Students

ECON2003 – Microeconomic Analysis and Applications

2021 – Session 1, Special circumstances

Notice

As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.

To check the availability of face-to-face and online activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor and Lecturer
Pundarik Mukhopadhaya
Tutor in Charge
Asma Kashif
Asma Kashif
Credit points Credit points
10
Prerequisites Prerequisites
50cp at 1000 level or above including ECON111 or ECON1021
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This is an intermediate-level unit in theoretical and applied microeconomics. Topics may include: consumer choice; demand theory; welfare measurement; labour supply; intertemporal consumption; choice under uncertainty; theory of the firm; production and cost theory; profit maximisation; perfect competition; monopoly; oligopoly; game theory and general equilibrium.

Important Academic Dates

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

Learning Outcomes

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

  • ULO1: Analyse and describe how principles of microeconomics are relevant in decision-making by economic agents.
  • ULO2: Critically analyse microeconomic theory in the solution of real life economic problems.
  • ULO3: Demonstrate competence in communicating the knowledge, solution and interpretation of models in microeconomics.

General Assessment Information

Online quizzes

Due: Weeks 3, 5, 9,13

Weighting: 20%

 

There will be four online quizzes (weight: 5% each) conducted throughout the session. These will be held during teaching weeks 3, 5, 9 and 13.

The first online quiz will cover lecture material from weeks 1-2, the second online quiz will cover lecture material from weeks 3-4, the third online quiz will cover lecture materials from weeks 5-8,  the fourth online quiz will cover lecture materials from weeks  9-12. 

During quiz weeks, quizzes will be released on iLearn at 9am on Monday and close at 5pm the following Sunday.

Please note that no extensions will be granted. Failure to complete any quiz will result in a zero mark for that quiz.

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 a quiz is done off-campus cannot be verified by the university and will result in a mark of zero for that quiz.

What happens if I miss a quiz?

 

If you have a valid reason that prevents you from attempting an online quiz you may submit an application under the Special Consideration Policy. If your application is successful, your marks from the remaining online quizzes will be adjusted accordingly.

 

This Assessment Task relates to the following Learning Outcomes:

  • Knowledge and Understanding: Demonstrate recognition of how principles of microeconomics are relevant in understanding decision-making by economic agents.
  • Problem solving and critical thinking: Display creativity and critical thinking and the ability to apply the theoretical understanding of microeconomics to real-life economic problems.
  • Analytical skills: Evidence competence in the solution and interpretation of models in microeconomics.

 

Individual Assignments

Due: Weeks 6, 12

Weighting: 30%

 

There will be two individual assignments to be completed during the session. The first assignment is due by 3pm on Friday, Week 6 and the second assignment is due by 3pm on Friday, Week 12.

The assignments are to be submitted via Turnitin through iLearn. The emphasis in the assignments will be on using economic theory and reasoning to demonstrate the graduate capability related to 'ethical thinking'. The assignments will be in the form of two written essays (1250 words each) and worth 30% of your final mark in this unit.

The first assignment will be available on iLearn in week 2 and the second assignment will be available in week 8. Please note that no extensions will be granted. Late assignments will be accepted up to 96 hours after the submission deadline. There will be a deduction of 20% 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 means a 40% penalty).

All students who apply for Special Consideration in relation to an assignment will be given an extension if the application is approved. Please consult the Special Considerations Policy.

 

This Assessment Task relates to the following Learning Outcomes:

  • Knowledge and Understanding: Demonstrate recognition of how principles of microeconomics (including issue relating to business ethics and sustainability in addressing business challenges) are relevant in understanding decision-making by economic agents.
  • Ethical thinking: Exhibit the ability to evaluate economic theory, related social issues and real-world applications critically.
  • Communication: Develop communication skills to effectively demonstrate the understanding of economic ideas, including the presentation of both quantitative and visual material.

Final exam

Due: Exam period

Weighting: 50%

 

End of unit two 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 may consist of multiple-choice questions and written-answer questions.

What happens if I miss the final exam?

All students who apply for Special Consideration for the final exam will be required to sit a supplementary examination, if the application is approved. Please note that the supplementary examination 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.

This Assessment Task relates to the following Learning Outcomes:

  • Knowledge and Understanding: Demonstrate recognition of how principles of microeconomics are relevant in understanding decision-making by economic agents.
  • Problem solving and critical thinking: Display creativity and critical thinking and the ability to apply the theoretical understanding of microeconomics to real-life economic problems.
  • Analytical skills: Evidence competence in the solution and interpretation of models in microeconomics.
  • Communication: Develop communication skills to effectively demonstrate the understanding of economic ideas, including the presentation of both quantitative and visual material.

Assessment Tasks

Name Weighting Hurdle Due
Online quizzes 20% No Week 3, 5, 9, 13
Assignments 30% No week 6, week 12
Final examination online 50% No Exam period

Online quizzes

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Week 3, 5, 9, 13
Weighting: 20%

There will be four online quizzes conducted throughout the session. 20% marks will be allocated equally to these quizzes (5% each quiz).


On successful completion you will be able to:
  • Analyse and describe how principles of microeconomics are relevant in decision-making by economic agents.
  • Critically analyse microeconomic theory in the solution of real life economic problems.
  • Demonstrate competence in communicating the knowledge, solution and interpretation of models in microeconomics.

Assignments

Assessment Type 1: Essay
Indicative Time on Task 2: 30 hours
Due: week 6, week 12
Weighting: 30%

There will be two individual assignments to be completed during the session. Each assignment will be in the form of a 1,250 word written essay and is worth 15% of your final mark in the unit.


On successful completion you will be able to:
  • Analyse and describe how principles of microeconomics are relevant in decision-making by economic agents.
  • Critically analyse microeconomic theory in the solution of real life economic problems.
  • Demonstrate competence in communicating the knowledge, solution and interpretation of models in microeconomics.

Final examination online

Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: Exam period
Weighting: 50%

A two hour open book examination, consisting of multiple choice and short answer questions, will be held during the University Examination Period.


On successful completion you will be able to:
  • Analyse and describe how principles of microeconomics are relevant in decision-making by economic agents.
  • Critically analyse microeconomic theory in the solution of real life economic problems.
  • Demonstrate competence in communicating the knowledge, solution and interpretation of models in microeconomics.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Learning Skills Unit for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

Delivery and Resources

Prescribed textbook

Students are recommended to purchase the following textbook:

  • Goolsbee, A, Levitt, S.. & Syverson, C, (2020) Microeconomics (3rd Ed.), Macmillan.

The text is available for purchase  https://www.booktopia.com.au/coop or may be purchased as an e-book (http s://www.vitalsource.com/en-au/products/microeconomics-austan-goolsbee-steven-v9781319136 628?term=goolsbee).

The publisher also provides additional resources through 'Launchpad', an online site that includes the e-book and various other resources (practice tests, etc). If you have purchased an access code for Launchpad, you should go to the website http://www.macmillanhighered.com/lau nchpad/gls2e/10291617 and enroll in the online course.   Please note, this is an extra resource  and it is NOT required for the unit.  It is entirely optional whether or not you wish to purchase   these extra resources. More information about Launchpad is provided in the introduction to the text.

Additional references (in alphabetical order)

Apart from the prescribed textbook, students may find the following resources useful.

  • Frank, R.H. (2010), Microeconomics and Behavior (8th Ed), Boston: McGraw-Hill.
  • Nechyba, T.J. (2011), Microeconomics: An Intuitive Approach with Calculus (1st Ed), South-Western.
  • Perloff, J.M. (2016) Microeconomics (7th Ed), Pearson
  • Pindyck R.S. and Rubinfeld D.L. (2017), Microeconomics (9th Ed), Pearson International Edition.
  • Varian, H.R. (2014), Intermediate Microeconomics: A Modern Approach (9th Ed), New York: Norton.

For equity concerns, the library has assisted ECON2003 with placing scanned resources from a variety of resources on the library's e-Reserve website. If you are facing financial difficulties in obtaining a textbook, this could be an option for you.

Technology used and required

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 iLearn by 5pm Friday each week before the lecture.

The iLearn site is also used to post important notices. You should check this regularly. The  iLearn web page has the facility to allow peer to peer discussion and 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 every week - delivered online)

Lectures are intended to provide an overview of the key concepts explored in the unit. Students are expected to read the relevant chapter(s) before each lecture. ECON2003 relies heavily on independent learning where students read the relevant chapter(s), revise lecture notes and prepare answers to the tutorial questions.

Tutorials – small group learning (1 hour for each topic both online and face to face to allocated groups)

Tutorials constitute a critical learning experience of this unit and students must attend. Group work is an essential part of this learning. In ECON2003 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. Brief tutorial solutions will be posted on iLearn after completion of all classes of each week.

PAL, Peer Assisted Learning (1 hour for each topic, subject to change)

Revision of the material from both lectures and tutorials.

Unit Schedule

 

Week

 

Lecture Topic

   

 Readings

   

 

Assessment

1

Introduction; supply and demand revision

Ch 2, 3

 

2

Consumer behaviour

Ch 4

 

3

Individual and market demand

Ch 5

     Online quiz 1

4

Producer behaviour; costs

Ch 6, 7

 

5

Perfect competition; monopoly

Ch 8, 9

Online quiz 2

6

Monopoly, Pricing strategies for firms with market power

Ch 10

Assignment 1

  MID-SESSION BREAK    

7

Imperfect competition

Ch 11

    

8

Game theory

Ch 12

 

9

Factor markets

Ch 13

Online quiz 3

10

General equilibrium

Ch 15

 

11

General equilibrium (cont.); asymmetric information

Ch 15,16

 

12

Public economics and Externalities

Ch 17

Assignment 2

13

Revision

 

Online quiz 4

Policies and Procedures

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:

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).

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

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

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 help you improve your marks and take control of your study.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Enquiry Service

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

Equity 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.

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.