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Unit outline_

ECOS2001: Intermediate Microeconomics

Semester 2, 2024 [Normal day] - Camperdown/Darlington, Sydney

The aim of this unit is the development of theoretical and applied skills in economics. It looks at a variety of decisions made by consumers and producers as they interact in the markets for goods and services, and at the different market structures in which consumers and producers operate. A wide range of topics deepens the understanding of the microeconomics of consumer and producer interaction, including the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; general equilibrium and economic efficiency; market failure and the role of government.

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 Arezou Zaresani, arezou.zaresani@sydney.edu.au
Lecturer(s) Aidan Farmer, afar9373@uni.sydney.edu.au
The census date for this unit availability is 2 September 2024
Type Description Weight Due Length
Supervised exam
? 
Final exam
Paper-based exam
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Small continuous assessment Quizzes
4 online quizzes to help students keep up to date with material
10% Multiple weeks Throughout the semester
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Participation Tutorial attendance & participation
Participate in tutorials Weeks 1-13
5% Ongoing Throughout the semester
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Short release assignment In-semester test
Online test
25% Week 08
Due date: 20 Sep 2024 at 18:00

Closing date: 20 Sep 2024
1.5 hours
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Creative assessment / demonstration group assignment Video recording
Describe an economic concept from a student's perspective
10% Week 12
Due date: 21 Oct 2024 at 23:59
Throughout the semester
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
group assignment = group assignment ?

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.

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:

No late submission is accepted.

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 Why should you study Microeconomics? Let's review also math, supply and demand, & markets Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 02 Consumer Behaviour: Let's talk about utility, ways to describe preferences, and budget constraints that limit choice Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 03 How income and prices affect individual consumption choices: Substitution and income effects; substitutes and complements Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 04 How do firms produce and what costs do they have? Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 05 Firm behaviour in a perfectly competitive market in the short and long run - a dream? Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 06 When firms become too big and markets start to fail: Power and monopoly Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 07 What pricing strategies do firms with market power have? It's all about discrimination, bundling, and two-part tariffs Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 08 What are the consequences of imperfect competition through oligopoly & monopoly? Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 09 Let's play: Game theory and strategic behaviour Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 10 Let's put it all together: General equilibrium, social welfare, equity and efficiency, and lots of theorems Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 11 How to live a rich life in an uncertain world: Investment, time horizons, and insurance Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 12 Rationale for government intervention & policy solutions: asymmetric information, externalities, and public goods Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 13 Some final thoughts on things we have not covered and an opportunity to review questions and prepare for the exam Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5

Attendance and class requirements

Regular attendance in lectures is highly recommended for achieving better learning outcomes. It allows students to network with peers and build lifelong friendships. Research indicates that students who regularly attend classes and engage in small study groups achieve better academic results.

Students are expected to attend tutorials as often as possible. Participation in tutorials will help students connect with others and form working groups for group-work assignments.

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

Main textbook:

Goolsbee, Austan, Levitt, Steven, Syverson, Chad (2020). Microeconomics. Macmillan International: New York. Third Edition.

Real-life applications:

Holden, Richard, Stevenson, Betsey, Wolfers, Justin (2023). Principles of Microeconomics. Worth Publishers Macmillan Learning: 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 fluency in explaining (1) the main microeconomic models describing consumer choice, firm behaviour, and government intervention and (2) the consequences of their interactions
  • LO2. learn to (1) characterise the features of a competitive market equilibrium, (2) identify scenarios where markets operate successfully, and (3) identify scenarios when markets are likely to fail
  • LO3. learn to understand the underlying assumptions about human behaviour and the limitations of the models taught in this unit and learn to critically evaluate competing theories
  • LO4. learn to apply the microeconomic models to real-world economic problems (eg public health threats, poverty, inequality, abuse of market power, trade wars) and become fluent in the discussion of policy options
  • LO5. learn and practice mathematical tools (basic algebra and calculus) to describe and understand behaviours, strategies and market dynamics

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.