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Unit of study_

ECON1001: Introductory Microeconomics

Semester 1, 2021 [Normal day] - Camperdown/Darlington, Sydney

Introductory Microeconomics addresses the economic decisions of individual firms and households and how these interact in markets. Economic issues are pervasive in contemporary Australian society. Introductory Microeconomics introduces students to the language and analytical framework adopted in Economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. Prior knowledge of mathematics is assumed.

Unit details and rules

Unit code ECON1001
Academic unit Economics
Credit points 6
Prohibitions
? 
BUSS1040 or ECON1040
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent).

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Pablo Guillen Alvarez, pablo.guillen@sydney.edu.au
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final exam
Take home exam
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO6 LO4 LO3 LO2
In-semester test (Open book) Type C in-semester exam Mid-semester test (take home)
Take home exam
35% Week 07
Due date: 19 Apr 2021 at 18:00
1 hour
Outcomes assessed: LO1 LO6 LO4 LO3 LO2
Assignment Short essay
Students will be asked to write about an economic topic.
10% Week 13
Due date: 03 May 2021 at 23:00

Closing date: 04 Jun 2021
500 words
Outcomes assessed: LO1 LO6 LO5 LO4
Assignment Online quizzes
Each of four online quizzes consists of ten multiple choice questions.
5% Week 13
Due date: 19 Mar 2021 at 23:00

Closing date: 11 Jun 2021
No set duration.
Outcomes assessed: LO1 LO6 LO2
Type C final exam = Type C final exam ?
Type C in-semester exam = Type C in-semester exam ?

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

 

Distinction

75 - 84

 

Credit

65 - 74

 

Pass

50 - 64

 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Economics: the science of decision-making Lecture (2 hr) LO1 LO2 LO3
Math check-up/review Tutorial (1 hr) LO2
Week 02 Demand: How much do we want? Lecture (2 hr) LO1 LO2 LO3 LO5 LO6
#1 Opportunity costs and the PPF Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 03 Supply I: How do firms produce and calculate costs? Lecture (2 hr) LO1 LO2 LO3 LO5 LO6
#2 Demand Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 04 Supply II: How much do firms decide to produce? Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#3 Firm behaviour: production and costs Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 05 Welfare: Firms and consumer are better off when they decide to exchange goods and services Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#4 Firm behaviour: supply Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 06 Elasticity: How sensitive are we to changes in prices? Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#5 Welfare Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 08 Perfect competition: how does a purely competitive market look like? Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#6 Elasticity Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 09 Monopoly: when one firm takes it all Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#7 Perfect competition Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 10 Oligopoly and game theory: when a couple of firms take it all Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#8 Monopoly Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 11 Externalities and public goods: when your actions affect others Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#9 Oligopoly and game theory Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 12 Government to the rescue! / Asymmetric information: deciding when you do not have the full picture Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
#10 Externalities & Public goods Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 13 Review Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Review Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5 LO6

Attendance and class requirements

  • Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
  • Lecture recording: All lectures will be recorded posted at the start of the scheduled lectured time
  • Preparation: Students should commit to spending approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

 

Textbook: Bonnie Nguyen and Andrew Wait (2016), Essentials of Microeconomics, 1st edition, Routledge (NW).

 

 

 

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. Apply economic concepts to examine real world problems from both an individual’s and policymaker’s perspective
  • LO2. Demonstrate problem solving skills
  • LO3. Critically evaluate the assumptions and limitations of the theories and arguments presented in class
  • LO4. Improve written communication skills
  • LO5. Employ technologies effectively in gathering information from written, oral, and electronic sources
  • LO6. Manage, analyse, evaluate and use information efficiently and effectively

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.