Students

ECON2003 – Microeconomic Analysis and Applications

2022 – Session 1, In person/Online-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff
Pundarik Mukhopadhaya
Tutor
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://www.mq.edu.au/study/calendar-of-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

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.

Individual Assignments

The first assignment is due by 3pm on Friday, Week 6 and the second assignment is due by 3pm on Friday, Week 12.

The first assignment will be available on iLearn in week 2 and the second assignment will be available in week 8. 

Final exam

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.

 

Late submissions of assessments

Unless a Special Consideration request has been submitted and approved, no extensions will be granted. There will be a deduction of 10% of the total available assessment-task marks made from the total awarded mark for each 24-hour period or part thereof that the submission is late. Late submissions will only be accepted up to 96 hours after the due date and time.

No late submissions will be accepted for timed assessments – e.g., quizzes, online tests.

Table 1: Penalty calculation based on submission time

Submission time after the due date (including weekends)

Penalty (% of available assessment task mark)

Example: for a non-timed assessment task marked out of 30

<24 hours

10%

10% x 30 marks = 3-mark deduction

24-48 hours

20%

20% x 30 marks = 6-mark deduction

48-72 hours

30%

30% x 30 marks = 9-mark deduction

72 – 96 hours

40%

40% x 30 marks = 12-mark deduction

>96 hours

100%

Assignment won’t be accepted

 

Special Consideration

To request an extension on the due date/time for a timed or non-timed assessment task, you must submit a Special Consideration application. An application for Special Consideration does not guarantee approval.

The approved extension date for a student becomes the new due date for that student. The late submission penalties above then apply as of the new due date

 

Assessment Tasks

Name Weighting Hurdle Due
Assignments 30% No Week 6, Week 12 (Turnitin submission by 3 PM Friday)
Online quizzes 20% No Weeks 3, 5, 9, 13 (online)
Final examination online 50% No University examination period

Assignments

Assessment Type 1: Essay
Indicative Time on Task 2: 30 hours
Due: Week 6, Week 12 (Turnitin submission by 3 PM Friday)
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.

Online quizzes

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Weeks 3, 5, 9, 13 (online)
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.

Final examination online

Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: University examination 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 Writing Centre 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 - 1 hour pre-recorded & 1 hour online either by zoom or ECHO360)

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 online and/or 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.

Note: The intended delivery mode may need to change after the start of the session due to the evolving covid situation and students need to ensure they keep up with iLearn Announcements made during the session accordingly.

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://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

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

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

The Writing Centre

The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.

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

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via AskMQ, or contact Service Connect.

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.