Students
ECON2003 – Microeconomic Analysis and Applications
2024 – Session 2, Online-scheduled-In person assessment
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Pundarik Mukhopadhaya
Jordi McKenzie
|
|---|---|
| Credit points |
Credit points
10
|
| Prerequisites |
Prerequisites
ECON1020 or ECON111
|
| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
|
| Unit description |
Unit description
This unit provides a deep analysis of the behaviour of consumers and businesses, building on supply and demand concepts learned in ECON1020. The unit includes a deeper dive into consumer behaviour and demand, before turning to business behaviour and supply, including rigorous analysis of optimal business pricing and production strategies depending on the competitive environment that the business faces. The concepts of business ethics and sustainability are also covered. The unit includes numerous empirical examples to bridge the gaps between theory and practice, and to allow students to use microeconomics in a practical way. |
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 businesses and other economic agents.
- ULO2: Critically analyse microeconomic theory and options in the solution to real-life economic problems.
- ULO3: Demonstrate competence in communicating the knowledge, solution and interpretation of models in microeconomics.
General Assessment Information
Late submissions of assessments
Late Assessment Submission Penalty (written assessments)
Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern.
For any late submissions of time-sensitive tasks, such as scheduled tests/exams, performance assessments/presentations, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration.
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Quizzes | 20% | No | Weeks 3, 5, 9, 13 (online) |
| Assignments | 30% | No | Week 6, Week 12 (Turnitin submission by 11:55 PM Friday) |
| Final examination | 50% | No | University examination period |
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 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 businesses and other economic agents.
- Critically analyse microeconomic theory and options in the solution to 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 (Turnitin submission by 11:55 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 businesses and other economic agents.
- Critically analyse microeconomic theory and options in the solution to real-life economic problems.
- Demonstrate competence in communicating the knowledge, solution and interpretation of models in microeconomics.
Final examination
Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: University examination period
Weighting: 50%
A two-hour 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 businesses and other economic agents.
- Critically analyse microeconomic theory and options in the solution to 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
Refer to iLearn for details of delivery and resources
Unit Schedule
|
Week |
Lecture Topic |
Readings (Microeconomics 4e, by Gloosbee et al.) |
Assessment |
|
1 |
Introduction; Supply and Demand revision |
Ch 2, 3 |
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2 |
Consumer Behaviour |
Ch 4 |
|
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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 |
|
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 |
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Results
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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
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The Writing Centre
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- Workshops
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Unit information based on version 2024.03 of the Handbook