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Unit of study_

ECON1001: Introductory Microeconomics

Semester 1, 2023 [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
? 

Minimum result of Band 4 in HSC Mathematics Advanced (or equivalent); or Band E3 in HSC Mathematics Extension 1 or 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
Monitored exam
? 
Final exam
Combination of multiple-choice and short-answer questions
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Small test Online quizzes
Four sets of online quizzes consisting of multiple-choice questions
10% Multiple weeks No set duration
Outcomes assessed: LO1 LO2 LO3 LO5
Monitored test
? 
Mid-semester test
Combination of multiple-choice and short-answer questions
40% Week 08
Due date: 17 Apr 2023 at 10:00
1 hour
Outcomes assessed: LO1 LO2 LO3 LO4 LO5

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 (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 Introduction: Key Concepts and the Gains from Trade - NW1 & 4 Lecture (2 hr) LO1 LO2 LO3
Maths check-up/review Tutorial (1 hr) LO2
Week 02 Consumer Behaviour: Demand - NW6 Lecture (2 hr) LO1 LO2 LO3 LO5
#1 Opportunity costs and the PPF Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 03 Firm Behaviour I: Production and Cost - NW7 Lecture (2 hr) LO1 LO2 LO3 LO5
#2 Demand Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 04 Firm Behaviour II: Supply - NW8 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#3 Firm behaviour: production and costs Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 05 Market Equilibrium and Welfare - NW9 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#4 Firm behaviour: supply Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 06 Elasticity and Perfect Competition - NW10, 11 & 12 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#5 Equilibrium and Welfare Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 07 Monopoly: Pricing with market power 1 - NW13 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#6 Elasticity and Perfect Competition Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 08 Mid-semester test Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
Week 09 Monopoly: Pricing with market power 2 and Monopolistic Competition - NW13 & 14 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#7 Monopoly 1 Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 10 Oligopoly and game theory - NW15 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#8 Monopoly 2 and Monopolistic Competition Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 11 Market Failure and Government Intervention: Price Regulations, Taxes - NW16 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#9 Oligopoly and game theory Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 12 Market Failure: Externality and Public Goods - NW17 & 18 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
#10 Price Regulations, Taxes Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5
Week 13 International Trade - NW20 Lecture (2 hr) LO1 LO2 LO3 LO5
#11 Externalities & Public goods Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5

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 format: All lectures are in HyFlex mode, accommodating both in-person and zoom attendance. 
  • 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 & Andrew Wait (2016). Essentials of Microeconomics, 1st edition, Routledge (NW). ISBN: 9781138891364

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. 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
LO1         
LO2         
LO3         
LO4         
LO5         

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

We have changed the assessment structure and shifted some weighting from the exams to weekly activities.

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.