Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor & Lecturer
Pundarik Mukhopadhaya
E4A 413 - Phone 9850 6476
Please check ilearn for the update
Teaching Assistant & Tutor
Ha Vu
E4A 429
Please check ilearn for the update
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
15cp including ECON111 and (GPA of 2.0 (out of 4.0) or (admission to BAppFin or BActStud or BBA or BBusAnalytics or BBusLeadCom or BCom or BCom-Accg or BCom-ProfAccg or BEc or BGlobalBus or BMktgMedia))
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This is an intermediate-level unit in theoretical and applied microeconomics. Topics include: consumer choice and the theory of demand; consumer 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.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Due |
---|---|---|
Tutorial | 10% | Each week |
Class Test | 25% | Week 6 |
Assignment | 15% | Week 10 |
Final Examination | 50% | University Examination Period |
Due: Each week
Weighting: 10%
Tutorials constitute a critical learning experience of this unit, within which the tutor will facilitate a highly student-centred discussion of answers to pre-set questions. A tutorial is also an active forum to present to the tutor difficulties you may have encountered when preparing for the questions. Students are required to participate in tutorial classes and submit homework in order to earn 10% of the unit mark.
Tutorial assessment includes two components: Homework (5%) and Participation (5%).
Altogether tutorial homework and participation will contribute 10% to your final mark in this unit.
If you are unable to attend a class due to illness or misadventure, you may apply for Disruption to Studies (see the Policies and Procedures section for details). And if you get approval, your tutorial mark will be reweighted and converted to the final exam's mark.
Facts you may need to know:
(i) Even though tutorial solutions will be made available on iLearn at the end of each week, those are mere guide only and tutors explain them in details during the tutorials. Thus do NOT rely only on the published solution for understanding, rather attend the tutorials.
(ii) Statistics show that among those who failed, 50% of them got zero in tutorial assessment. That means had they participated during the tutorials and submitted homework regularly, they would have passed the unit.
Due: Week 6
Weighting: 25%
A 90-minute test (including multiple choice questions and written-answer questions) will be held in place of the lecture in Week 6. This test is an indication of the form of the final examination.
Failure to attend the class test without the submission of an application for Disruption to Studies on the grounds of illness or unavoidable mishap together with the required supporting documentation (see the Policies and Procedures section for details) will result in a mark of zero for the assessment.
If the application for Disruption to Studies is accepted, the student will have to take a supplementary test which could be an oral test.
Due: Week 10
Weighting: 15%
This assignment will assess students' ability to apply microeconomic principles to explain and analyze real-world problems. Students will be given a set of reading articles (mainly up-to-date news articles) and use the information from the articles to answer the questions. The assignment will cover all topics up to the topic before the submission date.
Each assignment must represent the student's own work. In particular, this means that the written answers submitted by the student should be composed by that student. Copying of another student's answer or from textbooks, or getting someone else (with or without payment) to do the assignment for you, or part thereof, is clearly regarded as plagiarism. Cases of plagiarism will be dealt with severely. For further information on plagiarism and how to avoid it, please refer to the university policy about academic honesty and integrity.
Late submission will be accepted up to 72 hours after the submission deadline. There will be a deduction of 20% of the total available marks for each 24 hour period, or part thereof, that the submission is late (for example, 25 hours late in submission means a 40% penalty). This penalty does not apply for cases in which an application for Disruption to Studies is made and approved. Failure to submit the assignment will result in a mark of zero.
Due: University Examination Period
Weighting: 50%
A 2 hour final examination for this unit will be held during the University Examination period. For details check: http://www.timetables.mq.edu.au/exam. The examination will contain multiple choice questions and written-answer questions.
The conditions for the requesting and granting of Disruption to Studies are set out in the Policies and Procedures section of this Unit Guide. If a Supplementary Examination is granted as a result of the Disruption to Studies process, the examination will be scheduled after the conclusion of the official examination period. You are advised that it is Macquarie University policy not to set early examinations for individuals or groups of students. All students are expected to ensure that they are available until the end of the teaching semester, the final day of the official examination period. Also, although the material coverage for the Supplementary exam would be the same as the final exam, it will include ALL written answers questions (NO multiple choice questions).
This unit provides 3 hours face-to-face teaching per week. It consists of two-hour lectures and one-hour tutorials (there are NO tutorials in the first week of semester and in Week 6 due to the class test). The timetable for lectures and tutorials can be found on the University web site at: http://www.timetables.mq.edu.au.
Lecture slides will be available on the unit web page at http://ilearn.mq.edu.au. Please consult the Unit Schedule for the lecture topics in each week. During the semester, unforeseen circumstances may require the cancellation of some lectures and/or tutorials. Any changes will be announced as far as possible in advance on the unit web page.
Attendance is highly recommended. Students who miss classes put themselves at a considerable disadvantage for several reasons, including:
Besanko D. and Braeutigam R.R. (2014) Microeconomics (5th Ed), Wiley (Mentioned elsewhere as the textbook)
The text is available for purchase at Co-op Bookshop. A small number are available on reserve in the library.
You may find other intermediate microeconomic texts useful:
Pindyck R.S. and Rubinfeld D.L. (2013), Microeconomics (8th Ed), Pearson International Edition.
Nechyba, T.J. (2011), Microeconomics: An Intuitive Approach with Calculus (1st Ed), South-Western.
Perloff, J.M, R. Smith, and D. Round (2014), Microeconomics, Pearson.
Varian, H.R. (2014), Intermediate Microeconomics: A Modern Approach (9th Ed), New York: Norton.
Frank, R.H. (2010), Microeconomics and Behaviour (8th Ed), Boston: McGraw-Hill.
Henderson, J.M and E. Quandt (1980), Microeconomic Theory: A Mathematical Approach. McGrawHill
Dowling, E.T. (1980), Introduction to Mathematical Economics (2nd ed), Schaum's Outline Series McGrawHill.
ECON 203 uses mathematics as a tool to explain particular models and solve specific problems. To assist and bring students up to speed on basic algebra and calculus, we offer an one-off maths workshop in Week 1. You can attend ONE of the following two workshops:
Tuesday 02 August 2016 from 10 am to 12 noon (Venue to be announced)
Thursday 04 August 2016 from 10 am to 12 noon (Venue to be announced)
No registration required but the space is limited (maximum 50 seats), thus it will be 'first comes first served'.
At the workshop we will revise a number of mathematical concepts which are very useful and necessary for Econ 203 and go through the corresponding exercises. The workshop materials will be uploaded into ilearn for your further revision or your own revision if you did not have a chance to attend the workshop.
To assist students with understanding the material better, we are offering weekly practice quizzes corresponding with the lecture topic discussed in the previous week. Attempting these quizzes every week will help to boost your performance in the class test as well as final exam because multiple choice questions will be included in these assessments.
(Note that there will be NO mark allocated for these practice quizzes. However, we may use them when grading those students sitting at the border line (between a pass or fail, or distinction or high distinction, for instance).
1. There are 12 topics to be covered over the 13-week semester (there will be NO lecture in Week 6 due to the class test). Some topics are longer than others, thus the numbering of topics below is tentative and not related to the number of lecture weeks.
2. It is essential that students either attend the lecture class or watch the ilecture for each topic on a weekly basis.
Lecture Topic | Textbook's Chapter | Tutorial |
Topic 1: Consumer preference and Utility | Chapter 3 |
Tutorial begins in Week 2 Note: You need to attend your registered tutorial class. |
Topic 2: Consumer Choice | Chapter 4 | 01. Consumer preference |
Topic 3: Demand Theory | Chapter 5 | 02. Consumer choice |
Topic 4: Inputs and Production Functions |
Chapter 6 |
03. Demand theory |
Topic 5: Costs and cost minimization |
Chapter 7 |
04. Production |
Topic 6: Cost Curves |
Chapter 8 |
05. Costs and Cost minimization |
Topic 7: Market structures: Perfect Competition, Monopoly, and Monopolistic Competition | Chapters 9, 11 & 13 (partly) | 06. Cost curves |
Topic 8: Producer and Consumer Surplus and Their Applications | Chapter 10, 11 & 13 (partly) | 07. Market structures |
Topic 9: Price discrimination and capturing surplus | Chapter 12 | 08. Producer and Consumer Surplus and Their Applications |
Topic 10: Oligopoly | Chapter 13 | 09. Price discrimination |
Topic 11:Game theory and strategic behavior | Chapter 14 | 10. Oligopoly |
Topic 12: Externalities and Public goods | Chapter 17 | 11.Game theory |
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://mq.edu.au/policy/docs/academic_honesty/policy.html
New Assessment Policy in effect from Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy_2016.html. For more information visit http://students.mq.edu.au/events/2016/07/19/new_assessment_policy_in_place_from_session_2/
Assessment Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results shown in iLearn, 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.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
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.
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:
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:
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:
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: