Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
Prashan Karunaratne
Contact via "Contact the Unit Convenor - Prashan" link on iLearn
E4A 449
TBA
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit aims to provide an introduction to the main ideas and concepts involved in modern economics; and attempts to provide students with an understanding of how the economy works, what type of problems economists attempt to solve, and how they set about trying to solve them. The unit is primarily concerned with the analysis of individual decision-making units, and the behaviour of firms and industries in the economy, ie with microeconomics. Topics include: consumer choice and demand analysis; the firm and its production and costs; market structures from perfect competition to monopoly; factor markets; income distribution, poverty and discrimination; welfare economics; and market failure and microeconomic reform.
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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 |
---|---|---|
Tutorial Assessment | 10% | Each Week |
Online Quizzes | 20% | Weekly |
Test | 20% | Thursday, 8 January |
Final Examination | 50% | University Examination Period |
Due: Each Week
Weighting: 10%
At the beginning of the session, each student will be allocated 10% (i.e., 10 marks) for tutorial work. You will need to work consistently throughout the session to keep this surplus of 10%. Tutorial home-work submission will comprise 5% and participation in questions and answers will make up the remaining 5%.
A separate document with detailed instructions about the tutorial format and assessment will be made available on the unit web page. Your tutor/s will also outline tutorial requirements to you in your first tutorial.
The emphasis in marking the tutorial participation will be on how well you prepare for class. Preparing in your group will greatly help you prepare for providing answers to questions. If you work effectively with your group to understand and explain the essential elements of each topic, your individual learning will be further enhanced in class. Your consistent participation in group work and in asking and answering questions in class is essential for you to achieve learning outcomes 3, 4 and 5, in particular (see below for Learning Outcomes). Your participation in the tutorials will allow you to practise how to apply economic theory to solve problems, to communicate your ideas to others and thereby to improve the confidence with which you undertake future economic studies.
If you miss a tutorial due to unavoidable disruption, you may apply for special consideration (see the Disruption to Studies Policy below). If that application is approved the attendance requirement will be waived for that tutorial.
Due: Weekly
Weighting: 20%
There will be a total of 5 online quizzes conducted throughout the session on iLearn. This assessment task is intended to give you ongoing feedback on your progress in the unit. Online quizzes will consist of multiple choice questions only.
The dates and topics of each quiz will be advised in class and via iLearn.
Together the online quizzes will contribute 20% to your final mark in this unit. The best 4 out of 5 quizzes will count towards your overall quiz mark.
Please note that no extensions will be granted. Failure to complete any quiz will result in a zero mark for that quiz. The penalty does not apply for cases in which an application for special consideration (see the Disruption to Studies Policy below) is made and approved. In such cases the missed assessment will be covered by a supplementary assessment task, this could include an oral assessment task.
If students undertake a quiz off-campus, it is their responsibility to ensure the compatibility of the software they use with that of the university. Technical failures that occur when the quizzes are done off-campus cannot be verified by the university and would usually result in the student receiving zero for that quiz.
The university computing labs are available throughout the weekend and have lab demonstrators to assist with technical issues.
Due: Thursday, 8 January
Weighting: 20%
The class test will cover material drawn from parts of the unit’s subject matter covered to date. The test will consist of multiple choice questions and written-answer questions. The class test will give you the opportunity to demonstrate your knowledge of basic economic concepts, the economic way of thinking and to use this knowledge to solve economic problems. All students who apply for special consideration (see the Disruption to Studies Policy below) in relation to the class test will be required to sit a supplementary test, if the special consideration application is approved.
Due: University Examination Period
Weighting: 50%
End of unit three hour written examination, to be taken during the end of session examination period. The examination will cover material drawn from all parts of the unit’s subject matter.The exam will consist of multiple choice questions and written-answer questions. The final exam will give you the opportunity to demonstrate your knowledge of basic economic concepts, the economic way of thinking and to use this knowledge to solve economic problems. All students who apply for special consideration (see the Disruption to Studies Policy below) in relation to the final exam will be required to sit a supplementary examination, if the special consideration application is approved. Please note that the supplementary examination, held during the university supplementary exam period, will have a different format to the original exam. There will not be any multiple choice questions, the supplementary examination will be based on written answers only. In addition it is reasonable to point out that because students who sit the supplementary examination usually have much longer to prepare for their examination, the supplementary examination will be more difficult and marked at a higher level than the original examination.
Classes The timetable for classes can be found at the university web site: http:/www.timetables.mq.edu.au/. A clearer version of the timetable will be available on iLearn.
Required and Recommended Texts and/or Materials The textbook in ECON111: McTaggart, D., Findlay, C. and Parkin, M., Microeconomics with MyEconLab, Pearson Australia, 7th Edition, 2013. The Co-op bookstore has this book and it is recommended that students purchase a copy. A copy of this book has been placed in the reserve section of the library. The publisher provides a range of support material for the textbook, including a website. Information on accessing this material is provided in the introduction to the text. The website material includes trial questions and quizzes. You may find it useful to devote some limited time to these questions and quizzes. They will give you some feedback on how your understanding is progressing. Note however that the bulk of your study time, outside of the classroom, should be devoted to studying
Additional References
Your recommended textbook will be more than adequate for this unit. Listed below are a series of other texts on microeconomics that you should feel free to consult if you wish. These books cover most of the material covered in your textbook, but each one does so in its own unique way. You may choose to consult these books if you feel that a slightly different presentation of the material might aid your understanding. These books have been placed in the reserve section of the library. Hubbard, G., Garnett, A., Lewis, P. and O’Brien, T., Microeconomics, Pearson Education, Australia, 2011. Swann, M. and McEachern, W.A., Microeconomics: A Contemporary Introduction, Thomson, Australia, 3rd Edition, 2006.
Technology Used and Required
Unit Web Page The unit uses the learning management system (iLearn) that can be accessed via iLearn.mq.edu.au. The lecture slides for each week’s lecture will be posted on the unit web page, before the lecture. You will find it useful to download the slides prior to the lecture, and bring them to the lecture. The web page is also used to post important notices from time to time. You should check this web page regularly. The unit web page has the facility to allow peer to peer discussion. The unit web page also allows students to put questions to an Online-Tutor. The Online-Tutor will attempt to answer your questions in a timely manner. If you have any problems accessing this web page you should go the Online Teaching Facility support web page at http://online.mq.edu.au/docs/tecinf.html
Learning and Teaching Activities
This unit is taught as a mix of tutorials and lectures. The lectures are designed to provide the tools which can then be applied in tutorials.
Lectures – large group learning (2 hours for each topic)
Lectures are intended to provide an overview of the key concepts explored in the unit. Students are expected to read the relevant chapters before each lecture. Independent learning ECON111 relies heavily on independent learning where students read the relevant chapter, revise lecture notes and prepare answers to the tutorial questions.
Tutorials – small group learning (1 hour for each topic)
Tutorials constitute a critical learning experience of this unit and students must attend. Group work is an essential part of this learning. In ECON111 we emphasise peer-to-peer learning by working as a group through the exercises and learning from others. Your tutor's role is to help you understand the material. Ask your tutor for guidance on how to approach questions and problems.
After the tutorials – the learning continues. At the end of each teaching day, review your tutorial notes, compare your answers to those of friends, members of your group and the discussion board. Note that model answers will not be provided. You get the answers by engaging in all the above activities.
# | Topic Content * | Threshold Concepts covered | Chapter | |
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1 | Production Possibilities Frontier |
Economic Modelling Opportunity Cost Marginal Analysis |
1 & 2 | |
2 | Producer Theory |
Opportunity Cost Marginal Analysis Economic Modelling |
13 | |
3 | Perfect Competition |
Opportunity Cost Marginal Analysis Economic Modelling Interactions Between Markets |
14 | |
4 | Demand & Supply |
Opportunity Cost Marginal Analysis Economic Modelling Welfare & Efficiency |
3 | |
5 | Monopoly |
Economic Modelling Welfare & Efficiency Interactions Between Markets |
10 | |
6 | Monopolistic Competition |
Elasticity Welfare & Efficiency Interactions Between Markets |
15 | |
7 | Elasticity |
Elasticity Interactions Between Markets |
4 | |
8 | Economics of the Environement |
Marginal Analysis Welfare & Efficiency Interactions Between Markets |
9 | |
9 | Efficiency |
Marginal Analysis Welfare & Efficiency |
5 | |
10 | Govt. Actions in Markets |
Marginal Analysis Welfare & Efficiency |
6 | |
11 | Oligopoly |
Economic Modelling Interactions Between Markets |
16 | |
12 | Consumer Theory |
Opportunity Cost Marginal Analysis Economic Modelling |
12 | |
13 | Trade |
Opportunity Cost Comparative Advantage |
2 | |
* The Unit Schedule is subject to change depending on the lecture pace. A clearer day-by-day version will be made available via iLearn.
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/
The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:
Further information on the academic honesty can be found in the Macquarie University Academic Honesty Policy at http://www.mq.edu.au/policy/docs/academic_honesty/policy.html
Macquarie University uses the following grades in coursework units of study:
Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at:
http://www.mq.edu.au/policy/docs/grading/policy.html
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.
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.
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The non-invigilated assignment has been replaced with an invigilated class test.
The online quizzes were increased from 10% to 20% of the overall assessment - this keeps the non-invigilated components at 20%.
The final exam was reduced from 60% to 50% - this keeps the overall course at 100%.
The ordering of the topics has been augmented in line with the educationalist literature on "Threshold Concepts".