Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Craig MacMillan
Contact via craig.macmillan@mq.edu.au
E4A 427
Monday 11am - 12noon & Thursday 12noon - 1pm
Lecturer
Sayma Rahman
Contact via sayma.rahman@mq.edu.au
To be advised - check iLearn page
Lecturer
Pauline McAlary
Contact via pauline.mcalary@mq.edu.au
To be advised - check iLearn page
Administrator
Laura Billington
Administrator
Stephanie Brooks
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
4cp in ACST or AFAS or ECON units at 600 or 800 level
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
ECON649 Economic Analysis
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Unit description |
Unit description
The aim of this unit is to provide a postgraduate-level foundation in modern economic analysis, with applications to decision making in business, for postgraduate actuarial students. The unit provides students with the knowledge and tools to use microeconomic and macroeconomic theory and concepts in analysing business decision making and an understanding of the broader social, economic and regulatory environment in which businesses operate.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Due |
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Online Quiz | 10% | Week 4 |
Assignment 1 | 15% | Week 9 |
Assignment 2 | 15% | Week 11 |
Final Examination | 60% | University Examination Period |
Due: Week 4
Weighting: 10%
The purpose of this quiz is to examine your understanding of the concepts and models covered in the first 3 weeks. This task’s aim is also to provide you with some early feedback about your progress in the course. The quiz will consist of a series of multiple choice style questions.
The quiz will be completed online during week 4 and more details will be made available by the end of week 2.
Penalties
If you do not complete the quiz you will be awarded a mark of zero (0). The only exception is due to illness and/or unavoidable disruption. In these circumstances you may wish to consult the University’s Disruption to Studies policy.
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
If a student satisfies the Disruption to Studies policy they will be required to complete a supplementary assessment task and this could take the form of an oral task.
Due: Week 9
Weighting: 15%
The purpose of the assignment is to examine your ability to understand and apply (i) microeconomic concepts learned in the first seven weeks of the course and (ii) macroeconomic concepts that will require you to do some independent reading. The assignment will consist of a number of calculation based problem solving questions. The assignment will be available to students in week 4 on the unit web page.
Submission
The assignment is due in week 9 of semester – October 13 to 17 – and must be handed in during your class that week. Note: You must hand in your assignment in the class in which you are enrolled.
We will return your marked assignment with comments in Week 13.
Extension and Penalties
No late assignments will be accepted. If an assignment is submitted late it will receive a mark of zero (0).
The only exception is if you cannot submit your assignment on time because of documented illness or unavoidable disruption, in such circumstances, please consult the University’s Disruption to Studies policy.
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Due: Week 11
Weighting: 15%
The purpose of the assignment is to examine your ability to understand and apply concepts learned through independent study on a variety of topics. The assignment will consist of a number of calculation based problem solving questions. The assignment will be available to students in week 4 on the unit web page.
Submission
The assignment is due by 4.00pm on the 31st of October and must be handed in at the front desk on Level 2 of E4A.
Marked assignments can be collected from front desk on Level 2 of E4A from the 14th of November.
Extension and Penalties
No late assignments will be accepted. If an assignment is submitted late it will receive a mark of zero(0).
The only exception is if you cannot submit your assignment on time because of documented illness or unavoidable disruption, in such circumstances please consult the University’s Disruption to Studies policy.
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Due: University Examination Period
Weighting: 60%
A 2 hour final examination for this unit will be held during the Macquarie University final examination period.
All topics studied during the semester are examinable. The exam will consist of multiple choice questions and questions requiring written answers which may also involve making calculations - more detail about the structure will be provided towards the end of the semester. The final exam will give you an opportunity to demonstrate the depth and breadth of your knowledge of basic economic concepts, the economic way of thinking and in using your knowledge to solve economic problems.
The Macquarie University examination policy details the principles and conduct of examinations at the University. The policy is available at:
http://www.mq.edu.au/policy/docs/examination/policy.html
Penalties
Failure to sit the final exam at the designated day and time will result in a mark of zero(0) being awarded. The only exception is if a student has experienced illness and/or unavoidable disruption. In such circumstances students should consult the University's Disruption to Studies policy using the following link:
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
In the event of meeting the criteria outlined in the policy students will be awarded a supplementary exam to undertake.
Classes
Required and Recommended Texts and/or Materials
Textbook
Frost, L., Taylor, J., Weerapana, A. and Schuwalow, P. (2013) Microeconomics: Principles and Practice, Cengage Learning.
Littleboy, B., Taylor, J. and Weerapana, A (2013) Macroeconomics: Principles and Practice, Cengage Learning.
The textbooks can be purchased from the Co-op bookstore located on campus.
Technology Used and Required
Unit Web Page
Teaching and Learning Activities
Microeconomics
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Week |
Topic |
Required Reading |
Reminders |
1 Aug 4 – 8 |
Introduction, the Economic Way of Thinking and the Production Possibility Frontier |
Frost et al., Chs 1 (including appendix), & 2
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2 Aug 11 – 15 |
The Supply and Demand Model |
Frost et al., Ch 3 |
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3 Aug 18 – 22 |
The Demand Curve and The Supply Curve |
Frost et al., Chs 4 & 5 |
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4 Aug 25 – 29 |
Elasticity and the Costs of Production (Part 1) |
Frost et al., Chs 6 & 7 |
Test 1
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5 Sep 1 – 5 |
Costs of Production (Part 2) |
Frost et al., Ch 7 |
Workshop 1
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6 Sep 8 – 12 |
A Competitive Market and Monopoly (Part 1) |
Frost et al., Chs 8 & 9 |
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7 Sep 15 – 19 |
Monopoly (Part 2.) |
Frost et al., Ch 9 |
Workshop 2 |
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Sep 22 – Oct 6 |
Mid Semester Break
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Macroeconomics |
8 Oct 7 – 10 |
Introduction to Macroeconomics: GDP, Business Cycles and Inflation |
Littleboy et al., Chs 1,2,3 & 4 |
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9 Oct 13 – 17 |
Introduction to Macroeconomics: Labour and Money and Banking |
Littleboy et al., Chs 5 & 6 |
Assignment 1 Due |
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10 Oct 20 – 24 |
Aggregate Expenditure Line Model and the Multiplier
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Littleboy et al., Chs 7 & 8 |
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11 Oct 27 – 31 |
Monetary Policy and the Economic Fluctuations Model (Part 1) |
Littleboy et al., Chs 9 & 10 |
Assignment 2 Due |
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12 Nov 3 – 7 |
Monetary Policy and the Economic Fluctuations Model (Part 2) Fiscal Policy (Part 1) |
Littleboy et al., Chs 11 & 12 |
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13 Nov 10 –14 |
Fiscal Policy (Part 2) |
Littleboy et al., Ch 13 |
Workshop 3 Assignment 1 & 2 Returned |
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Nov 17 –Dec 5 |
Final Exam Period |
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
This unit uses research from external sources (references).
This unit gives you practice in applying research findings in your assignments.