Students

ECON649 – Economic Analysis

2014 – MQC S2 Day

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Lecturer
Allan McHarg
allan.mcharg@mqc.edu.au or amcharg@optusnet.com.au
Contact via email
By Appointment
Convenor
Craig MacMillan
craig.macmillan@mq.edu.au
Credit points Credit points
4
Prerequisites Prerequisites
Admission to MAcc(CPA) or MAcc(Prof) or MAcc(Prof)MComm
Corequisites Corequisites
Co-badged status Co-badged status
ECON991 Economics for Actuaries
Unit description Unit description
This unit provides a graduate-level foundation in modern economic analysis. The first half of the unit is devoted to macroeconomics which examines in the context of the Australian economy the problems associated with inflation, unemployment and balance of payments, while the second half deals with a study of the theory and application of microeconomics.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • Understand the key economic concepts, models and theories of introductory microeconomics and macroeconomics
  • Explain, compare, contrast and analyse these concepts, models and theories logically and coherently
  • Apply, analyse, evaluate, and suggest solutions using these concepts, models and theories to real world economic problems or practical situations
  • Identify and then use relevant economic diagrams to assist with explanations and applications
  • Understand the behaviour of individuals and firms and the operation of markets in the economy
  • Understand the role of the government and the central bank in the economy and the instruments available to them to manage the economy.

Assessment Tasks

Name Weighting Due
Quiz 10% Week 4 - Wednesday 27 August
Assignment 30% Week 9 - Wednesday 15 October
Final exam 60% University Examination Period

Quiz

Due: Week 4 - Wednesday 27 August
Weighting: 10%

The purpose of the quiz is to examine your understanding of the concepts and models covered in the first 3 weeks. Part of the objective is to also provide you with some early feedback about your progress in the course. The quiz will consist of twenty multiple-choice type questions.

 

This quiz will be conducted during the first hour of classes during week 4 (Wednesday 27 August). If you do not complete the quiz you will be awarded a mark of zero (0). The only exception to this is if you could not do the quiz because of documented illness 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.

 

Extension
N/A

Penalties
If you do not complete the quiz you will be awarded a mark of zero (0) unless you satisfy the University's policy regarding disruption to studies - see above for the link.
On successful completion you will be able to:
  • Understand the key economic concepts, models and theories of introductory microeconomics and macroeconomics
  • Apply, analyse, evaluate, and suggest solutions using these concepts, models and theories to real world economic problems or practical situations

Assignment

Due: Week 9 - Wednesday 15 October
Weighting: 30%

 

 

The purpose of the assignment is to examine your ability to understand and apply (i) microeconomic concepts covered in the first seven weeks of the unit 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 on  Wednesday 15 October (week 9 of the session). A hard copy must be handed in during your class session.

The marked assignment will be returned in Week 13.

Extension

No late assignments will be accepted.

If you cannot submit your assignment on time because of documented illness or unavoidable disruption please consult the University’s Disruption to Studies policy.

http://www.mq.edu.au/policy/docs/disruption_studies/policy.html

 

 

Penalties
If an assignment is submitted late it will receive a mark of zero (0).


On successful completion you will be able to:
  • Understand the key economic concepts, models and theories of introductory microeconomics and macroeconomics
  • Apply, analyse, evaluate, and suggest solutions using these concepts, models and theories to real world economic problems or practical situations
  • Identify and then use relevant economic diagrams to assist with explanations and applications
  • Understand the behaviour of individuals and firms and the operation of markets in the economy

Final exam

Due: University Examination Period
Weighting: 60%

 

Examination conditions

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.

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.

 


 

 
On successful completion you will be able to:
  • Understand the key economic concepts, models and theories of introductory microeconomics and macroeconomics
  • Explain, compare, contrast and analyse these concepts, models and theories logically and coherently
  • Apply, analyse, evaluate, and suggest solutions using these concepts, models and theories to real world economic problems or practical situations
  • Identify and then use relevant economic diagrams to assist with explanations and applications
  • Understand the behaviour of individuals and firms and the operation of markets in the economy
  • Understand the role of the government and the central bank in the economy and the instruments available to them to manage the economy.

Delivery and Resources

Classes

There is one 3 hour lecture per week that you must attend.The class meeting will be held on Wednesdays between 3.30 - 6.30 p.m.

There will be three workshops held during the semester. These workshops are designed to review and reinforce the material covered in lectures and in the required reading.

These workshops will be held during normal lecture times during weeks 5, 7 and 13.

Details concerning the questions to be covered during the workshops can be downloaded from the unit web page.

 

Required and Recommended Texts and/or Materials

 The textbooks for this course are:

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.

The textbooks are available to borrow from the Macquarie University library.                                                                         

The publisher provides access to the online learning resource Aplia through the iLearn website for this course.

 

Technology Used and Required

Students will require a non-programmable calculator for completion of all assessment tasks. A calculator is non-programmable if it does not have any memory, or if it is capable of storing only numerical data within its memory.

Students will also require access to a computer to view the unit website, view the publisher’s website for the set text, and for email communication with staff.

 

Unit Web Page

 

Course material is available on the learning management system (iLearn)

The web page for this unit can be found at:

https://ilearn.mq.edu.au/login/MQ/

 

Learning and Teaching Activities

This unit will be taught using a combination of both lectures and workshops.

It is expected that students will:

- Attend all lectures and workshops

- Read the set chapters from their textbooks and any supplementary readings –

preferably in advance of lecture attendance

- Attempt practice questions in their textbooks for personal revision

- Prepare for workshops in advance

 

 

 

Unit Schedule

Microeconomics

 

 

 

 

 

 

Week

Topic

Required Reading

Reminders

1

Aug 6

Introduction, the Economic Way of Thinking and the Production Possibility Frontier

Frost et al., Chs 1 (including appendix),  & 2

 

 

2

Aug 13

The Supply and Demand Model

Frost et al., Ch 3

 

3

Aug 20

The Demand Curve and The Supply Curve

Frost et al., Chs 4 & 5

 

4

Aug 27

Elasticity and the Costs of Production (Part 1)

Frost et al., Chs 6 & 7

Test 1

 

5

Sep 3

Costs of Production (Part 2)

Frost et al., Ch 7

Workshop 1

 

6

Sep 10

A Competitive Market  and Monopoly (Part 1)

Frost et al., Chs 8 & 9

 

7

Sep 17

Monopoly (Part 2.)

Frost et al., Ch 9

Workshop 2

 

Sep 22 – Oct 6 

Mid Semester Break

 

 

 

Macroeconomics

8

Oct 8

Introduction to Macroeconomics: GDP, Business Cycles and Inflation

Littleboy et al., Chs 1,2,3 & 4

 

9

Oct 15

Introduction to Macroeconomics: Labour and Money and Banking

Littleboy et al., Chs 5 & 6

Assignment Due

10

Oct 22

Aggregate Expenditure Line Model and the Multiplier

 

Littleboy et al., Chs 7 & 8

 

11

Oct 29

Monetary Policy and the Economic Fluctuations Model (Part 1)

Littleboy et al., Chs 9 & 10

 

12

Nov 5

Monetary Policy and the Economic Fluctuations Model (Part 2)

Fiscal Policy (Part 1)  

Littleboy et al., Chs 11 & 12

 

13

Nov 12

Fiscal Policy (Part 2)

Littleboy et al., Ch 13

Workshop 3

Assignment Returned

Nov 17 –Dec 5

Final Exam Period

Policies and Procedures

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.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/

Grade Appeals and Final Examination Script Viewing at the City Campus

If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.

http://www.city.mq.edu.au/reviews-appeals.html

Attendance at the City Campus

All Students are required to attend at least 80% of the scheduled course contact hours each Session.  Additionally MQC monitors the course progress of international students to ensure that the student complies with the conditions of their visa relating to attendance.

This minimum level of attendance includes all lectures and tutorials. Tutorial attendance will be recorded weekly.  If any scheduled class falls on a public holiday this will be rescheduled as advised by your Lecturer. Attendance at any mid-Session or in-class test is compulsory unless otherwise stated.

Unavoidable non-attendance due to illness or circumstances beyond your control must be supported by appropriate documentation to be considered for a supplementary test.  Other non-attendance will obtain zero for the test. You should refer to the section below on Special Consideration for more details about this.

 

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.

Student Support at the City Campus

Students who require assistance are encouraged to contact the Student Services Manager at Macquarie City Campus. Please see reception to book an appointment.

Macquarie University provides a range of Academic Student Support Services. Details of these services can be accessed at http://students.mq.edu.au/support/

At any time students (or groups of students) can book our Student Advising rooms on Level 6 by emailing info@city.mq.edu.au with a day and time and nominated contact person. There are additional student study spaces available on Level 1.

Macquarie University Campus Wellbeing also has a presence on the City Campus each week. If you would like to make an appointment, please email info@city.mq.edu.au or visit their website at: http://www.campuslife.mq.edu.au/campuswellbeing

UNIWISE provides:

 

Student Services and Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

Student Enquiries

For all student enquiries, visit Student Connect at ask.mq.edu.au

IT Help

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.

IT Help at the City Campus

If you wish to receive IT help, we would be glad to assist you at http://informatics.mq.edu.au/help/ or call 02 9850-4357.

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 and it outlines what can be done.

Students must use their Macquarie University email addresses to communicate with staff as it is University policy that the University issued email account is used for official University communication.

Students are expected to act responsibly when utilising Macquarie City Campus IT facilities. The following regulations apply to the use of computing facilities and online services:

  • Accessing inappropriate web sites or downloading inappropriate material is not permitted.
  • Material that is not related to coursework for approved unit is deemed inappropriate.
  • Downloading copyright material without permission from the copyright owner is illegal, and strictly prohibited. Students detected undertaking such activities will face disciplinary action, which may result in criminal proceedings.

Non-compliance with these conditions may result in disciplinary action without further notice.

If you would like to borrow headphones for use in the Macquarie City Campus computer labs (210, 307, 311, 608) at any point, please ask at Level 2 Reception. You will be required to provide your MQC Student ID card.  This will be held as a deposit while using the equipment.

For assistance in the computer labs, please see a Lab Demonstrator (usually they can be found in Lab 311, otherwise ask at Level 2 Reception).

Graduate Capabilities

PG - Discipline Knowledge and Skills

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:

Learning outcomes

  • Understand the key economic concepts, models and theories of introductory microeconomics and macroeconomics
  • Explain, compare, contrast and analyse these concepts, models and theories logically and coherently
  • Apply, analyse, evaluate, and suggest solutions using these concepts, models and theories to real world economic problems or practical situations
  • Identify and then use relevant economic diagrams to assist with explanations and applications
  • Understand the behaviour of individuals and firms and the operation of markets in the economy
  • Understand the role of the government and the central bank in the economy and the instruments available to them to manage the economy.

Assessment tasks

  • Quiz
  • Assignment
  • Final exam

PG - Critical, Analytical and Integrative Thinking

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:

Learning outcomes

  • Explain, compare, contrast and analyse these concepts, models and theories logically and coherently
  • Identify and then use relevant economic diagrams to assist with explanations and applications
  • Understand the role of the government and the central bank in the economy and the instruments available to them to manage the economy.

Assessment tasks

  • Assignment
  • Final exam

PG - Research and Problem Solving Capability

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:

Learning outcomes

  • Apply, analyse, evaluate, and suggest solutions using these concepts, models and theories to real world economic problems or practical situations
  • Understand the behaviour of individuals and firms and the operation of markets in the economy

Assessment tasks

  • Quiz
  • Assignment
  • Final exam

Research and Practice

This unit uses research from external sources (references)

This unit gives you practice in applying research findings in your assignments