- Class Number 4326
- Term Code 3230
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Prof Simon Grant
- Prof Simon Grant
- Class Dates
- Class Start Date 21/02/2022
- Class End Date 27/05/2022
- Census Date 31/03/2022
- Last Date to Enrol 28/02/2022
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.
Upon successful completion, students will have the knowledge and skills to:
- demonstrate an understanding of the economic principles underpinning modern economics;
- demonstrate a basic understanding of the way budget constrained individuals make optimising choices and the way resources are allocated in private markets;
- demonstrate an understanding of the role of different trading arrangements in markets and their impact on prices and the quantities traded;
- use basic economic principles to evaluate the effects of government interventions and other exogenous changes in markets;
- evaluate the effects of government interventions in markets;
- present clearly written analysis of economic issues and problems
Microeconomics forms the foundation for research in Economics. In addition to textbook materials, application in research and policy will be introduced wherever appropriate.
Examination Material or equipment
The final exam will be administered through Turnitin and supervised via Zoom. You will need a computer with internet access and a webcam.
This course provides a pathway to ECON8025 Advanced Microeconomics Analysis and is more advanced than most standard first year microeconomics courses. Lecture material draws on a number of sources so there is no single prescribed text but you may find the following books useful references:
· Principles of microeconomics. By Joshua Gans, Stephen King, Martin Byford, and N. Gregory Mankiw. 8th edition, AU/NZ. Published by Cengage Learning. (Reference for introductory material.) Both hard copies and ebook versions are available. The 7th edition ebook version is available through ANU library ProQuest Ebook Central Ebook Central. https://ebookcentral-proquest-com.virtual.anu.edu.au/lib/anu/detail.action?docID=6510799
· Industrial Organization: A Strategic Approach. By J. R. Church and R. Ware. This book can be downloaded at the following website: https://works.bepress.com/jeffrey_church/23/ (Reference for imperfect competition. The main advantage is that the book is freely available on internet)
There are plenty of other first year and second year microeconomics textbooks you may find useful to consult. Most of the standard ones can be used for reference and practice.
· Price theory and applications. By Steven E. Landsburg. Ninth edition. Published by Cengage Learning. Both hard copies and ebook versions are available.
· Intermediate Microeconomics: A Modern Approach. By Hal R Varian. Ninth edition. Published by W. W. Norton. Both hard copies and ebook versions are available. See the publisher's website for pricing options.
These reference books are also available in the Chifley Library.
Students will be given feedback in the following forms in this course:
· Questions related to the previous week's material will be discussed in tutorials.
· Answers to the problem sets will be reviewed in the second hour of the lecture following their submission.
· Students are encouraged to come for consultation and feedback during the consultation hours.
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.
Your final mark for the course will be based on the raw marks allocated for each of your assessment items. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed the scaled mark of that student), and may be either up or down.
Support for Students
The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/
RSE has a Frequently Asked Questions page where you can find relevant policies and information on a broad range of topics
|Week/Session||Summary of Activities||Assessment|
|1||Demand, supply, & market equilibrium, gains from trade|
|2||Welfare and Market Efficiency||problem set 1 due|
|4||Intertemporal Choice||problem set 2 due|
|5||Risk and Uncertainty|
|6||Production and Costs||problem set 3 due|
|7||Production and Costs|
|8||Monopoly||problem set 4 due|
|9||Introduction to Game Theory - static games|
|10||Introduction to Game Theory - dynamic games||problem set 5 due|
|12||Review||problem set 6 due|
Tutorials this semester will be delivered both remotely (via Zoom) and on-campus. You are expected to attend one tutorial each week from Week 2 onwards. You must enrol in a tutorial using the Wattle site for this course, and attend the tutorial in which you are enrolled. A selection of tutorials will be open for enrolment prior to the beginning of the semester - the remaining tutorials will be open in week 1 of Semester.?When tutorials are available for enrolment, follow these steps:
1. Log on to Wattle, and go to the course site
2. Click on the link “Tutorial enrolment”
3. On the right of the screen, click on the tab “Become Member of…..” for the tutorial class you wish to enter
4. Confirm your choice
If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group….” and then re-enrol in another group.?You will not be able to enrol in groups that have reached their maximum number.?Please note that enrolment in ISIS must be finalised for you to have access to Wattle.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|problem sets.||40 %||04/03/2022||27/05/2022||1,2,3,4,5,6,7|
|Final Exam||60 %||*||*||1,2,3,4,5,6,7|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
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:
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.
Owing to disruptions caused by the on-going Covid pandemic this course will be largely delivered through an online platform.?Aspects of the delivery will be asynchronous. However, there may be synchronous activities also taking place (both online and on campus) to the extent that this is possible given Covid safety protocols. Details on the delivery of this course and expectations of student participation will be outlined in further detail on the Wattle course site in O-week. Attendance at synchronous activities, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).
The lectures will be prerecorded. There will be face to face and zoom tutorials and workshop sessions available.
Examinations will be administered through Wattle and supervised via Zoom. Please ensure that you have a computer with internet access and a webcam.
Assessment Task 1
Learning Outcomes: 1,2,3,4,5,6,7
6 problem sets. These will be spaced evenly throughout the semester and based on material from the previous two weeks (except for the first problem set that will be based on material covered in the first week of the semester). The questions for each problem set will be uploaded to Wattle no less than 1 week before the due date. Answers will be due Friday at 3pm in weeks 2,4,6,8,10 & 12 and should be submittted via Turnitin. I will go through the answers during the second half of the Friday lecture of that week. As a consequence no late submissions will be accepted. However, as only the best four problem set marks will count towards a student's final mark, a student need not be disadvantaged if for any unforeseen reason they are not able to submit their answers by the due date for one or two problem sets.
Assessment Task 2
Learning Outcomes: 1,2,3,4,5,6,7
The weight of the final exam is 60%. The final exam will be comprehensive, in the sense that questions may be drawn from all the topics discussed during the semester. The exam will be scheduled during the end-of-semester examination period. This final term exam will be administered through Wattle and will be supervised via Zoom. The final exam will last for 180 minutes: 150 minutes writing time and 30 minutes for scanning and uploading answers.
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.
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.
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 utilize the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
No submission of problem sets after the due date will be permitted (without exception). If answers to any problem set are not submitted by the due date, a mark of 0 will be awarded for that problem set. Please note, however, as only the best four marks from the problem sets count toward a student's final mark, failure to submit one or two problem sets need not have any adverse affect on a student's final mark.
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.
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.
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
Decision theory, game theory
Prof Simon Grant