ECON1101 Microeconomics 1C/C++

Java Python ECON1101

Microeconomics 1

The course examines how individuals and firms make decisions by weighing up costs and benefits, and how the interaction of their decisions leads to market and social outcomes. The model of

market supply and demand is employed to examine the effects of taxes, subsidies, and other

government interventions in market activity. The implications of different market structures,

including perfect competition and monopoly, are examined.  Public goods, externalities and

common resources are key examples of cases in which private markets may yield socially sub-optimal outcomes. Such cases are examined and the role of government policy in correcting for these is discussed.

Learning Outcomes

1.  demonstrate an understanding of the economic principles that underpin modern economics;

2.  have a basic understanding of the way budget constrained individuals make optimising choices and the way resources are allocated in private markets;

3.  demonstrate an understanding of the role of different trading arrangements in markets and their impact on prices and the quantities traded;

4.  use basic economic principles to evaluate the effects of government interventions and other exogenous changes in markets;

5.  evaluate the effects of government interventions in markets;

6.  present clearly written analysis of economic issues and problems

Policies

ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students

are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

. Academic Integrity Policyand Procedure

. Student Assessment (Coursework) Policy and Procedure . Extenuating Circumstances Application

. Student Surveys and Evaluations .  Deferred Examinations

. Student Complaint Resolution Policyand Procedure . Code of practice for teaching and learning

Research-Led Teaching

Theory and examples covered in the course are derived from research in the field of

microeconomics. In addition, students will have the opportunity to complete a small personal project where they apply the concepts from class to a real-world application of their choice.

Examination Material or equipment

The midterm and final exam are invigilated closed-book exams run by the Examinations division. A non-programmable calculator is permitted, but should not be necessary.

Required Resources

Textbook: Acemoglu, D., Laibson, D., and List, J.A, 2019, Microeconomics, Global Edition, 2nd

Edition, Pearson, Australia. You can purchase the textbook from the bookstore on campus, and copies will also be available for short term loan in the Chifley Library. Soft copies are also

available through the ANU library. Other editions are also acceptable, but may have some differences in page numbers, chapter numbers, etc.

Staff Feedback

Students will be given feedback in the following forms in this course: . Answers to on-line quizzes will be provided in workshop/tutorials   . Brief written comments may be given on in-tutorial quizzes

. Feedback on mid-semester exam will be given to the whole of class during workshop

. Help Desk/Consultation/Office Hours times are available every week for students to seek feedback on their work

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or   through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT)

feedback program. SELT surveys are confidential and also provide the Colleges and ANU

Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Each week tutorial questions for the following weeks tutorials will be uploaded onto wattle. It is

expected that you prepare the answers to these questions. These questions will be DISCUSSED in the tutorial. To gain the most out of the tutorial, and to be able to participate in the discussion you    will need to prepare. As answers are based on discussion, answers to all questions will NOT be posted on wattle.

Class Schedule

WEEK/SESSION      SUMMARY OF ACTIVITIES                                   ASSESSMENT

1	Introduction to Microeconomics
2	Consumer Behaviour
3	Monopolies	Tutorial quiz
4	Competitive Markets	Tutorial quiz
5	Competitive Markets in the Long Run	Tutorial quiz
6	Government Intervention	Tutorial quiz, Midterm Exam (in Week 6 or 7)
7	Public Goods, and Externalities	Tutorial quiz, Midterm Exam (in Week 6 or 7)
8	Monopolistic Competition	Tutorial quiz
9	Factor Markets	Tutorial quiz
10	Topics in Microeconomics (Trade, Game Theory, Behavioural Economics)	Tutorial quiz
11	Topics in Microeconomics (Trade, Game Theory, Behavioural Economics)	personal project due

12                     Topics in Microeconomics (Trade,               Final Exam during exam period

Game Theory, Behavioural Economics)

Assessment Summary

ASSESSMENT TASK      VALUE       DUE DATE        RETURN OF ASSESSMENT      LEARNING   OUTCOMES

Tutorial quiz	15 %	*	*	1,2,3,4,5,6
Midterm Exam	30 %	*	*	1,2,3,4,5,6
Personal Project	10 %	17/05/2024	31/05/2024	1,2,3,6

Final Exam     45 %                                    *                                                *                       1,2,3,4,5,6

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic

Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the

Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Delivery of this course will be on campus. Details on the delivery of this course and expectations of student participation are outlined in further detail on the Wattle course site in O-week.

Attendance at synchronous activities, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).

Course content will be delivered through face-to-face lectures and tutorial, supplemented by

Consultation times, which will be available each day. Echo360 recordings of the lectures will be   available in case you are unable to attend a lecture. There are no recordings of tutorial material.

Tutorials for this course are a discussion-based class. Providing worked solutions would not

effectively compensate for missing a tutorial. Students who, through unavoidable and unplanned occurrences, are unable to attend a tutorial one week are encouraged to work through the

problems and attend a consultation session for discussion and solutions.

Examination(s)

See information above in Assessment Tasks 4 regarding Examinations.

Assessment Task 1

 Tutorial quiz

In each week's tutorial, from Week 3 onward  to week 10, you will be required to complete a short 5-minute quiz. The question(s) will be

based on the previous weeks lecture material (and thus the current week's tutorial questions).

They will typically be held at the start of tutorial, but this may vary. They will be given a grade out of 3. The best 6 out of 8 quizzes will count to your final grade. Quizzes will be returned during the  tutorial in the following week.

Assessment Task 2

presented throughout the first half of the semester. The mid-semester exam is compulsory to   attend and will count 30% to your final grade. The exam will be two hours, closed-book, and run on-campus by the Examinations division during the mid semester exam period. The exam may    contain a mix of multiple choice, numerical, and short answer questions. Further details will be   given on Wattle in week 4 or 5 (depending if we get allocated week 6 or week 7) .

Assessment Task 3

length when completed. More details will be provided on Wattle by Week 6 of semester. The   project must be submitted through Turnitin on Wattle in the penultimate teaching week of the semester.

Assessment Task 4

A final exam will be held during the ANU final exam period. The exam will cover

material presented throughout the entire

course. The final exam is compulsory to attempt and will count for 45% of your final grade. The

exam will be three hours, closed-book, and run on-campus by the Examinations division during the exam period. The exam may contain a mix of multiple choice, numerical, and short answer

questions. Further details will be given on Wattle in week 10