal and distributional claim. ECF1100 studies prosperity and inequality, technology and incentives, scarcity and work, strategic interaction, institutions, firms, markets, credit and market failure.
How does assessment work in Microeconomics?
A 20% exercise stream, a 30% quiz/test stream and a 50% final examination. The 50% examination is held in the Monash examination period; live instructions control duration and permitted materials.
What form does the exam or final task take in Microeconomics?
The 50% examination is held in the Monash examination period; live instructions control duration and permitted materials. A 20% exercise stream, a 30% quiz/test stream and a 50% final examination.
Which pass conditions apply in Microeconomics?
The captured assessment table presents the three components as standard rows; the ordinary unit pass standard and current Moodle instructions control. A 20% exercise stream, a 30% quiz/test stream and a 50% final examination.
Which teaching period does this Microeconomics resource cover?
It is aligned to Semester 2, 2026; confirm your enrolled class and timetable in the current institutional system. Mid-semester test sittings: 1–2 September 2026; Revision week begins: 19 October 2026; Examination: Official Monash examination period.
What should a student check before enrolling in Microeconomics?
Consult the current official enrolment and eligibility controls for this offering. This resource covers Semester 2, 2026. ECF1100 studies prosperity and inequality, technology and incentives, scarcity and work, strategic interaction, institutions, firms, markets, credit and market failure.
Who controls the official rules for Microeconomics?
The university does. This is an independent ECF1100 study resource; current institutional instructions remain authoritative for assessment operation. ECF1100 studies prosperity and inequality, technology and incentives, scarcity and work, strategic interaction, institutions, firms, markets, credit and market failure.
Questions students ask in each ECF1100 chapter
- Which common basis lets a student compare growth, inequality and environmental pressure without collapsing them into one indicator?
- Compare growth, inequality and environmental pressure without collapsing them into one indicator. Unit 1 places long-run prosperity beside inequality and planetary constraints. Material and non-material conditions through which people can meet needs and pursue valued lives. This chapter uses the concept when students compare growth, inequality and environmental pressure without collapsing them into one indicator. Chapter 01 · Prosperity, Inequality and Planetary Limits
- Which links need evidence when students connect a technological change to feasible output, cost and incentives?
- Connect a technological change to feasible output, cost and incentives. Unit 2 links technological feasibility to incentives and innovation rents. Relationship between feasible output and inputs under a stated technology. This chapter uses the concept when students connect a technological change to feasible output, cost and incentives. Chapter 02 · Technology, Production and Incentives
- What has to be made explicit to explain how wages and preferences shape paid work, free time and consumption?
- Explain how wages and preferences shape paid work, free time and consumption. Unit 3 frames working hours through scarcity, feasible sets and wellbeing. Boundary of combinations attainable with available time, income and technology. This chapter uses the concept when students explain how wages and preferences shape paid work, free time and consumption. Chapter 03 · Scarcity, Wellbeing and Working Time
- Which inputs and assumptions control the attempt to derive best responses and assess whether equilibrium is socially desirable?
- Derive best responses and assess whether equilibrium is socially desirable. Unit 4 develops payoff matrices, best responses and social dilemmas. Action giving the highest payoff for a player given the other players' actions. This chapter uses the concept when students derive best responses and assess whether equilibrium is socially desirable. Chapter 04 · Strategic Interaction and Social Dilemmas
- Which inputs and assumptions control the attempt to calculate feasible surplus and explain how rules and outside options shape its division?
- Calculate feasible surplus and explain how rules and outside options shape its division. Unit 5 treats institutions as rules that alter bargaining positions and outcomes. Rule, convention or organisation that structures interactions and enforcement. This chapter uses the concept when students calculate feasible surplus and explain how rules and outside options shape its division. Chapter 05 · Institutions, Bargaining and the Rules of the Game
- What has to be made explicit to explain effort, supervision and wage setting when labour contracts are incomplete?
- Explain effort, supervision and wage setting when labour contracts are incomplete. Unit 6 moves inside the firm to authority, incomplete contracts and employment rents. Organisation coordinating production through ownership, authority and contracts. This chapter uses the concept when students explain effort, supervision and wage setting when labour contracts are incomplete. Chapter 06 · Firms, Contracts and Employment Rents
- Which links need evidence when students connect demand sensitivity and cost to price, quantity and surplus?
- Connect demand sensitivity and cost to price, quantity and surplus. Unit 7 links product differentiation, demand and price-setting power. Maximum amount a buyer would exchange for a unit under stated conditions. This chapter uses the concept when students connect demand sensitivity and cost to price, quantity and surplus. Chapter 07 · Firms, Customers and Market Power
- Which inputs and assumptions control the attempt to solve equilibrium and distinguish a curve shift from movement along a curve?
- Solve equilibrium and distinguish a curve shift from movement along a curve. Unit 8 introduces market demand, supply, equilibrium and comparative statics after the firm block. Chapter 08 · Supply, Demand and Competitive Equilibrium
- Which common basis lets a student compare borrowing or lending choices across dates and explain information constraints?
- Compare borrowing or lending choices across dates and explain information constraints. Unit 9 treats credit as intertemporal exchange shaped by wealth, risk and information. Choice that trades resources across dates. This chapter uses the concept when students compare borrowing or lending choices across dates and explain information constraints. Chapter 09 · Credit Markets, Lenders and Borrowers
- Which evidence helps students identify market failure and compare taxes, regulation, bargaining or public provision?
- Identify market failure and compare taxes, regulation, bargaining or public provision. Unit 10 closes the course by comparing market successes, external effects and policy responses. Cost or benefit from an action borne by people outside the decision-making transaction. This chapter uses the concept when students identify market failure and compare taxes, regulation, bargaining or public provision. Chapter 10 · Externalities, Public Goods and Policy
How to study for the exam
Retrieve the course map, practise the recurring method—identify actors and constraints, express the relevant trade-off or strategic interaction, trace incentives through an institution or market, calculate where useful, then compare efficiency and distribution against a credible counterfactual—on changed scenarios, and verify every operational assessment detail in the live institutional system.
Your AI Economics tutor for ECF1100
Stuck on a hard ECF1100 question? Sia is AskSia’s AI Economics tutor — ask any ECF1100 Microeconomics question and get a clear, step-by-step explanation grounded in how the course is actually taught and assessed. Read this whole study guide free, then take your hardest questions to Sia.