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

Microeconomics forms the foundation for research in Economics. In addition to textbook materials, application in research and policy will be introduced wherever appropriate.

Field Trips

Not applicable.

Examination Material or equipment

The final exam will be held in-person, and run by the Examinations division. Permitted materials in the exam are a non-programmable calculator, English language dictionary and straight-edge (i.e., "ruler").

Required Resources

You will need access to a calculator to complete exercises required for this course.

Recommended Resources

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.

Staff Feedback

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

• It is hoped that the lectures will involve a lot of discussion, questions and answers. We will provide a verbal review of each tutorial exercise and review of the quizzes (in tutorial time) and thus feedback to the class as a whole. All in-class questions will be discussed directly in class.

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.

Other Information

Tutorials

This is an on-campus course with live lectures. Lectures will be supported by weekly tutorials commencing in week 2. I will upload to Wattle tutorial questions based on the previous week’s lecture material. In addition to lectures and tutorials I will hold a weekly consultation session (Tuesdays 2-3pm) for discussion of the material, tutorial questions and other questions students may have about the course.The final exam questions will include tutorial style problems as well as those on the assignments. You will only learn problem solving skills (necessary to pass the final exam) through practice, NOT by simply writing down answers from my tutorial videos or from the answer keys for the assignments. You learn by doing and practicing.

Workload

Students taking this course are expected to commit at least 10 hours a week – on average – to completing the work, comprising:

·       3 hours a week of lectures

·        1 hour a week of tutorial

·       6+ hours a week: reading, writing and tutorial preparation Some weeks will demand less time than this; some more.

Scaling

Your final mark for the course will be based on the raw marks allocated for each assignment or examination. 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.

Technology, Software, Equipment

I plan to use Wattle extensively and as my main means of getting material to you: https://wattlecourses.anu.edu.au/. Please ensure that you have access and that you check it regularly.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Demand, supply, & market equilibrium, gains from trade
2	Welfare and Market Efficiency	problem set 1 due
3	Consumer behavior
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
11	Oligopoly
12	Review	problem set 6 due

Tutorial Registration

ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to tutorials so they can better plan their time. Find out more on the Timetable webpage. https://www.anu.edu.au/students/program-administration/timetabling].

Assessment Summary

Assessment task	Value	Learning Outcomes
Problem Sets	40 %	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

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 ANU Online website Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, hard copies of all references included in the assessment item.

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

This is an on-campus delivery course.

Lectures will be supported by weekly tutorials commencing in week 2. I will upload to Wattle tutorial questions based on the previous week’s lecture material. Students are strongly encouraged to attempt to answer the tutorial questions before viewing attending the tutorial. In addition to lectures and tutorials I will hold a weekly consultation session.

Examination(s)

Please see the information for assessment task 2 above.

Assessment Task 1

Problem Sets

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

Final Exam

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. The final exam will last for 195 minutes: 15 minutes reading time and 180 minutes writing time.

Academic Integrity

Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community 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 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 University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.

Online Submission

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.

Hardcopy Submission

N/A

Late Submission

If an assessment task is not submitted by the due date, a mark of 0 will be awarded. Given the fast turnaround for grading and returning the assignments (that is, within 1 week), it will not be possible to give extensions for any reason. Please note that since only the best four marks count, if for any reason a student is unable to submit their answers for two of the six assignments, that will have no effect on their overall mark.

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 the information on this that was provided above in the discussion of the various assessment tasks. 

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure The Course Convener may grant extensions 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

No resubmission of any assignment after the due date and time for its submission will be permitted in this class.

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