• Offered by Research School of Economics
  • ANU College ANU College of Business and Economics
  • Course subject Economics
  • Areas of interest Economics
  • Academic career UGRD
  • Course convener
    • Dana Hanna
  • Mode of delivery In Person
  • Offered in First Semester 2014
    See Future Offerings

Modern economics is a way of thinking that provides important insights into human behaviour and how the world works. The emphasis in Microeconomics 3 is on deepening students' understanding of the basic principles of microeconomics and learning how to use these principles to analyse real world problems and policy issues. Economic analysis provides a powerful tool for analysing public policy from both a positive (i.e. predictive) and normative (i.e. evaluative) perspective and focuses attention on how policies can be improved.

 

In the first part of the course we will set out how markets work and interrelate, using general equilibrium models to illustrate the fundamental theorems of welfare economics. We look at the distributional properties of a free-market economy and analyse the rationale for, and effects of, government redistribution of income. We review methods for thinking about the effects of government policies as well as the implications of the theory of the second best.

 

The role of the practicing (micro) economist in policy work is typically to deal with cases where markets have failed.  The second part of the course analyses certain cases of market failures (externalities, natural monopolies and information failures) and identifies and compares the economic policy options available.  But practical difficulties often make the textbook application of economic policies difficult.  Given this, the course looks at practical issues in policy work and how these may affect economic policy decisions.  The role and practice of cost benefit analysis is then discussed as a way to decide on the efficacy of regulation in the face of these difficulties.  This topic also covers ways of valuing non-market goods like the environment, time and health.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

On satisfying the requirements for this course, students should have the knowledge and skills to:
• Think for themselves like economists, or at least understand how economists think.
• Recognise the economic issues in a problem and apply the appropriate tools to analyse it.
• Understand the economic tools taught in class and be able to apply them to analyse real world problems and policy issues.

Other Information

See the course outline on the College courses page. Outlines are uploaded as they become available. 

Indicative Assessment

Five tutorial quizzes, a midsemester exam and a final exam.

The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.

Workload

Three lectures and one tutorial per week throughout the semester.

Requisite and Incompatibility

To enrol in this course you must have completed enrolment in ECON2101 Microeconomics 2 (P) or ECON2111 Microeconomics 2 (H).

Fees

Tuition fees are for the academic year indicated at the top of the page.  

If you are a domestic graduate coursework or international student you will be required to pay tuition fees. Students continuing in their current program of study will have their tuition fees indexed annually from the year in which you commenced your program. Further information for domestic and international students about tuition and other fees can be found at Fees.

Student Contribution Band:
3
Unit value:
6 units

If you are an undergraduate student and have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). You can find your student contribution amount for each course at Fees.  Where there is a unit range displayed for this course, not all unit options below may be available.

Units EFTSL
6.00 0.12500
Domestic fee paying students
Year Fee
1994-2003 $2922
2004 $3234
2005 $3234
2006 $3240
2007 $3240
2008 $3240
2009 $3240
2010 $3240
2011 $3240
2012 $3240
2013 $3240
2014 $3246
International fee paying students
Year Fee
1994-2003 $2922
2004 $3234
2005 $3234
2006 $3288
2007 $3426
2008 $3426
2009 $3426
2010 $3750
2011 $3756
2012 $3756
2013 $3756
2014 $3762
Note: Please note that fee information is for current year only.

Offerings, Dates and Class Summary Links

The list of offerings for future years is indicative only.
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.

First Semester

Class number Class start date Last day to enrol Census date Class end date Mode Of Delivery Class Summary
3218 17 Feb 2014 07 Mar 2014 31 Mar 2014 30 May 2014 In Person N/A

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