Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
John-Paul Monck
Xiaoman Selma Huang
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
Admission to MBA or MMgmt or PGDipMgt or GradDipMgt or MEngMgt
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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 examines economic analysis concepts and tools that enable students to set an organisation’s decision-making within its wider economic context. Topics include supply, demand, and market equilibrium; scarcity; exchange and trade; choice theory; theory of the firm; game theory and strategy; market structure; market failures; role of government and government policies; aggregate economy; and international trade.
We look at economic variables and how rises and falls in these variables affect people and businesses. We investigate how government policies, decisions by households and firms, and changes in the world economy affect inflation, exchange rates, interest rates, unemployment, growth, and social issues such as poverty and inequality.
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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 | Hurdle | Due |
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Participation and Contribution | 20% | No | Throughout Term |
Individual Online Quizzes | 20% | No | Session 4 and Session 8 |
Research Essay | 20% | No | 5pm of 30 August 2019 |
Final Examination | 40% | No | Exam Week |
Due: Throughout Term
Weighting: 20%
Format: Individual participation and contributions in the online classes and iLearn forum discussions
Due: Weekly contributions worth 2% each throughout the term; graded at the end of term
During the term, each student will be expected to participate and make high-quality contributions to the weekly online classes and iLearn forum discussions. A key component of this assessment involves researching an economic concept as applied to your own experience or a case and presenting this back in the online classes (or iLearn forum discussions). High marks are awarded to those who stimulate discussion and foster peer-to-peer learning in the online classes and iLearn forum discussions. You are highly encouraged to contribute to discussions as this provides the easiest and most time-efficient mechanism by which comprehensive feedback loops can be achieved. Remember opportunity cost! Your contribtions will be marked according to the following rubric:
Criteria Comment Mark Quality of comments /5 Depth of comments /5 Contribution to discussion and building on other’s comments /10 Total /20
Due: Session 4 and Session 8
Weighting: 20%
Duration: 60 minutes each
Format: Two online iLearn quizzes
Due: One scheduled in session 4 + one scheduled in session 8
Two online iLearn quizzes will be scheduled during the term and will be based on material covered in earlier classes and readings. Further information will be provided in iLearn.
Due: 5pm of 30 August 2019
Weighting: 20%
Length: 3,000 words maximum. You can attach relevant appendices and supporting documentation which will not be counted in this limit.
The essay should stand alone – do NOT depend upon a reader to read the appendices. The appendices should be there to identify the sources of your research, show how your conclusions are reached and provide relevant back-up to your arguments.
The essay will be assessed on:
The essay will be assessed against the relevant unit objectives, being:
TOPIC: TBA in class
Submission:
Students are to submit 1 x soft-copy of their individual report on the due date as listed in the box above. The soft-copy submission will be submitted to Turnitin via the MGSM iLearn portal, a program used to ensure the originality of the work undertaken by the submitter. Students can submit as many times as they want up until the due date and time.
Please ensure your full name, student number, unit code (MGSM845 ONLINE), unit name (Economic context of management), and lecturer (JP Monck) is clearly visible on the front page of your assignment.
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 special consideration is made and approved. No submission will be accepted after solutions have been posted.
Due: Exam Week
Weighting: 40%
Duration: 3 hours and 30 minutes - This is the total time given to complete and submit your individual exam answers into iLearn during a designated period in exam week.
Format: Open book online exam
A computer with internet access and printer connection will be required. (You may wish to print out the online exam question paper to make quick notes.)
The exam format will be open book online, and will consist of two essay style questions. More details on the exam will be provided over the term.
The final exam will cover content from:
You are expected to present yourself for examination at the time and place designated in the MGSM examination timetable. The timetable will be available at https://students.mgsm.edu.au/sydney-students/units/exams/
Samuelson, W. & Marks, S. (2014). Managerial Economics, 8th edition. Wiley, ISBN: 9781118808948
The Coop Bookshop: The Coop Bookshop is our main retailer for textbooks and other related academic material. For information on textbook prices and online ordering, please refer to The Co-Op Bookshop webpage at http://www.coop.com.au
Disclaimer: MGSM does not take responsibility for the stock levels of required textbooks from preferred retail outlets and other book retailers. While we advise our preferred book retail outlet, The Co-op Bookshop, of our maximum expected number of students purchasing specific required text each term, The Co-op Bookshop and other book retailers will make their own judgement in regard to their physical holding stock levels. To prevent disappointment if a textbook is out-of-stock, we highly advise students to order their textbooks as early as possible, or if the required textbook is currently out-of-stock, place an order with the book retailer as soon as possible so that these book retailers can monitor demand and supply, and adjust their stock orders accordingly.
The web page for this unit can be found at: https://ilearn.mq.edu.au/login/MGSM
You will not be expected to become an economist, but you will be expected to acquire economic skills that are useful to managers.
To successfully complete the unit you will be expected to demonstrate that you can do the following things at a level acceptable in the business world:
This class for 2019 Term 3 is scheduled every Thursday, starting from Week 1 and finishing in Week 10.
Students are not required to attend all classes. All classes shall be recorded and all students are expected to review any classes they were unable to attend, as the material discussed in the classes will materially focus on the core subject topics and assessable items.
The unit will be presented as follows:
Module |
Lectures and class activities |
Recommended readings |
1 & 2
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Introduction • Basic Concepts & applications – how they relate to management in the private and public sector • Trade-offs • Opportunity cost • Incentives • Markets and voluntary trade • Market failures: public goods, externalities, common pool resource problem • Role of the government • Role of institutions • Supply and demand • Elasticities • Demand, supply, market equilibrium • Goods market experiment • Marginal decisions – MC MR (or MB) • Sunk costs • Goods market experiment |
Ch. 1-3 |
3 & 4 |
Theory of choice, demand • Budget constraints • Preferences • Choice Labor market • Labor market and supply of labor • Nominal vs. real wages • Minimum wage • Value of labor • Unemployment |
Ch. 4 C. Mulhearn & H.R. Vane. 2016. Economics for Business. Ch. 7 |
5 & 6 |
Theory of firm • Factors of production • Circular Flow Economy Model • Net present value of capital • Accounting vs economic profit • Maximizing profit • Diminishing returns • Costs, cost curves • Perfect competition • Short run vs long run |
Ch. 5-7 Ronald H. Coase, “The Nature of the Firm,” Economica, 1937 (optional classic) |
7 & 8 |
Scenario Analysis / Game theory • Simultaneous-move games • Prisoner’s dilemma & cooperation • Dominant and dominated strategies • Sequential scenarios • Strategy • Market entry scenario • Credible vs. empty threat • Commitment • Strategic behavior experiments
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Ch. 10 An Introduction to Game Theory – Ch. 2, 3 S. Meier & E. Reuben “Competitive Dynamics & Business Strategy” 2010. What is the Nash equilibrium and why does it matter? Experimental Methods: A Primer for Economist – Ch. 1, 2 (optional reading) |
9 & 10 |
Firm Outcomes / Market structure • Monopoly profit maximization • Firm Scenario • Monopoly vs perfect competition • Monopoly market power and anti-competitive behavior • Market pricing experiment • Price discrimination • Regulating monopolies • Oligopoly – Cournot and Bertrand models • Collusion • Product differentiation and monopolistic competition Asymmetric information · market for lemons · quality choice · adverse selection · moral hazard · Principal-agent problem Review |
Ch. 8-9 https://hbr.org/2017/10/how-retailers-use-personalized-prices-to-test-what-youre-willing-to-pay http://freakonomics.com/podcast/uber-economists-dream/ https://www.economist.com/blogs/economist-explains/2016/09/economist-explains-economics-1 Ch. 13-14 |
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 or if you are a Global MBA student contact globalmba.support@mq.edu.au
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
If you are a Global MBA student contact globalmba.support@mq.edu.au
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.
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:
No changes from previous offering.
The interactive environment of the classroom is central to the MGSM experience. Students are requested to attend the full duration of all classes for the units in which they are enrolled. We recognise that exceptional circumstances may occur, such as unavoidable travel on behalf of your organization or the serious illness or injury of you or a close family member.
Note that the online nature of this course anticipates the need for flexibility and attendance may be subject to disruption. Classes are recorded and can be visited at the students' discretion, however the best experience for the class will be attainable where attendance is maximised.
These unit materials and the content of this unit are provided for educational purposes only and no decision should be made based on the material without obtaining independent professional advice relating to the particular circumstances involved.
Date | Description |
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20/06/2019 | Incorrect details placed in staff contacts section. This has now been rectified. |