The course examines how individuals and firms make decisions by weighing up costs and benefits, and how the interaction of their decisions leads to market and social outcomes. The model of market supply and demand is employed to examine the effects of taxes, subsidies, and other government interventions in market activity. The implications of different market structures, including perfect competition and monopoly, are examined.  Public goods, externalities and common resources are key examples of cases in which private markets may yield socially sub-optimal outcomes.  Such cases are examined and the role of government policy in correcting for these is discussed.

Learning Outcomes

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

1. demonstrate an understanding of the economic principles underpinning modern economics;
2. demonstrate a basic understanding of the way budget constrained individuals make optimising choices and the way resources are allocated in private markets;
3. demonstrate an understanding of the role of different trading arrangements in markets and their impact on prices and the quantities traded;
4. use basic economic principles to evaluate the effects of government interventions and other exogenous changes in markets;
5. evaluate the effects of government interventions in markets;
6. present clearly written analysis of economic issues and problems

Research-Led Teaching

This course uses concepts that are present in research articles and are intensively investigated by researchers. Topics are relevant to current cutting-edge research.

Field Trips

N/A.

Additional Course Costs

N/A.

Examination Material or equipment

Have webcam and internet available.

Required Resources

The textbook is

“Microeconomics” Eighth Edition, Global Edition, by Jeffrey M. Perloff.

Pearson (Pearson Education Limited 2018)

ISBN 10: 1-292-21562-3

ISBN 13: 978-1-292-21562-4

The textbook is available online at the link: https://library.anu.edu.au/record=b6855639.

Slides of classes will be available on Wattle.

Complementary material: "Micro Math Notes" PDF file will be available for download in Wattle.

Recommended Resources

N/A.

Staff Feedback

Students will be given feedback in the following forms in this course:

• written comments
• verbal comments
• feedback to whole class, groups, individuals, focus group etc

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	scientific methods, scope of microeconomics, incentives, economic agents, natural resources, time resources, scarcity, constraints	chapter 1
2	functions, graphs, straight lines, slope (tangent in the right-angle triangle), increasing-constant-and-decreasing functions, systems of equations, ratios, changes, derivatives, rate of change, maximum and minimum	"Micro Math Notes" PDF file available on Wattle
3	supply and demand in a market economy, shifts in the demand and/or supply curve, price ceilings and price floors	chapters 1 and 2
4	welfare, economic efficiency, deadweight loss, taxation on competitive markets, tax revenue, tax burden and elasticities, market power	chapters 2,3 and 5; online quiz 1
5	technology and cost functions, returns to scale, gains from trade, production-possibility frontier, marginal rate of transformation, properties of the cost function, introduction to the cost minimization problem	chapters 5, 6, 7, and "Micro Math Notes" PDF
6	total revenue, profit function, competitive market and the individual firm analysis, profit maximization, market power and the monopoly, taxation (in a monopoly market), the deadweight loss in the single-price monopoly model	chapters 8, 9, 11, and 12
7	congestion, rival goods, excludable goods, private goods, common-pool resources, club goods, public goods, free rider problem and taxation, Lindahl taxation, positive externalities and negative externalities, Pigouvian taxation, property rights, Coase Theorem	chapters 7 and 18
8	preference relations, indifference relations, strict preferences, utility functions, partial derivative, marginal utilities, indifference curves, utility maximization problem with two goods (static model)	chapters 4, 5, and "Micro Math Notes" PDF; online quiz 2
9	consumer theory, dynamic utility maximization problem (1 good and two periods), expenditure minimization problem (static model with two goods), profit maximization problem, time value of money and loans with composite interest, monopsony	chapters 4, 17, and "Micro Math Notes" PDF
10	introduction to general equilibrium: Edgeworth Box, locally non-satiable preferences, equilibrium, Pareto Efficiency (Pareto Optimal), contract curve, first welfare theorem, second welfare theorem; introduction to expected utility theory	chapters 10 and 15
11	introduction to game theory	chapters 13 and 14
12	oligopolies, sequential games, subgame perfect equilibrium with economic applications	chapters 11, 13, 14, 15, and 16; online quiz 3

Tutorial Registration

Tutorials will be delivered remotely with an option for students in Canberra to have a face-to-face tutorial. More details will be available on Wattle in O-week.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Online Quiz 1	33 %	21/08/2021	03/09/2021	1,2
Online Quiz 2	33 %	02/10/2021	22/10/2021	1,2,3,4,5
Online Quiz 3	34 %	*	*	1,2,3,4,5,6

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

Assessment Requirements

The ANU is using 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. For additional information regarding Turnitin please visit the Academic Integrity . In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Due to continued travel restrictions this course will be delivered mostly through online platforms, with some live lectures available to students in Canberra. Echo360 recordings will be available for students who are unable to attend live lectures. Details on the delivery of this course and expectations of student participation are outlined in further detail on the Wattle course site.

Examination(s)

Online quizzes (3) along the semester. More details will be available on Wattle.

Assessment Task 1

Online Quiz 1

Quiz 1 will be in the end of week 4. Questions will be posted on Wattle and students will upload their answers. Results will be available before the end of week 6. This quiz will cover all contents of the course taught before the quiz. Only one attempt. Quiz will be available for one hour. Late quiz will not be accepted. Solutions will be provided after the quiz is marked. Quiz 1 date is Saturday 21 August. More information on Wattle by week 3.

Assessment Task 2

Online Quiz 2

Quiz 2 will be in the end of week 8. Questions will be posted on Wattle and students will upload their answers. Results will be completed not after three weeks after the quiz. Covers all contents of the course taught before the quiz. Only one attempt. Quiz will be available for one hour. Late quiz will not be accepted. Solutions will be provided after the quiz is marked. Quiz 2 date is Saturday 02 October. More information on Wattle by week 7.

Assessment Task 3

Online Quiz 3

Quiz 3 will be after week 12. Questions will be posted on Wattle and students will upload their answers. Results will be announced together with ANU official announcements of grades in semester two. Covers all contents of the entire course. Only one attempt. Quiz will be available for one hour. Late quiz will not be accepted. More information on Wattle in week 10.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.

The ANU commits to assisting all members of our community to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to be familiar with the academic integrity principle and Academic Misconduct Rule, uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with.

The Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

Policy regarding late submission is detailed below:

• Late submission not permitted. If submission of assessment tasks without an extension after the due date is not permitted, a mark of 0 will be awarded.

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

Please refer to information provided above.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

N/a.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students