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Unit of study_

ECON5001: Microeconomic Theory

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

This unit presumes no prior exposure to economics and aims, by the end of the unit, to bring a proficiency equivalent to that of students with an intermediate level microeconomics unit in an Honours degree program. Many economic principles developed in this unit are routinely used in several other units in the program. Microeconomics studies how economic agents make choices in a variety of environments. The unit covers theory and applications of the principles of consumer choice, of firm behaviour, and of strategic interaction among economic agents. Equipped with these theories of decision making, students can address a range of interesting and important questions. Examples are: What market strategy should a firm adopt with its competitors? How might one create a market to deal with externalities such as pollution? What are the implications of different kinds of taxes? What compensation scheme will provide the right incentives to work?

Unit details and rules

Unit code ECON5001
Academic unit Economics
Credit points 6
Prohibitions
? 
ECON5040
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Guy Mayraz, guy.mayraz@sydney.edu.au
Lecturer(s) Onur Kesten, onur.kesten@sydney.edu.au
Huy Vu, huy.vu@sydney.edu.au
Type Description Weight Due Length
Final exam (Record+) Type B final exam Final exam
Final exam
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Online task Online Quiz 1
Online quiz
5% Week 04
Due date: 26 Mar 2021 at 23:59
20 questions
Outcomes assessed: LO4 LO5
Online task Online quiz 2
Online quiz
5% Week 06
Due date: 16 Apr 2021 at 23:59
20 questions
Outcomes assessed: LO4 LO5
In-semester test (Record+) Type B in-semester exam Mid-term exam
Mid-term exam
30% Week 07
Due date: 21 Apr 2021 at 18:30
1.5 hours
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Online task Online quiz 3
Online quiz
5% Week 10
Due date: 14 May 2021 at 23:59
20 questions
Outcomes assessed: LO4 LO5
Online task Online quiz 4
Online quiz
5% Week 12
Due date: 28 May 2021 at 23:59
20 questions
Outcomes assessed: LO4 LO5
Type B final exam = Type B final exam ?
Type B in-semester exam = Type B in-semester exam ?

Assessment summary

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 Introduction and math background; Consumer Theory Part I Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 02 Consumer Theory Part II Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 03 Consumer Theory Part III Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 04 Market demand, endowments, intertemporal choice, uncertainty Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 05 General (Market) Equilibrium, welfare theorems Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 06 Technology, profit maximisation, cost minimisation Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 08 Cost curves, firm supply Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 09 Industry supply Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 10 Monopoly and monopoly pricing strategies Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 11 Oligopolistic competition Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 12 Game Theory Lecture (3 hr) LO1 LO2 LO3 LO4 LO5
Week 13 Information asymmetries and externalities Lecture (3 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 recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
  • Preparation: Students should commit to spend 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

Recommended textbook: Intermediate microeconomics: a modern approach / Hal R. Varian. Edition 9th ed. New York: W.W. Norton and Co.

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. understand economic, political, legal, commercial and business issues and apply fundamental theories and concepts in diverse and unpredictable environments
  • LO2. formulate and develop persuasive arguments relevant to major fields of study that can be applied to business problems
  • LO3. think critically about underlying theories, concepts, assumptions and arguments in major fields of study
  • LO4. apply principles, techniques and technologies to data/information relevant to practice in major fields of study
  • LO5. analyse and solve economics problems.

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.

Student feedback and student experience from the previous time the unit was offered has been used to redesign the pace at which different topics are to be covered.

Work, health and safety

 

 

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.