Students

ECON649 – Economic Analysis

2017 – S1 Evening

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Craig MacMillan
Contact via craig.macmillan@mq.edu.au
E4A 427
Monday 12 - 2pm
Lecturer
Michael Dobbie
Contact via michael.dobbie@mq.edu.au
E4A 416
To be advised - check iLearn page
Lecturer
Edwin Franks
Contact via joseph.macri@mq.edu.au
E4A 421
To be advised - check iLearn page
Lecturer
Stephanie Brooks
Contact via stephanie.brooks@mq.edu.au
To be advised - check iLearn page
To be advised - check iLearn page
Credit points Credit points
4
Prerequisites Prerequisites
Admission to MAccg or MAccg(Adv) or MAcc(CPA) or MAcc(Prof) or MAcc(Prof)MCom or MIntAccg or MBkgFin
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit provides an introduction to modern economic analysis. The first half of the unit deals with the theory and application of microeconomics, while the second half is devoted to macroeconomics, which examines the problems associated with inflation, unemployment and the business cycle in the context of the Australian economy.

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
  • 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 econ

General Assessment Information

In order to pass the unit it is not necessary to pass the final exam.

Assessment Tasks

Name Weighting Hurdle Due
Online Quiz 10% No Week 4
Assignment 30% No Week 9
Final exam 60% No University Examination Period

Online Quiz

Due: Week 4
Weighting: 10%

The purpose of the online quiz is to examine your understanding of the concepts and models covered in the first 3 weeks. This task’s aim is 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 online quiz will be completed online during week 4 and more details will be made available by the end of week 2. 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 and this could take the form of an oral 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
  • 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 econ

Assignment

Due: Week 9
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 must be submitted by 4pm on Friday 12 May, 2017 (week 8) both at Business and Economics Student Services (BESS), E4B 106 and via Turnitin.

Your marked assignment with comments will be returned in Week 13.

Extensions and Penalties

No extensions will be granted. There will be a deduction of 10% of the total

available marks made from the total awarded mark for each 24 hour period or part thereof that the

submission is late (for example, 25 hours late in submission – 20% penalty). This penalty does not

apply for cases in which an application for disruption of studies is made and approved.For further information

please consult the University’s Disruption to Studies policy:

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

No submission will be accepted after solutions have been posted.

If a student satisfies the Disruption to Studies policy and solutions have been posted they may be required to complete a supplementary assessment task and this could take the form of an oral task.

 

 


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 session. 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
  • 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 econ

Delivery and Resources

Classes

There is one 3 hour lecture per week that you must attend.

You are expected to attend the lecture group you are formally enrolled in.

Changes are not permitted. If you have any questions or issues regarding your

timetable please see the staff at BESS, E4B 106.

The timetable for classes can be found on the University web site at:

http://www.timetables.mq.edu.au/

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. (2017) Microeconomics: Principles and Practice, Cengage Learning.

Littleboy, B., Taylor, J.  and Weerapana, A (2017) 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. The

University provides students access to computers on campus – for more

information please enquire at BESS.

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

Feb 27 – Mar 3

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

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

 

 

2

Mar 6 – 10

The Supply and Demand Model

Frost et al., Ch 3

 

3

Mar 13 – 17

Elasticity & The Consumer

Frost et al., Chs 4 & 5

 

4

Mar 20 – 24

The Firm and the Industry

Frost et al., Ch 6

Online Quiz

 

5

Mar 27 – 31

The Competitive Market

Frost et al., Ch 7

Workshop 1

 

6

Apr 3 – 7

Monopoly

Frost et al., Ch 8

 

7

Apr 10 – 13

Public Goods, Common Resources and Externalities

Frost et al., Ch 11

Workshop 2

 

Apr 14 - 28 

Mid Semester Break

 

 

Macroeconomics

8

May 1 – 5

Introduction to Macroeconomics: GDP, Business Cycles and Inflation

Littleboy et al., Chs 1,2 & 3

 

9

May 8 – 12 

Introduction to Macroeconomics: Labour and Money and Banking

Littleboy et al., Chs 5 & 6

Assignment Due

10

May 15  – 19  

Understanding Economic Fluctuations and the Aggregate Expenditure Model

 

Littleboy et al., Chs 7 & 8

 

11

May 22  – 26 

Monetary Policy and Macroeconomics in Motion

Littleboy et al., Chs 9 & 10

 

12

May 29 – Jun 2 

The Economic Fluctuations Model & Fiscal Policy (Part 1)  

Littleboy et al., Chs 11 & 12

 

13

Jun 5 –  9

Fiscal Policy (Part 2)

Littleboy et al., Ch 13

Workshop 3

Assignment Returned

Jun 13  – 30

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_2016.html

Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html

Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.html​

Disruption to Studies Policy (in effect until Dec 4th, 2017): http://www.mq.edu.au/policy/docs/disruption_studies/policy.html

Special Consideration Policy (in effect from Dec 4th, 2017): https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration

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/

Results

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.

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 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://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Graduate Capabilities

Discipline Specific Knowledge and Skills

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:

Learning outcomes

  • 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
  • Understand the role of the government and the central bank in the economy and the instruments available to them to manage the econ

Assessment tasks

  • Online Quiz
  • Assignment
  • Final exam

Critical, Analytical and Integrative Thinking

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:

Learning outcomes

  • 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
  • Understand the role of the government and the central bank in the economy and the instruments available to them to manage the econ

Assessment tasks

  • Online Quiz
  • Assignment
  • Final exam

Problem Solving and Research Capability

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:

Learning outcomes

  • 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

Assessment task

  • Assignment

Research and Practice

This unit uses research from external sources (references) to illustrate theories and concepts.

This unit gives you practice in applying theory to economic problems and questions encountered in the real world in your assignments