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Unit outline_

ECON5001: Microeconomic Theory

Intensive January - February, 2024 [Block mode] - Camperdown/Darlington, Sydney

This unit presumes no prior exposure to economics and aims to bring a proficiency equivalent to that of students with an intermediate-level microeconomics unit in an Honours degree program. Microeconomics studies how individual consumers and firms make choices and how they interact in a variety of market environments. This unit presents a foundational model of microeconomics that serves as the basis for more advanced topics, such as game theory, mechanism design, and behavioural economics.

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 Andrew Wait, andrew.wait@sydney.edu.au
Lecturer(s) Nick Mizen, nicholas.mizen@sydney.edu.au
The census date for this unit availability is 25 January 2024
Type Description Weight Due Length
Supervised exam
? 
Final exam
Closed-book exam
50% February exam weeks 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Online task Online quiz 1
Online quiz
5% Week 01 Untimed
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Online task Online quiz 2
Online quiz
5% Week 02 Untimed
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Online task Online quiz 3
Online quiz
5% Week 02 Untimed
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Supervised test
? 
Mid-term test
Paper-based test
25% Week 03
Due date: 29 Jan 2024 at 16:00
1 hour
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Online task Online quiz 4
Online quiz
5% Week 03 Untimed
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Online task Online quiz 5
Online quiz
5% Week 04 Untimed
Outcomes assessed: LO1 LO2 LO3 LO4 LO5

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.

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.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

WK Topic Learning activity Learning outcomes
Week 01 Budget constraints, preferences, marginal rate of substitutions Varian Chapters 2 & 3 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Utility, choice of demand Varian Chapters 4, 5 & 6 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Comparative statics, market demand Varian Chapters 6, 8 (except 8.8, 8.9) Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Week 02 Inter-temporal choice, market equilibrium, welfare theorems Varian Chapters 10, 15 & 32 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Technology, profit, cost minimisation Varian Chapters 19, 20 & 21 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Week 03 Cost curves, firm supply Varian Chapters 22 & 23 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Industry supply Varian Chapter 24 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Monopoly Varian Chapters 25 & 26 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Week 04 Oligopoly Varian Chapters 28, 29 & 30 Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5
Uncertainty, externalities and public goods Varian Chapters 12, 38, 35 & 37 Block teaching (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

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 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.

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.