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Unit outline_

ECOS2001: Intermediate Microeconomics

Intensive February, 2022 [Block mode] - Remote

The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.

Unit details and rules

Academic unit Economics
Credit points 6
Prerequisites
? 
ECON1001 or BUSS1040 or ECON1040
Corequisites
? 
None
Prohibitions
? 
ECON2001 or ECON2901 or ECOS2901
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Oleksii Birulin, oleksii.birulin@sydney.edu.au
Tutor(s) Cynthia Wen, cynthia.wen@sydney.edu.au
Type Description Weight Due Length
Participation Presentation
Essay assignment: application of the theory
10% Multiple weeks
Due date: 17 Jan 2022 at 14:00

Closing date: 17 Feb 2022
1000 words
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
In-semester test (Open book) Type C in-semester exam Mid-semester exam
Open book online exam
40% Week 03
Due date: 31 Jan 2022 at 10:00

Closing date: 31 Jan 2022
2 hours
Outcomes assessed: LO1 LO2 LO3 LO4
Final exam (Open book) Type C final exam Final exam
Open-book online exam.
50% Week 05
Due date: 14 Feb 2022 at 10:00

Closing date: 14 Feb 2022
2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Type C in-semester exam = Type C in-semester exam ?
Type C final exam = Type C final exam ?

Assessment summary

Please refer to Canvas for detailed assessment instructions.

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 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.

WK Topic Learning activity Learning outcomes
Week 01 Budget, Preferences, Utility, Marginal Rates of Substitution: Varian Chapters 2 & 3 Lecture and tutorial (3 hr) LO1 LO3 LO4 LO5
Utility, Choice & Demand: Varian Chapters 4, 5, & 6 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Comparative Statics & Market Demand: Varian Chapters 6 & 8 (except 8.8 & 8.9) Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 02 Endowments, Intertemporal Choice, Choice under Uncertainty: Varian Chapters 10 & 12 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Market equilibrium & Welfare Theorems: Varian Chapter 32 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Technology, Profit & Cost Minimisation: Varian Chapters 19, 20 & 21 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 03 Mid-semester exam Lecture and tutorial (2 hr) LO1 LO2 LO3 LO4 LO5
Cost Curves, Firm Supply: Varian Chapters 22 & 23 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Industry Supply, Monopoly I: Varian Chapters 24 & 25 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 04 Monopoly and Monopolistic Competition: Varian Chapter 26 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Game Theory & Oligopoly: Varian Chapters 28, 29 & 30 Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Revision and Completion of Unfinished Topics Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5

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

  • Required textbook: Hal R. Varian (2014), Intermediate Microeconomics, 9th edition, W.W. Norton & Co. New York.

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 familiarity with the main microeconomic models describing consumer choice and firm behaviour
  • LO2. identify the likely outcome arising from the interaction of firms and consumers
  • LO3. understand microeconomic concepts and apply analytical models to describe “real world” economic situations
  • LO4. understand the limitations of various models, distinguish between competing explanations of market behaviour and critically evaluate competing theories
  • LO5. intellectually participate in public policy discussions arising in business and government environments.

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.

No changes have been made since this unit was last offered.

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.