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 that underpin modern economics;
2. have 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

Theory and examples covered in the course are derived from research in the field of economics.

Required Resources

Principles of Microeconomics by Holden, Stevenson and Wolfers, 2023. Available online through the MacMillan bookstore (and other bookstores), and from the ANU library.

Recommended Resources

Whether you are on campus or studying remotely, there are a variety of online platforms you will use to participate in your study program. These could include videos for lectures and other instruction, two-way video conferencing for interactive learning, email and other messaging tools for communication, interactive web apps for formative and collaborative activities, print and/or photo/scan for handwritten work and drawings, and home-based assessment.

ANU outlines recommended student system requirements to ensure you are able to participate fully in your learning. Other information is also available about the various Learning Platforms you may use.

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). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Definition of microeconomics; Decision theory: willingness to pay, surplus, opportunity costs and marginal thinking
2	Decision theory: willingness to pay, surplus, opportunity costs and marginal thinking; Individual and market demand and supply	Tutorial Quiz
3	Individual and market demand and supply; Equilibrium	Tutorial Quiz
4	Elasticity; Market regulations
5	Welfare; Market surplus and deadweight loss	Tutorial Quiz
6	Comparative advantage	Mid-semester Exam (possible)
7	International trade; Market failure	Mid-semester Exam (possible), Tutorial Quiz (TBC)
8	Public goods; The labour market
9	The labour market	Tutorial Quiz
10	Market structure
11	Bargaining; The Hotelling model; Price discrimination	Tutorial Quiz
12	Introduction to game theory

Tutorial Registration

ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.

Assessment Summary

Assessment task	Value	Learning Outcomes
Tutorial Quizzes	20 %	1,2,3,4,5,6
Mid- Semester Exam	30 %	1,2,3,4,5,6
Final Exam	50 %	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 Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Guideline and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

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 Skills website. 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

Lectures will be delivered live and face-to-face. Those students unable to make the on-campus lectures will be able to attend the repeated lecture on a different day during the week.

Tutorials will mostly be on-campus, with the potential for an online tutorial for those students unable to attend campus.

Attendance at synchronous activities, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).

Tutorials are offered every day on weekdays. Students who, through unavoidable and unplanned occurrences, are unable to attend a tutorial one week are encouraged to attend another tutorial during the week, especially in quiz weeks. In this case, you may be assigned a 'make-up' tutorial to attend.

Examination(s)

See information in Assessment Tasks 2 and 3 regarding Examinations. They will be invigilated via Zoom and thus require reliable internet connection and a web-cam.

Assessment Task 1

Tutorial Quizzes

Six (6) in-tutorial quizzes will need to be completed during the semester. The question(s) will be based on the previous (1-2) weeks' lecture material. Quizzes will be held during tutorial (either on-campus or online as appropriate). Each quiz will take approximately 5-10 minutes, and will be collected in the tutorial at the end of the quiz time (online students will submit through Wattle). Quizzes will be short-answer-type questions, marked based on accuracy of answers. They will be returned during the next tutorial, and discussed at that time.

Only your best 5 of 6 tutorial quizzes will count toward your final grade. If you miss one quiz for any reason that is simply the quiz which does not count. If you miss multiple quizzes for valid reasons (illness etc.) then assessment will be re-weighted. No extensions will be given for quizzes.

Assessment Task 2

Mid- Semester Exam

A mid-semester exam will be held during the ANU mid-semester exam period - (Week 6 or Week 7). The exam will cover material presented throughout the first half of the semester. The mid-semester exam is compulsory to attend and will count for 30% of your final grade, and will take roughly 1.5 to 3 hours. The exam will be invigilated over Zoom, submitted through Turnitin on Wattle, and further details are given on Wattle by end of Week 4. Some feedback given through Turnitin, with more extensive feedback given on request during consultation/help desk time. Mid-semester exam will be returned within 3 weeks of the exam.

Assessment Task 3

Final Exam

A final exam will be held during the ANU final exam period. The exam will cover material presented throughout the entire course. The final exam is compulsory to attempt and will count for 50% of your final grade, and will take roughly 2 to 3 hours. The exam will be invigilated over Zoom, and submitted through Turnitin on Wattle. Further details will be given on Wattle in week 10.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

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

Individual assessment tasks may or may not allow for 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

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

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.

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 Access 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