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Unit of study_

ECON6701: Microeconomics Analysis 1 A

This is an introduction to modern microeconomic theory and has three purposes: (i) to introduce students to the major ideas of modern microeconomics and to develop their understanding of these ideas; (ii) to develop students' facility with analytic economic models; and (iii) to develop students' ability to solve economic problems with the ideas, techniques, and models available to professional economists. Topics covered include (i) individual decision-making by economic agents, (ii) the determination of prices and resource allocation in competitive general equilibrium models, (iii) strategic behaviour by firms under imperfect competition, and (iv) contracting with imperfect information.

Details

Academic unit Economics
Unit code ECON6701
Unit name Microeconomics Analysis 1 A
Session, year
? 
Semester 1, 2021
Attendance mode Normal day
Location Camperdown/Darlington, Sydney
Credit points 6

Enrolment rules

Prohibitions
? 
ECON6001
Prerequisites
? 
None
Corequisites
? 
None
Available to study abroad and exchange students

Yes

Teaching staff and contact details

Coordinator Anastasia Burkovskaya, anastasia.burkovskaya@sydney.edu.au
Tutor(s) Adam Teperski , adam.teperski@sydney.edu.au
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final exam
Online exam
40% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4
In-semester test (Open book) Type C in-semester exam Midterm exam
Online exam
30% Week 07
Due date: 22 Apr 2021 at 18:00
1.5 hours
Outcomes assessed: LO1 LO4 LO3 LO2
Assignment group assignment Group project
take-home group assignment
20% Week 13
Due date: 04 Jun 2021 at 23:00
take-home
Outcomes assessed: LO1 LO4 LO3 LO2
Participation Homework
Weekly online tasks and activities
10% Weekly take-home
Outcomes assessed: LO1 LO2 LO3 LO4
group assignment = group assignment ?
Type C final exam = Type C final exam ?
Type C in-semester exam = Type C in-semester exam ?

- Participation: students are expected to complete weekly in-lecture tasks and activities

- Midterm exam: online exam consisting of MCQs and short answer problems

- Group project: each group will be assigned an economy and a proposed policy, which the students will have to analyze computationally in the general equilibrium framework. The results of the analysis will have to be summarized in a policy report.

- Final exam: online exam consisting of MCQs and other problems.

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

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.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

-4% per day (out of total 20%), hence, the maximum delay possible is 5 days for the group project. Late submissions will not be accepted for weekly tasks and activities.

Special consideration

If you experience short-term circumstances beyond your control, such as illness, injury or misadventure or if you have essential commitments which impact your preparation or performance in an assessment, you may be eligible for special consideration or special arrangements.

Academic integrity

The Current Student website provides information on academic honesty, academic dishonesty, 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 dishonesty or plagiarism seriously.

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

WK Topic Learning activity Learning outcomes
Week 01 Preference and utility Lecture (3 hr)  
Week 02 Budget, choice and revealed preference Lecture (3 hr)  
Week 03 Classical consumer theory 1 Lecture (3 hr)  
Week 04 Classical consumer theory 2 and Uncertainty 1 Lecture (3 hr)  
Week 05 Uncertainty 2 Lecture (3 hr)  
Week 06 Production Lecture (3 hr)  
Week 08 Exchange economy Lecture (3 hr)  
Week 09 General equilibrium Lecture (3 hr)  
Week 10 Game theory 1 Lecture (3 hr)  
Week 11 Game theory 2 Lecture (3 hr)  
Week 12 Selected topics in asymmetric information: adverse selection, signalling, moral hazard Lecture (3 hr)  
Week 13 Review Lecture (3 hr)  

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

All readings for this unit can be accessed on the Library eReserve link available in the Canvas site for this unit.

Study material is drawn from the following texts amongst other sources.

  • Microeconomic Foundations I: Choice and Competitive Markets by David Kreps.
  • Microeconomic theory by  Andreu Mas-Colell, Michael D. Whinston, and Jerry R. Green.
  • Game Theory for Applied Economists by Robert Gibbons.

Other readings will be prescribed as the course progresses. Check the Canvas website.

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. demonstrate a sound understanding of the structure of major microeconomic models of the decision problems facing individual consumers and firms, and the formal techniques commonly applied to solve them
  • LO2. demonstrate both a formal and intuitive understanding of the results generated by these models, how they relate to underlying assumptions, and how they may change as a result of varying those assumptions
  • LO3. demonstrate a knowledge of the criteria that may be used to evaluate the welfare properties of market allocations, and the conditions under which such allocations may be expected to be efficient
  • LO4. possess a solid foundation for the subsequent application of microeconomic analysis to problems in specialist and applied fields of economics, including in independent research.

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
changes to the assessment structure

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.