Students
ECON8091 – Economics for Actuaries
2025 – Session 1, In person-scheduled-weekday, North Ryde
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor and tutor
Pundarik Mukhopadhaya
Tutor
Cong Wang
Lecturer (ECON6049)
Mahmut Temur
Ha Vu
|
|---|---|
| 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://www.mq.edu.au/study/calendar-of-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.
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 |
|---|---|---|---|
| Quiz | 20% | No | Weeks 5 and 11 |
| Analytical Exercise | 20% | No | 09/04/2025 |
| Formal and observed learning: Exam | 60% | No | During the formal examination period |
Quiz
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Weeks 5 and 11
Weighting: 20%
There are two (2) quizzes (worth 10% each) spaced across 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.
Analytical Exercise
Assessment Type 1: Problem set
Indicative Time on Task 2: 10 hours
Due: 09/04/2025
Weighting: 20%
The written submission (20%) will take place in class, covering the previous weeks' material.
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.
Formal and observed learning: Exam
Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: During the formal examination period
Weighting: 60%
The purpose of this assessment is for students to demonstrate the expertise they have gained in Economics for Actuaries. You will participate in a 2-hour exam held during the University Examination period. Important information about the exam will be made available on the unit iLearn page. You should also review the MQ Exams website for general tips. Deliverable: Formal exam Individual assessment
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.
- 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 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
Format
Each week, there will be 1 hour pre-recorded lecture (accessed via Echo360), a 1 hour lectorial (fact to face) and 1 hour seminar/tutorial (face to face, starting from Week 2).
Note that this unit will be co-taught with ECON6049 that means the pre-recorded lecture and lectorial are the same as ECON6049. However, the assessments and delivery of some metarials may differ from ECON6049. Please refer to Econ8091 Assessment Summaries (to be posted into the unit webpage on ilearn) for details.
Lectorials
Econ8091 students will sit in the same lectorial class as Econ6049 students.Lecture slides will be available on the unit web page at http://ilearn.mq.edu.au, and videos of the lectures will be available on Echo360.
Seminars/Tutorials
All Econ8091 students will have their own one-hour seminar class. During this one hour class, pre-posted questions will be interactively discussed.
During the session, unforeseen circumstances may require the cancellation of a lecture and/or tutorial. Any changes will be announced as far as possible in advance, both in lectures and on the unit website. Students are assumed to have watched the pre-recorded lecture prior to attending the 1 hour lectorial.
Required Text
Principles of Economics (2023) by Holden, Stevenson and Wolfers, Macmillan Learning
Unit Schedule
Week 1: Four Core Principles (Ch 1)
Week 2: Demand and Consumer Choice / Supply and Producer Choice (Ch 2-3)
Week 3: Demand and Supply and Equilibrium (Ch 4)
Week 4: Price Elasticity, Determinations and Controls (Ch 5-6)
Week 5: Market Dynamics, Efficiency and Failure (7-8)
Week 6: Market Structures, Degrees of Market Power and Price Discrimination (Ch 11&14)
Week 7:Strategic Management and Game Theory (Ch 17-18)
Week 8: Public Goods (Ch 10)
Week 9: GDP and Growth (Ch 21-22)
Week 10: Consumption, Saving and Investment Behaviours (Ch 25-26)
Week 11: Business Cycles, Unemployment and Inflation (Ch 23-24 & 29)
Week 12: Fiscal Policy and Monetary Policy (Ch 34-35)
Week 13: Finance Sector and Financial Crises (Ch 27-28)
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:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Assessment Procedure
- Complaints Resolution Procedure for Students and Members of the Public
- Special Consideration Policy
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 connect.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.
- Workshops
- Chat with a WriteWISE peer writing leader
- Access StudyWISE
- Upload an assignment to Studiosity
- Complete the Academic Integrity Module
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:
- IT Support
- Accessibility and disability support with study
- Mental health support
- Safety support to respond to bullying, harassment, sexual harassment and sexual assault
- Social support including information about finances, tenancy and legal issues
- Student Advocacy provides independent advice on MQ policies, procedures, and processes
Student Enquiries
Got a question? Ask us via the Service Connect Portal, 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.
Changes from Previous Offering
From this semester this unit will be co-taught with ECON6049. The assessments and delivery of some metarials, however, may differ from ECON6049.
Unit information based on version 2025.05 of the Handbook