Unit Guide

General Information

Unit convenor and teaching staff	Unit convenor and teaching staff Unit Lecturer Onur Ates onur.ates@mq.edu.au Contact via onur.ates@mq.edu.au E4A 422B WED 10:00am-12:00pm Unit Lecturer Edwin Franks edwin.franks@mq.edu.au Contact via edwin.franks@mq.edu.au E4A 421 Available on iLearn Unit Convenor Prashan Karunaratne prashan.karunaratne@mq.edu.au Contact via prashan.karunaratne@mq.edu.au Available on iLearn Unit Administrator Ha Vu ha.vu@mq.edu.au Contact via ha.vu@mq.edu.au E4A 429
Credit points	Credit points 3
Prerequisites	Prerequisites
Corequisites	Corequisites
Co-badged status	Co-badged status
Unit description	Unit description This unit aims to provide an introduction to the main ideas and concepts involved in modern economics; and attempts to provide students with an understanding of how the economy works, what type of problems economists attempt to solve, and how they set about trying to solve them. The unit is primarily concerned with the analysis of individual decision-making units, and the behaviour of firms and industries in the economy, ie with microeconomics. Topics include: consumer choice and demand analysis; the firm and its production and costs; market structures from perfect competition to monopoly; factor markets; income distribution, poverty and discrimination; welfare economics; and market failure and microeconomic reform.

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:

Have a solid understanding of microeconomic theory.
Be familiar with how microeconomic theory aids decision-making by individuals, business and government.
Be able to continue any future studies in economics with increased confidence.
Be able to communicate effectively on microeconomic issues.
Be able to use microeconomic principles to solve problems.
Be able to recognise how economic theory can explain observed human behaviour.

Assessment Tasks

Name	Weighting	Due
Tutorial Participation	10%	Weekly
Online Quizzes	20%	Week 4, 7, 10, 13
Assignment	10%	Week 8
Final Examination	60%	University Examination Period

Tutorial Participation

Due: Weekly
Weighting: 10%

In the first tutorial (held in week 2), students will be organised into groups of 4-5 students. You are required to work through the tutorial exercises, before the tutorial, with your group throughout the session.

A separate document with detailed instructions about the tutorial format and tutorial assessment will be made available on the unit web page at the end of week 1.

Your tutor will also outline tutorial requirements to you in your first tutorial in week 2.

Your consistent participation in group work and in asking and answering questions in class is essential for you to achieve learning outcomes 3, 4 and 5, in particular (see below for Learning Outcomes).

Your participation in the tutorials will allow you to practise how to apply economic theory to solve problems, to communicate your ideas to others and thereby to improve the confidence with which you undertake future economics studies.

The tutorial participation mark is awarded for both the preparation of tutorial answers as well as active contribution during tutorials.

On successful completion you will be able to:

Be able to continue any future studies in economics with increased confidence.
Be able to communicate effectively on microeconomic issues.
Be able to use microeconomic principles to solve problems.

Online Quizzes

Due: Week 4, 7, 10, 13
Weighting: 20%

There will be a total of 4 online quizzes conducted throughout the session on iLearn. This assessment task is intended to give you ongoing feedback on your progress in the unit. Online quizzes will consist of multiple choice questions only.

The dates of each quiz are given below:

Within the designated week for each quiz, quizzes will open at 8:00 a.m. on Monday and close at 11:00 pm on Saturday.

The topics for each quiz will be announced via iLearn.

Quiz 1 (Weight: 5%) - Week 4

Quiz 2 (Weight: 5%) - Week 7

Quiz 3 (Weight: 5%) - Week 10

Quiz 4 (Weight: 5%) - Week 13

Together the online quizzes will contribute 20% to your final mark in this unit.

Please note that no extensions will be granted. Failure to complete any quiz will result in a zero mark for that quiz. The penalty does not apply for cases in which an application for special consideration is made and approved.

If students choose to 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 the quizzes are done off-campus cannot be verified by the university and would usually result in the student receiving zero for that quiz. The university computing labs are available throughout the weekend and have lab demonstrators to assist with technical issues.

As such, you are advised to use the campus labs in either C5C or E4B to attempt your quizzes. Technical issues in these labs can be verified if they do occur.

On successful completion you will be able to:

Have a solid understanding of microeconomic theory.
Be familiar with how microeconomic theory aids decision-making by individuals, business and government.
Be able to use microeconomic principles to solve problems.
Be able to recognise how economic theory can explain observed human behaviour.

Assignment

Due: Week 8
Weighting: 10%

Each student must submit their assignment by 3pm on Friday, October 4th, Week 8. The assignment is submitted via BESS. The emphasis in the assignment will be on using economic theory and reasoning to solve economic problems.The questions in the assignment will be similar to those dealt with in the tutorials.

This assignment will be worth 10% of your final mark in this unit.

A separate document with detailed instructions about the assignment, as well as the assignment questions, will be made available on the ECON111 iLearn page in week 5. 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 50% of the total available marks made from the total awarded mark for assignments handed in upto 96 hours late. No assignment will be accepted after 96 hours have passed. The penalties do not apply for cases in which an application for special consideration is made and approved.

On successful completion you will be able to:

Be familiar with how microeconomic theory aids decision-making by individuals, business and government.
Be able to use microeconomic principles to solve problems.
Be able to recognise how economic theory can explain observed human behaviour.

Final Examination

Due: University Examination Period
Weighting: 60%

End of unit three hour written examination, to be taken during the end of year examination period.

The examination will cover material drawn from all parts of the unit’s subject matter.

The exam will consist of multiple choice questions and written-answer questions.

The final exam will give you the opportunity to demonstrate your knowledge of basic economic concepts, the economic way of thinking and to use this knowledge to solve economic problems.

Please note that the Supplementary Exam will be held in December / January (date decided by The Faculty) for those students who suffered from serious illness or misadventure at the time of the original exam will have a different format. The supplementary exam will not necessarily be the same structure as the standard final exam.

On successful completion you will be able to:

Have a solid understanding of microeconomic theory.
Be familiar with how microeconomic theory aids decision-making by individuals, business and government.
Be able to continue any future studies in economics with increased confidence.
Be able to communicate effectively on microeconomic issues.
Be able to use microeconomic principles to solve problems.
Be able to recognise how economic theory can explain observed human behaviour.

Delivery and Resources

Classes

There is 3 hours face-to-face teaching per week consisting of one two-hour lecture and a one-hour tutorial. Tutorial classes begin in week 2. A separate document detailing the tutorial program will be available on the unit web page by the end of week 1.

The lectures are organised into three streams. Each stream covers the same material although the lectures may differ. The lecture streams are not interchangeable. It is imperative that you do not switch between lecture streams. Although the same content is covered in each stream, the lecturer may cover the material at a different pace, and in a slightly different way, in each stream. Hence you need to attend one stream.

Required and Recommended Texts and/or Materials

The textbook in ECON111 for 2013:

McTaggart, D., Findlay, C. and Parkin, M., Microeconomics, Pearson Australia, 7th Edition.

The Co-op bookstore has this book and it is recommended that students purchase a copy. A copy of this book has been placed in the reserve section of the library. The publisher provides a range of support material for the textbook, including a website. Information on accessing this material is provided in the introduction to the text. The website material includes trial questions and quizzes. You may find it useful to devote some limited time to these questions and quizzes. They will give you some feedback on how your understanding is progressing. Note however that the bulk of your study time, outside of the classroom, should be devoted to studying

Additional References

Your recommended textbook will be more than adequate for this unit. Listed below are a series of other texts on microeconomics that you should feel free to consult if you wish. These books cover most of the material covered in your textbook, but each one does so in its own unique way. You may choose to consult these books if you feel that a slightly different presentation of the material might aid your understanding. These books have been placed in the reserve section of the library.

Hubbard, G., Garnett, A., Lewis, P. and O’Brien, T., Microeconomics, Pearson Education, Australia.

Swann, M. and McEachern, W.A., Microeconomics: A Contemporary Introduction, Thomson, Australia.

Technology Used and Required

Unit Web Page

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 the unit web page, before the lecture. You will find it useful to download the slides prior to the lecture, and bring them to the lecture. The web page is also used to post important notices from time to time. You should check this web page regularly.

The unit web page has the facility to allow peer to peer discussion. The unit web page also allows students to submit questions to an Online-Tutor. The Online-Tutor will attempt to answer your questions in a timely manner. If you have any problems accessing this web page you should go the Online Teaching Facility support web page at http://online.mq.edu.au/docs/tecinf.html

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 each teaching week)

Independent learning

Tutorials – small group learning (1 hour each teaching week beginning in Week 2)

After the tutorials – the learning continues

Unit Schedule

LECTURES, READINGS & UNIT DIARY

Week	Lecture (Topics)	Textbook Reading	Pages	Special Dates
1	Introduction What is Economics? The Economic Problem	Chapter 1 Appendix Chapter 2	1-25 30-37	Lectures Begin
2	Demand and Supply	Chapter 3 (incl. Mathematic al Note)	51-74	Tutorials Begin
3	Elasticity - I	Chapter 4	76-96
4	Elasticity - II	Chapter 4	76-96	Online Quiz 1 available this week
5	Efficiency Government Actions in Markets - I	Chapter 5 Chapter 6	104-111 123-137	Assignment Available - Friday 3 p.m.
6	Government Actions in Markets - II The Environment	Chapter 6 Chapter 9	123-137 193-202
7	Consumer Choices and Constraints	Chapter 12	261-276	Online Quiz 2 available this week
	Study Week 1
	Study Week 2
8	Producer Choices and Constraints	Chapter 13	281-300	Assignment Due - Friday 3 p.m.
9	Perfect Competition	Chapter 14	305-326
10	Monopoly	McTaggart, et. al. (5th Ed) NB: Chapter will be provided on the unit web page		Online Quiz 3 available this week
11	Monopolistic Competition	Chapter 15	331-343
12	Oliopoly	Chapter 16	349-368
13	Trade Revision	Chapter 2	38-44	Online Quiz 4 available this week

Learning and Teaching Activities

Lectures - large group learning (2 hours each teaching week)

Lectures are intended to provide an overview of the key concepts explored in the unit. Students are expected to read the relevant chapters before each lecture.

Independent learning

Econ111 relies heavily on independent learning where students read the relevant chapter, revise the lecture notes and prepare answers to the pre-set tutorial questions.

Tutorials - small group learning (1 hour each teaching week beginning in Week 2)

Tutorials constitute a critical learning experience of this unit and students must attend them. Group work is an essential part of this learning. In Econ111, we emphasise peer-to-peer learning by working as a group through the exercises and learning from others (the tutor and fellow students). Participation in question and answer (Q&A) in class will allow you to not only learn, but develop the ability to communicate what you have learnt to others. This will in turn reinforce your learning.. Your tutor's role is to help you understand the topics by showing how tools learnt in lectures are applied in the tutorial. Your tutor should be your first point of contact if you encounter any difficulties with the course material or tutorial exercises. Ask your tutor for guidance on how to approach questions/difficulties.

After the tutorials - the learning continues

At the end of each week, review your tutorial notes, compare your answers to those of your friends/group and consult the discussion board for further postings on the topic. NOTE: Model answers to tutorial questions WILL NOT be provided. You are required to attend your allocated class to receive feedback and answers, as well as to participate in Q&A.

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:

Academic Honesty Policy http://www.mq.edu.au/policy/docs/academic_honesty/policy.html

Assessment Policy http://www.mq.edu.au/policy/docs/assessment/policy.html

Grading Policy http://www.mq.edu.au/policy/docs/grading/policy.html

Grade Appeal Policy http://www.mq.edu.au/policy/docs/gradeappeal/policy.html

Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html

Special Consideration Policy http://www.mq.edu.au/policy/docs/special_consideration/policy.html

In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.

Academic Honesty

The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:

all academic work claimed as original is the work of the author making the claim
all academic collaborations are acknowledged
academic work is not falsified in any way
when the ideas of others are used, these ideas are acknowledged appropriately.

Further information on the academic honesty can be found in the Macquarie University Academic Honesty Policy at http://www.mq.edu.au/policy/docs/academic_honesty/policy.html

Grades

Macquarie University uses the following grades in coursework units of study:

HD - High Distinction
D - Distinction
CR - Credit
P - Pass
F - Fail

Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at:

http://www.mq.edu.au/policy/docs/grading/policy.html

Grading Appeals and Final Examination Script Viewing

If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.

http://www.businessandeconomics.mq.edu.au/new_and_current_students/undergraduate_current_students/how_do_i/grade_appeals/

Special Consideration Policy

The University is committed to equity and fairness in all aspects of its learning and teaching. In stating this commitment, the University recognises that there may be circumstances where a student is prevented by unavoidable disruption from performing in accordance with their ability. A special consideration policy exists to support students who experience serious and unavoidable disruption such that they do not reach their usual demonstrated performance level. The policy is available at:

http://www.mq.edu.au/policy/docs/special_consideration/policy.html

Student Support

Macquarie University provides a range of Academic Student Support Services. Details of these services can be accessed at: http://students.mq.edu.au/support/

UniWISE provides:

Online learning resources and academic skills workshops http://www.students.mq.edu.au/support/learning_skills/
Personal assistance with your learning & study related questions.
The Learning Help Desk is located in the Library foyer (level 2).
Online and on-campus orientation events run by Mentors@Macquarie.

Student Services and 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.

Student Enquiries

Details of these services can be accessed at http://www.student.mq.edu.au/ses/.

IT Help

If you wish to receive IT help, we would be glad to assist you at http://informatics.mq.edu.au/help/.

When using the university's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students and it outlines what can be done.

Graduate Capabilities

Discipline Specific Knowledge and Skills

Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.

This graduate capability is supported by:

Learning outcomes

Have a solid understanding of microeconomic theory.
Be familiar with how microeconomic theory aids decision-making by individuals, business and government.
Be able to continue any future studies in economics with increased confidence.
Be able to communicate effectively on microeconomic issues.

Assessment tasks

Online Quizzes
Assignment
Final Examination

Critical, Analytical and Integrative Thinking

We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.

This graduate capability is supported by:

Learning outcomes

Have a solid understanding of microeconomic theory.
Be familiar with how microeconomic theory aids decision-making by individuals, business and government.
Be able to continue any future studies in economics with increased confidence.

Assessment tasks

Online Quizzes
Assignment
Final Examination

Problem Solving and Research Capability

Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.

This graduate capability is supported by:

Learning outcomes

Have a solid understanding of microeconomic theory.
Be familiar with how microeconomic theory aids decision-making by individuals, business and government.

Assessment tasks

Tutorial Participation
Assignment
Final Examination

Effective Communication

We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.

This graduate capability is supported by:

Learning outcome

Have a solid understanding of microeconomic theory.

Assessment tasks

Tutorial Participation
Final Examination