ECON5001: Semester 1, 2023

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Units ECON5001 Semester 1 2023 [Normal day]

Unit outline_

ECON5001: Microeconomic Theory

Semester 1, 2023 [Normal day] - Remote

Overview

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

Academic unit	Economics
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	ECON5040
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Guy Mayraz, guy.mayraz@sydney.edu.au
Lecturer(s)	Guy Mayraz, guy.mayraz@sydney.edu.au
Tutor(s)	Adam Teperski, adam.teperski@sydney.edu.au

Type	Description	Weight	Due	Length
Monitored exam ?	Final exam Final exam	55%	Formal exam period	2 hours
Outcomes assessed:
Online task	Online quiz 1 Online quiz	5%	Week 05 Due date: 24 Mar 2023 at 23:59	20 questions
Outcomes assessed:
Online task	Online quiz 2 Online quiz	5%	Week 07 Due date: 07 Apr 2023 at 23:59	20 questions
Outcomes assessed:
Monitored test ?	Mid-semester test Mid-semester test	25%	Week 08 Due date: 19 Apr 2023 at 18:30	1 hour
Outcomes assessed:
Online task	Online quiz 3 Online quiz	5%	Week 12 Due date: 19 May 2023 at 23:59	20 questions
Outcomes assessed:
Online task	Online quiz 4 Online quiz	5%	Week 13 Due date: 26 May 2023 at 23:59	20 questions
Outcomes assessed:

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 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.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

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.

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction and maths review	Lecture (3 hr)
Week 02	Consumer Theory	Lecture (3 hr)
Week 03	Consumer Theory	Lecture (3 hr)
Week 04	Inter-temporal Choice & Choice under Uncertainty	Lecture (3 hr)
Week 05	Exchange Economy, Competitive Equilibrium, Welfare	Lecture (3 hr)
Week 06	Technology, Production and Cost	Lecture (3 hr)
Week 07	Cost curves, firm supply, perfect competition	Lecture (3 hr)
Week 09	Industry supply	Lecture (3 hr)
Week 10	Monopoly	Lecture (3 hr)
Week 11	Oligopoly	Lecture (3 hr)
Week 12	Game Theory	Lecture (3 hr)
Week 13	Asymmetric information	Lecture (3 hr)

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

Prescribed textbook: Hal R. Varian, Intermediate microeconomics: A modern approach (9th ed.). W.W. Norton and Co.

Other recommended texts:

Pindyck & Rubinfeld, Microeconomics (9th ed.)
Samiran Banerjee, Intermediate microeconomics: A tool building approach, 2015

Learning outcomes

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.

Outcomes
Graduate qualities

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
Learning outcomes

Responding to student feedback

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.

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

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