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ECON8091 – Economics for Actuaries

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

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Unit convenor and teaching staff Unit convenor and teaching staff
Pundarik Mukhopadhaya
Edwin Franks
Credit points Credit points
10
Prerequisites Prerequisites
Admission to MActPrac
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

The aim of this unit is to provide a postgraduate-level foundation in modern economic analysis, with applications to decision making in business, for postgraduate actuarial students. The unit provides students with the knowledge and tools to use microeconomic and macroeconomic theory and concepts in analysing business decision making and an understanding of the broader social, economic and regulatory environment in which businesses operate. Students gaining a Credit or higher in this unit will satisfy the requirements for exemption from professional subject CB2 of the Actuaries Institute.

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: Critically appraise key economic concepts, models and theories of microeconomics and macroeconomics.
  • ULO2: Apply a range of techniques including calculations and manipulation of diagrammatic representations to solve problems related to economic concepts and models.
  • ULO3: Evaluate the role of the government and the central bank and the instruments available to them to manage the economy.
  • ULO4: Recognise and relate the relevance of economic theory to the wider business environment and describe the link between these theories to the practical application of individual businesses.
  • ULO5: Apply key microeconomic and macroeconomic theory and suggest solutions to real business problems.

Assessment Tasks

Name Weighting Hurdle Due
Mid session test 20% No Week 7
Assignment 20% No Week 11
Final examination 60% No University Examination period

Mid session test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Week 7
Weighting: 20%

 

The mid session test covers the models and techniques covered in the first 6 to 7 weeks of the session. It also prepares students for the format and difficulty of the final exam.

 


On successful completion you will be able to:
  • Critically appraise key economic concepts, models and theories of microeconomics and macroeconomics.
  • Apply a range of techniques including calculations and manipulation of diagrammatic representations to solve problems related to economic concepts and models.
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy.

Assignment

Assessment Type 1: Problem set
Indicative Time on Task 2: 10 hours
Due: Week 11
Weighting: 20%

 

This assignment will be a selection of problems requiring the application of the theory and knowledge of the examples considered in the lectures and readings throughout the session.

 


On successful completion you will be able to:
  • Critically appraise key economic concepts, models and theories of microeconomics and macroeconomics.
  • Apply a range of techniques including calculations and manipulation of diagrammatic representations to solve problems related to economic concepts and models.
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy.
  • Recognise and relate the relevance of economic theory to the wider business environment and describe the link between these theories to the practical application of individual businesses.
  • Apply key microeconomic and macroeconomic theory and suggest solutions to real business problems.

Final examination

Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: University Examination period
Weighting: 60%

 

The final exam for this unit will be held during the University Examination Period. The closed book exam will be 3 hours plus 10 minutes reading time. All topics studied during the session are examinable. More detail about the structure of the exam will be provided towards the end of the session.

 


On successful completion you will be able to:
  • Critically appraise key economic concepts, models and theories of microeconomics and macroeconomics.
  • Apply a range of techniques including calculations and manipulation of diagrammatic representations to solve problems related to economic concepts and models.
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy.
  • Recognise and relate the relevance of economic theory to the wider business environment and describe the link between these theories to the practical application of individual businesses.
  • Apply key microeconomic and macroeconomic theory and suggest solutions to real business problems.

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

Classes

This unit will be primarily taught using online ECHO recordings. Each week there will be a 3 hours lecture recording. There may also be workshop questions related to a few topics which will be discussed during the lectures. It is strongly recommended that students watch all of these recordings. Each student must attend the 3 hours of contact per week. 

Textbook

The textbook for this course, Economics eBook, 10th Edition by Sloman, Garratt & Guest can be found at the following: https://pearson.com.au/9781292187907

Unit Web Page

Course material is available at https://ilearn.mq.edu.au/login/MQ/

Unit Schedule

Week 1 - Supply and Demand -- Chapter 2; Government and Market --Chapter 3

Week 2 - Theory of Consumer Behaviour (Background of Demand) and its Applications --  Chapters 4 & 5 

Week 3 - Theory of Firm and Perfect Competition (Background of Supply) -- Chapters 6 & 7

Week 4 - Monopoly and Imperfect Competition - Chapters 7 and 8

Week 5 - Distribution and Redistribution of Income -- Chapters 10 &11

Week 6 - Market Efficiency, Externality and Public goods -- Chapters 12 & 13

Week 7 - Mid-Session Test

Week 8 - The Macroeconomic Environment -- Chapter 15

Week 9 - Macroeconomic history -- Chapter 16 and Short-Run Macroeconomic Equilibrium -- Chapter 17

Week 10 - Money and Interest Rates -- Chapter 18, Chapter 19 sections 19.1 - 19.3 and the Appendix

Week 11 - Aggregate Supply, Inflation and Unemployment -- Chapter 20 Sections 20.1, 20.2, and 20.4 and

                The Relationship between Inflation, Unemployment and Output -- Chapter 21 Sections 21.1 and 21.2

Week 12 -  Fiscal and Monetary Policy -- Chapter 22 sections 22.1 - 22.4 , Long-term Economic Growth and Supply-side Policies --

                  Chapter 23 sections 23.4 - 23.6 and International Trade -- Chapter 24 sections 24.1 and 24.2

Week 13 - Balance of Payments and Exchange Rates -- Chapter 25 and Alternative Economic Models

More information about the specifics of the units and the associated readings will be provided during lectures. Some additional readings will also be provided for some Topics.

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.