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Unit outline_

ECOS2901: Intermediate Microeconomics Honours

Semester 1, 2024 [Normal day] - Camperdown/Darlington, Sydney

ECOS2901 Intermediate Microeconomics Honours is the first unit of study in the microeconomics sequence in the Advanced Economics Program. ECOS2901 develops theoretical skills in economics that are foundational to all economic modelling. It covers applications and extensions of the theory of consumer choice, firm behaviour, market structure and complete information game theory. These topics are taught with greater detail than in ECOS2001, with more extensions and applications, and require deeper analytical, critical and technical understanding.

Unit details and rules

Academic unit Economics
Credit points 6
Prerequisites
? 
Minimum of 70% in (ECON1001 or BUSS1040 or ECON1040) and minimum of 70% in ECON1002
Corequisites
? 
None
Prohibitions
? 
ECOS2001 or ECON2001 or ECON2901
Assumed knowledge
? 

ECOS2903 or MATH2070 or MATH2970

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Mengke Wang, mengke.wang@sydney.edu.au
The census date for this unit availability is 2 April 2024
Type Description Weight Due Length
Small test Quiz 1
In-class quiz covers Weeks 1 and 2
13% Week 04 30 mins
Outcomes assessed: LO1 LO2 LO3 LO4
Small test Quiz 2
In-class quiz covers Weeks 3 and 4
13% Week 06 30 mins
Outcomes assessed: LO1 LO2 LO3 LO4
Small test Quiz 3
In-class quiz covers Week 5
13% Week 07 30 mins
Outcomes assessed: LO1 LO2 LO3 LO4
Small test Quiz 4
In-class quiz covers Weeks 6 and 7
13% Week 09 30 mins
Outcomes assessed: LO1 LO2 LO3 LO4
Small test Quiz 5
In-class quiz covers Weeks 8 and 9
13% Week 11 30 mins
Outcomes assessed: LO1 LO2 LO3 LO4
Creative assessment / demonstration group assignment Econ&Me Project
Group project
10% Week 12 4 weeks
Outcomes assessed: LO1 LO2 LO3 LO4
Small test Quiz 6
In-class quiz covers Weeks 10 and 11
13% Week 13 30 mins
Outcomes assessed: LO1 LO2 LO3 LO4
Online task Homework
Online weekly homework with Week 13 weighting double
12% Weekly Weekly
Outcomes assessed: LO1 LO2 LO3 LO4
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.

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 Intro and Monopoly Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 02 Game theory: static games, Nash equilibrium, mixed strategies, oligopoly Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 03 Game theory: dynamic games, subgame perfect Nash equilibrium, Stackelberg competition, repeated games, collusion Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 04 Consumer theory: preferences and utility Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 05 Consumer theory: budget, utility maximization Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 06 Consumer theory: comparative statics, choice, revealed preference Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 07 Exchange economy, welfare theorems, externalities Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 08 Uncertainty, demand for insurance Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 09 Time preference Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 10 Producer theory: technology, profit maximization Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 11 Producer theory: costs, short-run behavior, partial equilibrium (short run vs long run) Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 12 Asymmetric information: adverse selection, signalling, moral hazard Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 13 General equilibrium Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4

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

The unit is tailored for entry into the honours program, and no universal textbook is available for this unit. Lecture notes will be provided.

Students are advised to follow supplementary readings of the level they are comfortable with.

Recommended texts:

Intermediate level

  • Intermediate Microeconomics: A Modern Approach by Varian, Hal (preferred)
  • Intermediate Microeconomics: A Tool-Building Approach by Samiran Banerjee (available online)

Advanced level

Microeconomic Theory by Mas-Colell, Whinston, Green

Other prescribed readings will be listed progressively on the Canvas site during the unit.

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. have a sound understanding of the structure of major microeconomic models of the decision problems facing individual consumers and firms, and the formal techniques commonly applied to solve them
  • LO2. have both a formal and intuitive understanding of the results generated by these models, how they relate to underlying assumptions, and how they may change as a result of varying those assumptions
  • LO3. understand the limitations of various models, and be able to critically evaluate competing explanations of economic behaviour
  • LO4. possess a solid foundation for the application of microeconomic theory to problems in the real world, and in subsequent studies in specialist and applied fields of economics.

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.

Slight re-weighting of quizzes.

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.