Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Prashan Karunaratne
Contact via "Send the Unit Convenor - Prashan - an email" link on iLearn
E4A 449
TBA via iLearn
Lecturer
Jordi McKenzie
E4A 408
TBA via iLearn
Lecturer
Edwin Franks
E4A 421
TBA via iLearn
Teaching Assistant
Ha Vu
E4A 429
TBA via iLearn
Business & Economics Student Services
BESS
Contact via E4B 106
ALL DISRUPTIONS TO STUDIES ENQUIRIES
Monday - Friday - 9:00 a.m. to 5:00 p.m.
BESS
ALL NON-ECON111 UNIVERSITY RELATED ENQUIRIES
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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, i.e. with microeconomics. Topics include: consumer choice and demand analysis; the firm and its production and costs; market structures from perfect competition to monopoly; 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 |
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Weekly Online Quiz & Feedback | 10% | Weekly from Week 3 |
Weekly Tute Work & Feedback | 10% | Weekly from Week 2 |
Assignment - THREE submissions | 30% | Wk 8 & Wk 9 & Wk 10 Tutorials |
Final Examination | 50% | University Examination Period |
Due: Weekly from Week 3
Weighting: 10%
There will be an online quiz conducted weekly throughout the session from Week 3 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. As some of these quizzes are before the census date, you will get immediate feedback for your decision to drop or continue in the unit.
From Week 3 and onwards, quizzes will be released weekly at 1 a.m. on Monday of each week and closed at 11:59 p.m. on the following Sunday.
Together the online quizzes will contribute 10% to your final mark in this unit. The best 4 out of all released quizzes will count towards your online quiz mark. Quizzes will be released every week from Week 3 to Week 14.
The purpose of the quizzes is to check your understanding of the unit material on a regular basis. While only the best 4 attempts count, you are STRONGLY recommended to attempt as many quizzes as possible to check on your ongoing progress in the unit, as well as to receive immediate feedback.
Please note that no extensions will be granted. Failure to complete any quiz will result in a zero mark for that quiz. As only the best 4 quizzes will be counted, you need not apply for special consideration via the Disruptions to Study Policy unless you have a serious misadventure that prevents you from attempting at least 4 quizzes. Students are advised not to apply for Disruptions to Study for missing a quiz, as only the best 4 quizzes will be counted.
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.
If you have a valid reason that prevents you from attempting at least 4 quizzes throughout the session please consult BESS for advice on the Disruptions to Studies Policy.
Due: Weekly from Week 2
Weighting: 10%
Tutorial home-work submission will comprise 5% and participation within the tutorial via questions and answers will make up the remaining 5%. Each week, students will be required to submit one-quarter of their tutorial questions as home-work. A tutorial will generally consist of four questions, thus, one designated question each week will require submission. Submission details will be explained in your first tutorial as well as via iLearn.
The purpose of the home-work submission is to give you an incentive to attempt some of the questions prior to the tutorial in order to gain maximum benefit from the tutorial discussions.
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. You will be placed in groups by your tutor to assist you with tutorial preparation. 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.
You are expected to attend all tutorials.
However, we recognise that you may miss a couple due to other commitments. In this regard, failure to attend at least 8 tutorials and make 8 home-work submissions will be regarded as unsatisfactory and this will negatively impact on your tutorial mark.
If you miss more than 4 tutorials due to an unavoidable disruption/s, you may apply for special consideration (see the Disruption to Studies Policy below). If that application is approved the attendance and home-work submission requirement will be waived for that tutorial.
Please consult BESS for advice on the Disruptions to Studies Policy.
Due: Wk 8 & Wk 9 & Wk 10 Tutorials
Weighting: 30%
The assignment will be released in tutorials in Week 05. The assignment will comprise of 4 questions. For the first of the three submissions - students will hand in answers to all 4 questions during their designated tutorial in Week 08. The document that you hand in Week 08 will be the typed and hand-drawn answers that you have prepared at home.
Detailed instructions for submission will be available on iLearn. Late assignments that have not followed the Disruptions to Studies Policy will incur a penalty of 12.5% per 24 hours. The physical submission of the assignment in Week 08 will not be the end of the assignment submission. This is because THREE submissions of the assignment are required. The second two submissions are explained below.
In your tutorials in Week 09 and Week 10, one question (each) will be randomly selected from these four questions and you will be required to re-submit the answer to these during these tutorials. You will not have access to any resources during the tutorials of Week 09 and Week 10. You will need to answer the given question on the day in writing within 40 minutes. You will be given one of these four questions in Week 09. You will be given another of these four questions in Week 10. This is to ensure that the intended learning outcomes have been achieved via the assignment. These submissions will be given under MQ University test conditions.
If you miss your tutorial in Week 09 or Week 10, thus missing the 2nd and/or 3rd submissions of the assignment, you will receive a zero for the question required to be submitted in that tutorial. If you have a valid reason for special consideration you must apply for Disruptions to Study via BESS. If your application for Disruptions to Study is successful, you will be advised of an alternate method of submission for the 2nd and/or 3rd submissions of the assignment.
The documents that will be marked will be:
Thus, in total all 4 questions will be marked. All 4 marked questions will be weighted EQUALLY.
The purpose of the assignment is to 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.
The purpose of the repeat submissions is to ensure that you indeed have attained the learning outcomes of the unit.
All students who apply for special consideration (see the Disruption to Studies Policy below) in relation to the assignment will be given an extension for their submission in discussion with the Unit Convenor.
NOTE: as there is a Public Holiday on Monday, Week 09 - students in these Monday tutorials may attend any other tutorial in Week 09 - further details to follow for students enrolled in a Monday tutorial.
Please consult BESS for advice on the Disruptions to Studies Policy.
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 purpose of the final exam is to 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, may have a different format to the original exam. 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.
Please consult BESS for advice on the Disruptions to Studies Policy.
Required and Recommended Texts and/or Materials
The required textbook in ECON111:
Gans, J., King, S., & Mankiw, N. G. (2014). Principles of Microeconomics: Australia and New Zealand Edition, 6th Edition. Cengage Learning.
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.
McTaggart, Findlay and Parkin, Principles of Microeconomics, Pearson Education, Australia, 2013.
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.
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.
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The curriculum has been transformed by integrating the threshold concepts of economics. Each topic will revolve around the threshold concepts of economics. Students are not to consider the unit as a series of 13 topics of content. Rather, students will be trained to master the eight threshold concepts of economics. The Topic Content each week is simply to highlight the utilisation of one or more of the eight Threshold Concepts of economics. While each topic engages more than one threshold concept, the main threshold concept for each topic has been underlined in bold.
# | Topic Content covered * | Threshold Concepts engaged | Chapter | |
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1 | Production Possibilities Frontier |
Economic Models Opportunity Cost Marginal Analysis |
1 & 2 | |
2 | Producer Theory |
Economic Models Opportunity Cost Marginal Analysis |
13 | |
3 | Perfect Competition |
Economic Models Opportunity Cost Marginal Analysis Markets - Interactions & Structures |
14 | |
4 | Demand & Supply |
Economic Models Opportunity Cost Marginal Analysis Equilibrium & Disequilibrium |
4 | |
5 | Monopoly |
Economic Models Markets - Interactions & Structures Welfare & Efficiency |
15 | |
6 | Monopolistic Competition |
Markets - Interactions & Structures Welfare & Efficiency Elasticity |
16 | |
7 | Elasticity |
Equilibrium & Disequilibrium Markets - Interactions & Structures Elasticity |
5 | |
8 | Efficiency |
Marginal Analysis Welfare & Efficiency Equilibrium & Disequilibrium |
7 | |
9 | Externalities |
Marginal Analysis Welfare & Efficiency Equilibrium & Disequilibrium |
10 | |
10 | Govt. Actions in Markets |
Marginal Analysis Welfare & Efficiency Equilibrium & Disequilibrium |
6 & 8 | |
11 | Consumer Theory |
Economic Models Opportunity Cost Marginal Analysis |
22 | |
12 | Game Theory / Oligopoly |
Economic Models Markets - Interactions & Structures . |
17 | |
13 | Trade |
Opportunity Cost Comparative Advantage . |
3 | |
* The Unit Schedule is subject to change depending on the lecture pace. Any alterations will be advised via iLearn.
While the coverage of each lecture stream is identical, students are encouraged to attend a single lecture stream for the entire session. This is to ensure continuity of a train of thought within a lecture stream. It is expected that students will be attending lectures on a weekly basis. The lecture streams are as follows:
Monday - 10 a.m. - 12 noon - Dr Edwn Franks - Price Theatre
Wednesday - 12 noon - 2 p.m. - Mr Prashan Karunaratne - Macquarie Theatre
Thursday - 6 p.m. - 8 p.m. - Dr Jordi McKenzie - Macquarie Theatre
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/
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
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.
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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 graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.
This graduate capability is supported by:
We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.
This graduate capability is supported by:
Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.
This graduate capability is supported by:
We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.
This graduate capability is supported by:
The final examination has been reduced from 60% in 2014 to 50% in 2015.
The assignment is now worth 30% in 2015 instead of 20% in 2014.
The ordering of the topics has been augmented in line with the literature on "Threshold Concepts". This new curriculum was first implemented successfully in Session 3, 2014.
While the coverage of each lecture stream is identical, students are encouraged to attend a single lecture stream for the entire session. This is to ensure continuity of a train of thought within a lecture stream. It is expected that students will be attending lectures on a weekly basis.
The on-site lecture streams are as follows:
Monday - 10 a.m. - 12 noon - Dr Edwn Franks - Price Theatre
Wednesday - 12 noon - 2 p.m. - Mr Prashan Karunaratne - Macquarie Theatre
Thursday - 6 p.m. - 8 p.m. - Dr Jordi McKenzie - Macquarie Theatre
In addition to the aforementioned on-site lecture streams, the following live iLecture stream will be available:
Wednesday - 12 noon - 2 p.m. - Mr Prashan Karunaratne - iLecture via iLearn (a live stream of Wednesday's on-site lecture in Macquarie Theatre.)
If you are unable to attend an on-site lecture for a particular week, you are encouraged to log on to the live iLecture stream via iLearn from your chosen location. You will be able to interact with the teaching staff live via a chat tool in the live video-streaming-software (instructions on iLearn). The lecturer of this stream, (the Unit Convenor, Prashan Karunaratne) will aim to address any issues or questions during the 2 hour time slot - depending on practicality. Otherwise, the queries may be attended to post-lecture via iLearn. The purpose of the live lecture stream on Tuesdays is to allow interaction between students and teaching staff, even if students choose to attend the lecture on-line for a particulat week.
Furthermore, experience and feedback from past years indicate that students who miss an on-site lecture, and thus decide to watch pre-recorded lectures end up delaying the viewing of these. Students have reported that they themselves create a negative situation having accumulated too many hours of pre-recorded lectures to be viewed - and thus feel overwhelmed. Experience and feedback from students also indicates that watching a pre-recorded 2 hour lecture actually ends up taking 3 or more hours - due to continuous pausing and re-playing - thus ending up taking more time than originally intended or envisagaed. The live iLecture stream intends to address the negatives of pre-recorded lectures. However, the live iLecture is not intended to be a substitute to attending the on-site lecture in the first place.
NOTE: If you opt for the live iLecture stream, ECON111 staff are NOT able to address any technical, software or internet issues. By opting out of an on-site lecture and choosing the on-line live iLecture, you are responsible for ensuring all required compatibilities of hardware and software.
In addition to the aforementioned live iLecture steam, all on-site streams will be recorded and available for review for study and revision purposes via Echo360 on iLearn.
It must be noted that, the university and the The Tertiary Education Quality Standards Agency (TEQSA), has listed the unit as "internal". Therefore, the expectation from staff, the university and TEQSA is that you are physically attending classes on-site. Innovations such as iLecture and Echo360 are provided as a supplement to assist in your study experience and journey at Macquarie University. These innovations are not intended as a substitute. This is because the unit is not listed as "external" - in other words, it is not a component of an online degree. The fees you pay, either deferred fees or upfront fees, are reflective of the extra resources and facilities required for an internal offering of the unit.
Furthermore, you will miss out on the "full" university experience by not being on-site, physically interacting with staff, physically interacting with peers and practising real-world social skills and collegiality that a university campus provides as training for your future careers.
It must be further noted that, the lectures in ECON111 are very dynamic and not static. The lecture recordings - whether via iLecture, or via Echo360 simply capture the audio of the lecturer's voice and the video of the projections on the main theatre screen. The video recordings are unable to record the various classroom interactivities, demonstrations and experiements. This is because the video recordings simply capture what has been projected onto the main theatre screen. Furthermore, theatres at Macquarie University have multiple screens which at times the lecturers will utilise to display various content. In this instance again, the video recording is only able to capture the content on a single (the main) screen.
Finally, whichever lecture stream you choose, if you take part in all learning and teaching activities on a regular basis - you will be setting up yourself to not only pass but excel in ECON111 !
PLEASE REMEMBER THAT ALL STAFF INVOLVED IN ECON111 ARE HERE TO FORWARD AND NOT HINDER YOUR LEARNING.
WE ARE ALWAYS AVAILABLE AND READY TO ASSIST YOU IN ALL MATTERS RELATED TO ECON111. PLEASE COME AND SAY, " Hi !" .