Microeconomics provides the principal modelling tools and frameworks that are used in all fields of economics. The corresponding techniques are built on models of decision-making by economic agents, in environments with and without uncertainty, and on the analysis of interacting economic agents, in various settings such as markets or strategic situations. This course introduces the main techniques of microeconomics, at a level that lies between that of typical undergraduate courses, and that of Masters or PhD level courses. The results are presented and analysed using both intuitive graphical and formal mathematical methods. An important aim of the course is to show that the intuition gained from simple graphical models, and the insight derived from formal theoretical analysis are complementary, and that only the interplay between economic intuition and abstract results can lead to a complete understanding of the respective models and the conclusions drawn from their analysis.

Learning Outcomes

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

1. Understand the main models of decision-making by economic agents, such as consumers or firms, in environments with and without uncertainty;
2. Distinguish between market-based and strategic models of interacting economic agents, and use such models to analyse economic problems;
3. Be able to analyse economic models using both intuitive graphical and formal theoretical methods.

Research-Led Teaching

The material taught in this course is directly relevant to research in most, if not all, areas of economics.

Field Trips

Not applicable.

Additional Course Costs

You will need a computing device that is capable of running both Zoom and Wattle for this course.

Examination Material or equipment

No material other than standard writing equipment, university supplied script books, and university supplied blank paper will be permitted to be used during the final exam for this class.

Required Resources

The recommended references for this course are:

• Gravelle, H, and R Rees (2004), Microeconomics (third edition), Financial Times / Prentice Hall (Pearson), The United Kingdom;
• Varian, HR (1992), Microeconomic analysis (third edition), WW Norton and Company, USA; and
• Varian, HR (2014), Intermediate microeconomics: A modern approach (ninth edition), WW Norton and Company, USA.

You are not required to purchase a copy of these references if you do not wish to do so. However, I strongly recommend that you have access to them during the semester.

The ANU library has both a digital copy and at least physical copy of each of Gravelle and Rees (2004) and Varian (2014). It does not have a digital copy, but has at least one physical copy, of Varian (1992). I will request that all physical copies of the above editions of these books that are available in the ANU library system be placed on short loan for the duration of this course.

Recommended Resources

Other references that you might find useful during this course include the following.

Intermediate Microeconomics

• Bergstrom, TC, and HR Varian (2014), Workouts in intermediate microeconomics (ninth edition), WW Norton and Company, USA.
• Hirshleifer, J, A Glazer, and D Hirshleifer (2005), Price theory and applications: Decisions, markets, and information (seventh edition), Cambridge University Press, USA.
• Landsburg, SE (2014), Price theory and applications (ninth edition), Cengage Learning, USA.
• McCloskey, DN (1985), The applied theory of price (second edition), Macmillan Publishing, USA.
• Perloff, J, R Smith, and D Round (2014), Microeconomics (Australian Edition), Pearson Education, Australia.

Advanced Microeconomics

• Kreps, DM (1990), A course in microeconomics theory, Princeton University Press, USA. (Also published by Harvester Wheatsheaf in Great Britain.)
• Kreps, DM (2013), Microeconomic foundations 1: choice and competitive markets, Princeton University Press, USA.
• Mas-Colell, A, MD Whinston, and JR Green (1995), Microeconomic theory, Oxford University Press, USA.

Intermediate Mathematical Economics

• Chiang, AC, and K Wainwright (2005), Fundamental methods of mathematical economics (fourth edition), McGraw-Hill, Singapore.
• Dixit, AK (1990), Optimization in economic theory (second edition), Oxford University Press, Great Britain.
• Leonard, D, and NV Long (1992), Optimal control theory and static optimization in economics, Cambridge University Press, USA.
• Silberberg, E, and W Suen (2001), The structure of economics: A mathematical analysis (third edition), McGraw-Hill, Singapore.
• Simon, CP, and L Blume (1994), Mathematics for economists, WW Norton and Company, USA.
• Takayama, A (1993), Analytical methods in economics, The University of Michigan Press, USA.

Advanced Mathematical Economics

• Corbae, D, MB Stinchcombe, and J Zeman (2009), An introduction to mathematical analysis for economic theory and econometrics, Princeton University Press, USA.
• Ok, EA (2007), Real analysis with economic applications, Princeton University Press, USA.
• Takayama, A (1985), Mathematical economics (second edition), Cambridge University Press, USA.

The ANU library has both a digital copy and a physical copy of Ok (2007). It has no digital copies, but has at least one physical copy, of Chiang and Wainwright (2005), Dixit (1990), Kreps (1990), Kreps (2013), Landsburg (2014), Leonard and Long (1992), Mas-Colell, Whinston, and Green (1995), McCloskey (1985), Perloff, Smith, and Round (2014), Silberberg and Suen (2001), Simon and Blume (1994), and Takayama (1985). While the ANU library does not have either a digital copy or a physical copy of Bergstrom and Varian (2014), it does have a physical copy of an earlier edition of this book (Bergstrom and Varian, 1996). While the ANU library does not have either a digital copy or a physical copy of Hirshleifer, Glazer, and Hirshleifer (2005), it does have at least one physical copy of some of the earlier editions of this book. In particular, it has at least one physical copy of the fourth edition of this book (Hirshleifer, J (1988), Price theory and applications (fourth edition), with the assistance of M. Sproul, Prentice-Hall, USA). The ANU library does not appear to have either a digital copy or a physical copy of either Corbae, Stinchcombe, and Zeman (2009) or Takayama (1993). I will request that all physical copies of the above editions of these books that are available in the ANU library system, along with Bergstrom and Varian (1996) and Hirshleifer (1988), be placed on short loan for the duration of this course. (Note that, when multiple editions of one of these books exists, it probably does not matter which edition you consult.)

Books relevant to this class can be found in both the Chifley Library (which houses most of the ANU Library’s economics collection), the Hancock Library (which houses some of the ANU Library’s economics collection and most of the ANU Library’s mathematics collection), and the Law Library (which houses some of the ANU Library's economics collection). I strongly encourage you to familiarise yourself with, and make use of the resources contained in, each of these branches of the ANU Library.

Staff Feedback

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

• Graded tutorial assignments;
• Marks from, and general comments on, the timed online assignments, and
• Verbal feedback upon request during consultation sessions.

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.

Other Information

Work-Load Expectations

The amount of work required for successful completion of this class may vary between students. As a rough guide, students should expect to devote at least 10 hours a week to this class. This should include all of the following.

• 3 hours a week: attending lectures.
• 1 hour a week: attending tutorials (except for teaching week one).
• At least 6 hours a week: reading, research, writing, lecture preparation, and tutorial preparation.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	'Week 0' material - available as recordings on Wattle: Administrative Arrangements. Introduction to Microeconomics. Optimisation in Economics. 'Week 1': Consumer Theory	No assessment items in Week 1.
2	Consumer Theory. Tutorial 1.	No assessment items in Week 2.
3	Consumer Theory. Tutorial 2.	Tutorial Assignment 1 due for submission (worth 2 %).
4	Consumer Theory. Tutorial 3.	No assessment items in Week 4.
5	Consumer Theory. Tutorial 4.	Tutorial Assignment 2 due for submission (worth 2 %).
6	Consumer Theory. Tutorial 5.	Timed Online Assignment 1 held (worth 15 %).
7	Choice Under Uncertainty. Tutorial 6.	Tutorial Assignment 3 due for submission (worth 2 %).
8	Choice Under Uncertainty. Producer Theory. Tutorial 7.	No assessment items in Week 8.
9	Producer Theory. Tutorial 8.	Tutorial Assignment 4 due for submission (worth 2 %).
10	Producer Theory. General Equilibrium Economic Models. Tutorial 9.	No assessment items in Week 10.
11	General Equilibrium Economic Models. Tutorial 10.	Tutorial Assignment 5 due for submission (worth 2 %).
12	General Equilibrium Economic Models. Tutorial 11.	Timed Online Assignment 2 held (worth 15 %).
13	Final Exam Period.	Final Exam held (worth 60 %).

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	Due Date	Return of assessment	Learning Outcomes
Fortnightly Tutorial Assignments (10 % in total; 5 tutorial assignments, each of which is worth 2 %).	10 %	04/03/2024	11/03/2024	1,2,3
Timed Online Assignment 1 (15 %).	15 %	28/03/2024	28/03/2024	1,2,3
Timed Online Assignment 2 (15 %).	15 %	23/05/2024	23/05/2024	1,2,3
Final Exam (60 %).	60 %	30/05/2024	27/06/2024	1,2,3

* 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

• You will not be assessed on either attendance or participation in this course
• Nonetheless, both attendance and active participation will enhance your enjoyment of the course and your understanding of the material covered in the course.
• Lectures in this course will be "live" events that are held "in person".
• When available, recordings of the lectures will be provided via the ECHO360 link on the Wattle site for this course at some point after the conclusion of the relevant lecture.
• While it is hoped that the lecture recording system will provide recordings of suitable quality for each lecture in this course, there is no guarantee that this will be the case.
• Please note that replacement recordings will not be made in the event that the recording of a lecture fails to be produced by the automatic lecture recording system or is of low quality.
• In such an event, you might need to make do with the lecture notes in the event that you were unable to attend the lecture.
• If there is a suitable replacement recording from a previous instance of this course or some other course that is readily available, then I might post it if such an event were to occur.
• Beginning in week two, there will be a weekly tutorial held in this course.
• Tutorials in this course will be "live" events that are held in-person.
• Please note that there will be no "online" tutorials.
• Please note that the tutorials will not be recorded.
• The course convenor (who is also the lecturer) will hold his consultation sessions in-person immediately following the lectures in all teaching weeks other than week 6 and week 12. (Alternative arrangements for week 6 and week 12 are describe below.)
• I have requested that there be two lecture slots, each of which is two hours long, for this course.
• The first one-and-one-half hours of each of these slots will be used for the lecture, with the remaining (at most) half hour being used for a student consultation session. 
• These student consultation sessions will be held in the lecture room.
• I will stay until the earlier of the point in time at which there are no more students with queries and the end of the lecture slot.
• In week 6 and week 12, the lecturer will hold his office hours online over Zoom in the hour immediately preceding the timed online assignment that will be held in that week. A Zoom meeting link for the week 6 and week 12 will be provided on the Wattle site for this course.
• Please note that the dates and times for the lecturer's consultation times, timed online assignment 1, and timed online assignment 2 (all of which are scheduled to be held during part of some of the lecture slots for this course) that are provided elsewhere in this document are based on the draft class timetable for semester one of 2024. The reason for this is that, at the time of preparation of this document, the final class timetable for semester one of 2024 has not been released (indeed, the draft class timetable was only recently released). As such, these dates and times might need to be changed if the lecture slots for this course are different in the final class timetable than those listed in the draft class timetable.

Examination(s)

Please see the information for assessment item 4 above.

Assessment Task 1

Fortnightly Tutorial Assignments (10 % in total; 5 tutorial assignments, each of which is worth 2 %).

• You are requested to submit answers to all of the "tutorial questions" (but not any "additional practice questions") that are assigned for teaching week 3 (tutorial 2), teaching week 5 (tutorial 4), teaching week 7 (tutorial 6), teaching week 9 (tutorial 8), and teaching week 11 (tutorial 10).
• Each of these assignments should be submitted online through the "Turnitin" link on the Wattle site for this class. A scanned copy of your handwritten assignment is fine. You are not required to type up your answers. However, in order for your assignment to be marked, it must be legible to the grader. If it is not legible, then a mark of zero will be awarded.
• Each assignment should be submitted by 8:00 am on the Monday at the beginning of the week in which the relevant tutorials are held (that, in teaching weeks 3, 5, 7, 9, and 11), unless that Monday is a public holiday in Canberra. If the Monday is a public holiday in Canberra, then the assignment should be submitted by 8:00 am on the first regular business day thereafter.
• If you have trouble submitting your assignment through the turnitin link, then please email a copy of that assignment to the course email address (ECON8025@anu.edu.au). Any such email must be received no later than 08:00:00 am on the day that the assignment is due in order for your assignment to be marked.
• You will typically receive the questions for each assignment at least half a week before it is due.
• No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
• In each of these assignments, one question will be chosen for assessment and your mark for that assignment will be based on your response to that question. The identity of the selected question will only be revealed upon release of the marked assignments.
• Each of these five tutorial assignments will be worth 2 % of your overall mark for this course. This means that this assessment component is worth 10 % of your mark for this course in total.
• We will endeavour to release comments and marks for these assignments via "Turnitin" by 5:00 pm on Mondays in Teaching Weeks 4, 6, 8, 10, and 12 (that is, in the week after they are submitted).
• Each tutorial assignment will be allocated a non-negative integer mark out of four. A mark of four will be awarded to very good answers for the selected question. These are "high distinction" level answers. A mark of three will be awarded to good, but not very good, answers for the selected question. These are either "distinction" or "upper-end credit" level answers. A mark of two will be awarded to alright, but not good, answers for the selected question. These are either "lower-end credit" or "pass" level answers. A mark of one will be awarded to poor answers for the selected question. These are "fail" level answers. A mark of zero will only be awarded if no answer is submitted for the selected question.
• All learning outcomes are relevant for this assessment task.

Assessment Task 2

Timed Online Assignment 1 (15 %).

• This will be a one-hour long timed assignment that is administered online through the Wattle site for the course. It will be held online during the second half of the Thursday lecture slot in teaching week 6.
• It will consist of some number of questions. The questions might be of the multiple choice, true or false (or possibly true or false or ambiguous), or single numeric answer variety, or some mixture of these question varieties.
• The assignment will become available at precisely 9:00:00 am Canberra time on Thursday 28 March 2024. You will be able to submit your answers from this point in time until precisely 10:00:00 am Canberra time on Thursday 28 March 2024.
• No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
• You should attempt the questions in the order that you encounter them, as you will not be able to return to questions (that is, navigate backwards) on this assignment.
• This assessment item will potentially include material from the first five weeks of lectures, and the first five tutorials. The answer key for tutorial five (which will held in week 6) will be released earlier than usual in order to facilitate this.
• All learning outcomes are relevant for this assessment task.
• Your mark on this assessment item, along with some general feedback, will become available immediately after the conclusion of the time slot for this assessment item (that is, it will become available at 10:00:00 am on Thursday 28 March 2024).

Assessment Task 3

Timed Online Assignment 2 (15 %).

• This will be a one-hour long timed assignment that is administered online through the Wattle site for the course. It will be held online during the second half of the Thursday lecture slot in teaching week 12.
• It will consist of some number of questions. The questions might be of the multiple choice, true or false (or possibly true or false or ambiguous), or single numeric answer variety, or some mixture of these question varieties.
• The assignment will become available at precisely 9:00:00 am Canberra time on Thursday 23 May 2024. You will be able to submit your answers from this point in time until precisely 10:00:00 am Canberra time on Thursday 23 May 2024.
• No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
• You should attempt the questions in the order that you encounter them, as you will not be able to return to questions (that is, navigate backwards) on this assignment.
• This assessment item will potentially include material from the first eleven weeks of lectures, and all eleven tutorials. The answer key for tutorial eleven (which will held in week 12) will be released earlier than usual in order to facilitate this.
• All learning outcomes are relevant for this assessment task.
• Your mark on this assessment item, along with some general feedback, will become available immediately after the conclusion of the time slot for this assessment item (that is, it will become available at 10:00:00 am on Thursday 23 May 2024).

Assessment Task 4

Final Exam (60 %).

• The final exam for this course will be an in-person, closed book exam that consist of fifteen minutes of reading time followed by three hours of writing time.
• The only permitted materials will be standard writing equipment.
• The exam will comprehensive, in the sense that questions can potentially be drawn from any component of this class. This includes any material that is covered in lectures, or covered in tutorials, or covered in assigned readings, or covered in some combination of these sources.
• The date and time of the final exam will be determined by the central administration of the ANU. It will occur sometime during the official final exam period.
• The final exam is worth 60 % of your raw overall mark for this class, unless alternative arrangements are authorised by the University.
• All learning outcomes are relevant for this assessment task.
• Opportunities to view the graded final exam scripts will be available sometime after the official release of results for the semester.

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

In the absence of an approved extension, no submission of assessment tasks after the due date and time will be permitted in this course. If an assessment task is not submitted by the due date and time, and an extension has not been approved, a mark of zero 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.

Returning Assignments

Please see the information about assessment items 1, 2, 3, and 4 that is provided elsewhere in this document.

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

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 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