Econ1101 2015 Sem-1 Crawley

UWA Business SchoolUnit Outline Microeconomics: Prices and Markets ECON1101 SEM-1, 2015 Campus: Crawley Unit Coordinator: Dr Andrew Williams All material reproduced herein has been copied in accordance with and pursuant to a statutory licence administered by Copyright Agency Limited (CAL), granted to the University of Western Australia pursuant to Part VB of the Copyright Act 1968 (Cth). Copying of this material by students, except for fair dealing purposes under the Copyright Act, is prohibited. For the purposes of this fair dealing exception, students should be aware that the rule allowing copying, for fair dealing purposes, of 10% of the work, or one chapter/article, applies to the original work from which the excerpt in this course material was taken, and not to the course material itself © The University of Western Australia 2001 Page 1 theories of consumer behaviour. This unit requires no prior knowledge of economics.au Unit description This is an introductory unit in microeconomic theory with some policy applications. from a variety of sources and experiences to develop attitudes which value learning to acquire skills in information literacy. pure capitalism. Communicate clearly.Unit details Unit title Unit code Availability Location Microeconomics: Prices and Markets ECON1101 SEM-1.uwa. reflect upon and apply individual and societal choices and decisions using the unique economic way of thinking. reason and analyse logically and creatively to question accepted wisdom and be open to innovation 2. at internationally recognised levels of excellence to think. 10:00am – 11:00am Tuesdays (L2).edu. effectively and appropriately in a range of contexts to develop spoken and written English communication skills at high levels Page 2 .uwa. Unit content By looking at markets from the point of view of the consumers (demand) and businesses (supply). http://units. 3:00pm – 4:00pm Lecture venue: Please refer to the current timetable webpage http://www.au Dr Andrew Williams andrew. market failure and the role of governments in an economy. Unit goals The goal of this unit is to provide students with the analytical tools to examine complex economic and social issues within a simple economic framework. monopoly.lms.handbooks. monopolistic competition and oligopoly. and relies heavily on graphical theoretical analysis to show the theories that underpin the behaviour of consumers and firms. as well as the role of the government in a market economy.uwa. 2015 (23/02/2015 . We shall also look at the consequences of monopoly power and cases of market failure.edu. we will see how the free interaction of these two forces in a competitive environment combine to provide society with the greatest benefit from the given resources we have at our disposal. demand and supply analysis and elasticity. and price and output determination under different market structures including perfect competition.au 6488 3859 Andrew Williams : By appointment Lecture capture system Online handbook Unit website LCS is implemented for this unit. Prices and Markets addresses the economic decisions of individual firms and households and how they interact in markets.uwa. production theory and analysis of the costs of [email protected]. Develop disciplinary and interdisciplinary knowledge and skills through study and research-based enquiry. Educational principles and graduate attributes In this unit. and to continue through life to learn.edu. Further develop the skills required to learn.20/06/2015) Crawley Credit points 6 Mode Face to face Contact details Faculty School School website Unit coordinator Email Telephone Consultation hours Unit contact hours Business School UWA Business School www. 3. Introduction Microeconomics. you will be encouraged and facilitated to develop the ability and desire to: 1. Mission statement Participants in this unit will be able to identify.edu.timetable.au/units/ECON/ECON1101 http://www.au Lecture time: Tuesdays (L1).business. Topics include an introduction to the economising problem. (2) use simple diagrammatic models to predict economic outcomes. (5) describe the process of price determination and explain how it is affected by particular market structures. Students with a morning workshop will need to attend another workshop during that week. 6 April 8 Comment No workshop Andrew Workshop 7: Monopoly Williams Andrew Workshop 8: Monopolistic Williams Competition Prosh Wed April 15 . (3) explain why lowering price does not always increase revenue. and (8) define market failure and assess the various ways in which it can be remedied. April 16 (Time and Venues TBA) . and explain why competitiveness promotes economic efficiency. Unit schedule Week Week Weekly Topic beginning Lecturer Workshop 1 23 February Andrew No workshop Williams 2 2 March 3 9 March 4 16 March 5 23 March 6 30 March Midsemester study break 7 TOPIC 1: Introduction Online videos: none TOPIC 2: How Markets Work (I) TOPIC 2: How Markets Work (II) TOPIC 3: Elasticity TOPIC 4: Going Behind the Demand Curve TOPIC 5: Production and Costs Andrew Williams Andrew Williams Andrew Williams Andrew Williams Workshop 1: Introduction and How Markets Work Workshop 2: How Markets Work (2) Workshop 3: Elasticity Online Quiz 1 Workshop 4: Going Behind the Demand Curve Online Quiz 4 Andrew Workshop 5: Production Williams and Costs No classes 13 April TOPIC 6: Perfect Andrew Workshop 6: Perfect Competition Williams Competition / Practice for Mid Semester exam 20 April 9 27 April 10 4 May 11 11 May 12 18 May 13 25 May TOPIC 7: Monopoly TOPIC 8: Monopolistic Competition TOPIC 9: Oliogopoly and Game Theory TOPIC 10: The Role of the Government I TOPIC 11: The Role of the Government II Course Overview and final exam practice Online Quiz 2 Online Quiz 3 Online Quiz 5 NOTE: April 3 is Good Friday. Students who have a workshop on this day must attend another workshop during that week (please see timetable for alternative times and venues). MID SEMESTER EXAM: Thursday.no classes till midday. (4) demonstrate the concept of economic costs. (7) identify the ways in which concentration of market power erodes consumer sovereignty. (6) distinguish degrees of competitiveness in the market for particular goods and services.20% of final grade Online Quiz 6 Online Quiz 7 Andrew Workshop 9: Oligopoly and Online Quiz 8 Williams Game Theory Andrew Workshop 10: The Role of Williams the Government I Online Quiz 9 Andrew Workshop 11: Williams PRESENTATION WEEK Group presentations in workshops (15% of final grade) Andrew Workshop 12: Role of the Williams Government II Online Quiz 10 (Role of the Government II) Page 3 .to acquire skills in critical literacy and interpersonal communication Learning outcomes Students are able to (1) recognise the opportunity cost of a planned action. Teaching and learning evaluation You may be asked to complete two evaluations during this unit. PASS gives first year students enrolled in some of the large core units the opportunity to work collaboratively in small groups with the help of competent. Any student absent from class without having had such absence approved by the unit coordinator may be referred to the faculty for advice and may be required to withdraw from the unit. seminars and tutorials’. of equal importance is your ability to be able to use these theories and apply them to specific situations.20 June Teaching and learning responsibilities Teaching and learning strategies In essence.secretariat.uwa.studentservices.guild.edu. We encourage you to complete the forms as your feedback is extremely important and can be used to make changes to the unit or lecturing style when appropriate.business.uwa. face-to-face lectures (1 per week) and workshops (1 per week.au/studentnet/learning/pass Charter of student rights and responsibilities The Charter of Student Rights and Responsibilities upholds the fundamental rights of students who undertake their education at the University of Western Australia. More formally. cooperative student support scheme for students. The Student Perception of Teaching (SPOT) and the Students’ Unit Reflective Feedback (SURF). The SURF is completed online and is a university wide survey and deals only with the unit.au/information_about/disability_programme Assessment Assessment overview Assessment information is provided in the unit outline. two hour duration). subject experienced student peers.uwa. caring. The SPOT is optional and is an evaluation of the lecturer and the unit.edu.au/home/policies/charter Student Guild contact details Contact details for the University Student Guild can be found at http://www. The workshops are designed to help further your understanding of lecture content and apply the material you have learned in the lectures to specific problems.uwa. The University's charter of Student Rights and Responsibilities is available at http://www.au or visit http://www.edu. equipment and facilities for students with a disability. You will receive an email from the SURF office inviting you to complete the SURF when it is activated. they are required to obtain prior approval from the unit coordinator to be absent from that class. The teaching in this unit relies largely on a combination of pre-recorded videos.Preexamination study break Semester 1 examination period 6 . is an important part of the learning process. Assessment mechanism Page 4 . lectures. See http://www. Where a student. is unable to attend a scheduled class. the University regulations state that ‘to complete a course or unit students shall attend prescribed classes. whether it be listening to a lecture or getting involved in other activities. Attendance Participation in class. therefore it is important that you attend classes.edu. Peer learning is recognised as a powerful learning technique and research has shown that students who study together outside the classroom achieve better results. PASS program PASS is a peer facilitated.au/. ACE/AISE/CARS Your academic orientation includes three online units which you must complete within the first 10 weeks of your enrolment: AACE1000 Academic Conduct Essentials (ACE) INDG1000 Indigenous Study Essentials CARS1000 Communication and Research Skills Information for students with disabilities The University has a range of support services. If you would like to receive advice on these services please email uniline@uwa. the focus is on the group and learning together. the study of microeconomics requires you first of all to learn the theory and models underlying individual markets. The online and face-to-face lectures are designed to help you understand the content of the material covered in this unit. However. The Guild Education Officer is available to provide assistance and advice on a range of issues.edu. due to exceptional circumstances. In PASS. Melbourne CFA® University Recognition Program This unit embeds a portion of the CFA Program Candidate Body of Knowledge™:seewww. Byford. The consequences for misconduct can be severe. NOTE: any applications for a deferred exam must be made through the Business School Student Services office.uwa. Details on these group assignments will be available early in the semester. and (2) your active participation in TWO in-class group assignments (details TBA) . Cengage.6th edn.edu.10% Online quizzes. During workshops in Week 12. including exclusion from the University. 16 April (venues and time 1-4 TBA) To be presented during weekly TBA workshop in Week 12 Semester 1 examination period: 6 . All students are expected to make themselves aware of the definitions and the policies relating to academic misconduct.business. Assessment items Item Title Description Submission Procedure for Assignments Assessment item #1: Workshop participation. This mark will be a combination of three pieces of assessment: (1) your attendance at workshops through the semester . M & Mankiw. King. http://www.# Component Weight Due Date Relates To Outcomes 1 Workshop participation (details on breakdown of 15% to be discussed in first workshop) 2 Online quizzes (10) 15% All 3 Mid-semester examination 10% (1% each) 20% 4 Group presentation 15% 5 Final examination 40% Weekly (starting in Week 2 of semester) Starting in Week 2 All Thursday. Students will be advised of the format of the exam beforehand.au/rules/student_rules/ Textbooks and resources Recommended texts Gans.edu.teachingandlearning.handbooks.All 20 June.edu.au/futurestudents/undergraduate Page 5 .au/tl4/for_uwa_staff/policies/student_related_policies/academic_conduct Appeals against academic assessment The full regulations governing appeals procedures are available in the University Handbook available online at http://rules.uwa. Mid-semester examination. Final examination In workshop Assessment item #2: Assessment item #3: Assessment item #4 Assessment item #5: On line In workshop Academic literacy and academic misconduct The University of Western Australia takes very seriously the matter of academic misconduct by students and has policies in place that define misconduct (including plagiarism) and the penalties that apply. These will be weekly quizzes (starting in Week 2). that will review the theory developed in the online lectures. and with any additional requirements or stipulations that may be provided by individual coordinators. with each quiz being worth 1%.5%. found at the websites below. S. Material will cover Topics 1-5. J. There will be 10 in total throughout the semester.uwa. NG (2015) Principles of Microeconomics . Group presentation. business. Details on where to find these quizzes will can be found on the unit's LMS. Additionally.edu. Announcements will also be posted on LMS. and so students should familiarise themselves with this site from an early stage of the semester (the link can be found via the LMS). and also for course announcements. PLEASE NOTE that deferred exams are not available in Summer School units. Students are expected to have viewed these lectures. The School follows the UWA marks and grades distribution: Higher distinction Distinction Credit pass Pass Fail Fail Failed component (HD) (D) (CR) (P) (N+) (N) (FC) 80-100% 70-79% 60-69% 50-59% 45-49% 0-44% The scaling of marks to ensure comparability between classes is an acceptable academic practice. Facebook Microeconomics 1101 has its own Facebook group. complete the application form and submit at the Undergraduate Student Centre or Postgraduate Student Centre. Recorded lectures This unit contains a number of online-only videos. tutorial or examination due to circumstances beyond your control and are seeking an extension for submission of an assignment or a deferred exam. and completed the accompanying compulsory online quiz. that will go through most of the theoretical component of the course. and so these online-only videos should NOT be thought of as optional. Acknowledging Sources of Information and the Business School Policy on Plagiarism Student Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQ http://www.uwa. the Postgraduate Student Centre or at Student Administration. please read valid reasons for special consideration a t http://www. Approved calculators for examinations The University permits only the use of calculators in examinations when the calculator has an approved sticker and the examiner permits their use. the face-to-face lectures will also be recorded.uwa. and so it is absolutely crucial that you familiarise yourself with the unit's LMS. Miscellaneous information.com/static/index. and check it regularly. Participation and access to our facebook page is not a requirement. however. Other important information Standard of assessment The Business School must ensure that the processes of assessment are fair and are designed to maintain the standards of the School and its students. The findings may be used to inform changes aimed at improving the quality of Business School programs.au/ss/learning/online_services/plagiarism_portal ‘Turnitin' Originality Checking & Plagiarism Prevention is used in the Faculty to allow both educators and their students check written work for improper citation or misappropriated content.edu. More information about 'Turnitin' can be found at http://turnitin.au/life/health/uniaccess/special-consideration. This provides a platform for students to interact and discuss unit-related issues with others. Further information is available on the Business School website at http://www. If the student does not have an approved sticker on their calculator.edu. but they will help you in your study for the mid semester and final exams.au/students/assessments Special consideration/alternative arrangements If you are unable to attend a class. and is provided as an additional resource for interested students. The School and Board of Examiners have the right to scale marks where it is considered necessary to maintain consistency and fairness.studentservices. Quality assurance Your assessed work may also be used for quality assurance purposes.html Page 6 . Calculators can be approved at the Undergraduate Student Centre. BEFORE the weekly face-to-face lecture (Tuesdays). and the outcome will not affect your grade for the unit. announcements etc We will be making extensive use of online material throughout the semester. The face-to-face lectures will largely concentrate on applications of theory. They are an essential part of your understanding of microeconomics. they will not be permitted to use the calculator. All material used for such processes will be treated as confidential. In addition to the material on the LMS.Additional resources and reading Multiple choice practice quizzes You are under no obligation to do these questions. we will also be making use of the UWA Microeconomics blog throughout the semester.student. such as to assess the level of achievement of learning outcomes as required for accreditation and audit purposes. you are strongly advised to attend these lectures in person.uwa. au/course/dates/important Page 7 .uwa. Not everyone will want to invest the time in using this system but you should consider it if you intend to build up resource materials or plan to undertake extensive research in a particular area. Referencing It is important that the referencing of any sources used in your written work is done properly.edu. The library staff have also developed a tutoring package: ‘A Quick Guide to Using EndNote’ which provides the basics for using EndNote with an essay http://libguides.uwa.edu.au/endnote Last day to add a unit offered in a semester From 2014.uwa.eBooks and open book exams eBooks cannot be taken into an examination. if only to substantiate the points you are making in your assignment or project.library.library. For further information on important dates for 2015.edu. Please check your exam details and purchase a printed version of any book you would select to take into an open book exam. refer to http://www. the final date to add a unit has been changed to the end of week 2 of the semester. The Harvard style is the preferred and there are some notes for guidance which have been prepared by the library staff: ‘Citing your Sources Harvard Style’ http://libguides.student.au/harvard The EndNote software package is a really good system for building up a database of references.