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Unit of study_

ECON6701: Microeconomics Analysis 1 A

Semester 1, 2023 [Normal day] - Camperdown/Darlington, Sydney

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.

Unit details and rules

Unit code ECON6701
Academic unit Economics
Credit points 6
Prohibitions
? 
ECON6001
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Anastasia Burkovskaya, anastasia.burkovskaya@sydney.edu.au
Type Description Weight Due Length
Monitored exam
? 
Final exam
Online exam
40% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4
Monitored test
? 
In-semester test
Online test
30% Week 07
Due date: 06 Apr 2023 at 18:00
1 hour
Outcomes assessed: LO1 LO2 LO3 LO4
Assignment group assignment Group project
computational analysis of general equilibrium and a proposed policy
20% Week 13
Due date: 27 May 2023 at 23:59
1 month take-home group assignment
Outcomes assessed: LO1 LO2 LO3 LO4
Assignment Homework
Weekly online problems
10% Weekly Weekly
Outcomes assessed: LO1 LO2 LO3 LO4
group assignment = group assignment ?

Assessment summary

  • Homework: students are expected to complete weekly tasks and activities
  • In-semester test: online exam consisting of MCQs and short-answer problems
  • Group project: each group will be assigned an economy and a proposed policy, which students will have to analyse computationally in the general equilibrium framework. The results of the analysis will have to be summarised in a policy report.
  • Final exam: online exam consisting of MCQs and other problems.

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.

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:

-20% per day of delay for group project; hence, the maximum delay possible is 5 days. Late submissions will not be accepted for weekly homework. Exams: Students need to apply for Special Consideration formally through the University.

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 Preference and utility Lecture (3 hr) LO1 LO2 LO3 LO4
Week 02 Budget, choice and revealed preference Lecture (3 hr) LO1 LO2 LO3 LO4
Week 03 Classical consumer theory 1 Lecture (3 hr) LO1 LO2 LO3 LO4
Week 04 Classical consumer theory 2 and Uncertainty 1 Lecture (3 hr) LO1 LO2 LO3 LO4
Week 05 Uncertainty 2 Lecture (3 hr) LO1 LO2 LO3 LO4
Week 06 Production Lecture (3 hr) LO1 LO2 LO3 LO4
Week 07 In-semester test Lecture (1.5 hr) LO1 LO2 LO3 LO4
Week 08 Exchange Economy Lecture (3 hr) LO1 LO2 LO3 LO4
Week 09 General Equilibrium Lecture (3 hr) LO1 LO2 LO3 LO4
Week 10 Game theory 1: static games, oligopoly Lecture (3 hr) LO1 LO2 LO3 LO4
Week 11 Game theory 2: dynamic and repeated games, Stackelberg, collusion Lecture (3 hr) LO1 LO2 LO3 LO4
Week 12 Selected topics in asymmetric information: adverse selection, signaling, moral hazard Lecture (3 hr) LO1 LO2 LO3 LO4
Week 13 Selected topics in asymmetric information; Review Lecture (3 hr) LO1 LO2 LO3 LO4

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, among 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 unit progresses. Check the Canvas site.

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

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

revert the assessment to S1 2022

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.