ECON 1004 - Principles of Microeconomics I

North Terrace Campus - Summer - 2016

The course provides an introduction to a core area of economics known as microeconomics. It considers the operation of a market economy and the problem of how best to allocate society's scarce resources. The course considers the way in which various decision making units in the economy (individuals and firms) make their consumption and production decisions and how these decisions are coordinated. It considers the laws of supply and demand, and introduces the theory of the firm, and its components, production and cost theories and models of market structure. The various causes of market failure are assessed, and consideration is given to public policies designed to correct this market failure.

  • General Course Information
    Course Details
    Course Code ECON 1004
    Course Principles of Microeconomics I
    Coordinating Unit School of Economics
    Term Summer
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week. Intensive in Summer Semester.
    Available for Study Abroad and Exchange Y
    Incompatible WINEMKTG 1026EX
    Quota A quota may apply
    Course Description The course provides an introduction to a core area of economics known as microeconomics. It considers the operation of a market economy and the problem of how best to allocate society's scarce resources. The course considers the way in which various decision making units in the economy (individuals and firms) make their consumption and production decisions and how these decisions are coordinated. It considers the laws of supply and demand, and introduces the theory of the firm, and its components, production and cost theories and models of market structure. The various causes of market failure are assessed, and consideration is given to public policies designed to correct this market failure.
    Course Staff

    Course Coordinator: Laurence Snelling

    Summer Semester
    Course Coordinator: Mr John Snelling
    Office location: Nexus 10, Level 3, Room 3.35 
    Contact details:  Email john.snelling@adelaide.edu.au


    Please note ECON 1000 Principles of Macroeconomics and ECON 1004 Principles of Microeconomics have been combined into a single course in semester in 2016 – the new course is ECON 1012 Principles of Economics I

    Link to course outlines:


    Semester 1          https://www.adelaide.edu.au/course-outlines/108149/1/sem-1/2016/

    Semester 2 https://www.adelaide.edu.au/course-outlines/108149/1/sem-2/2016/




    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes

    Knowledge and Understanding
    This course aims to develop an understanding of the framework that economists use to analyse choices made by individuals in response to incentives and consider how these choices can also serve the social interest.  The course introduces students to models of how individuals and firms interact within markets, when markets fail, and how government policy may improve outcomes for society. (Learning outcomes 1-6)

    Communication Skills
    This course aims to develop students’ abilities to construct and sustain an argument using the phrases and concepts that economists use in their deliberations. A theoretical framework is developed in which students acquire an understanding of how economic agents interact and by doing so develop the literacy and verbal communication skills necessary for presenting arguments of an economic nature. (Learning outcomes 7-12)

    On the successful completion of the course students will be able to:

    1 Explain how competitive markets organise the allocation of scarce resources and the distribution of goods and services
    2 Assess the efficiency of markets and describe the various factors that might impact on efficiency
    3 Distinguish between the various forms of market failure and explain how governments might need to intervene
    4 Describe the various types of markets and compare their efficiency
    5 Recognise government failure and explain why government policy might fail
    6 Relate the basic economic theory and principles to current microeconomic issues and evaluate related public policy
    7 Use economic models to analyse a situation in terms of economics
    8 Interpret charts, graphs, and tables and use the information to make informed judgments
    9 Work and learn independently and with others
    10 Communicate their knowledge and understanding of economic issues using written, verbal and visual expression
    11 Evaluate outcomes based on the costs and benefits involved
    12 Understand the broader social consequences of economic decisions making
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1-8
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    6-8
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    9-10
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    7-11
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    9,12
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    11-12
  • Learning Resources
    Required Resources

    Textbook

    McTaggart, Douglas; Findlay, Christopher and Parkin, Michael, Microeconomics, 7th Edition, Pearson Education Australia. (An eText version is available from Pearson for $50).

     

    It is strongly recommended that you own a copy of this book. Although all of the topics discussed in this course are available from various sources the organization of the class will follow the text, you are well advised to read it.

    You will notice above, from the topics to be discussed, that the organisation of the course parallels the book. Nonetheless, we may provide additional material, outside references and other recommended readings. The intention is for each individual aspect of the course to reinforce every other aspect. For example, the lectures will reinforce the material in the text and vice versa. Furthermore, you have access to some electronic content that also reinforces the same material.

    Recommended Resources
    An excellent little book that we suggest you read before the course starts or over the first few weeks is a Random House publication, The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor and Why You Can Never Buy a Decent Used Car! by Tim Harford. Copies are available in the Barr Smith Library multiple copies collection. You can preview the book at Google Books via the References section of the MyUni site.

    If you are interested in learning something about the way economics has developed over the years (centuries), R.L. Heilbroner, Worldly Philosophers, (Simon and Schuster, several editions) provides a very readable account of the ideas, life and times of many of the greatest economists, from Adam Smith to the present.

    Online Learning

    The course makes extensive use of MyUni for the posting of lecture notes, tutorial exercises, assignments, weekly quiz and important announcements.

    It is expected that all students will regularly check the MyUni course website, and regularly check their university email accounts


  • Learning & Teaching Activities
    Learning & Teaching Modes
    Each week is divided into a lecture component and a tutorial component. The lecture covers the key concepts of a particular topic to complement the text. Tutorials will consolidate your understanding of course material by working through problems similar to those in the text and expand your understanding of course material through group discussion on current issues related to the topic.

    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students (ie those taking 12 units per semester) to devote a total of 48 hours per week to their studies.  This translates to 12 hours per week for a semester course or 24 hours per week for a summer course.
    Learning Activities Summary
    Lectures
    The lectures are designed to provide the framework on which students can build their knowledge and understanding of the key concepts and principles in microeconomics. As mentioned above the organization of the course parallels the text, and consequently, each lecture will explain the key concept covered in the corresponding chapter of the text.

    Tutorials
    Tutorials are an important component of your learning in this course.  The communication skills developed in tutorials by regularly and actively participating in discussions are considered to be most important by the School and are highly regarded by employers and professional bodies. The tutorials require students to analyse the ideas covered in lectures and then apply them to specific contemporary economic issues. The assessable component of the tutorials will relate to current microeconomic topics in a way that will encourage independent and critical styles of thinking.

    Weekly test
    Although the weekly tests contribute to your final grade it should be considered formative rather than summative. That is, it is designed to provide feedback to improve your recall, analysis, and evaluation skills in economics.

    Group assignment
    In the assignment students are expected to apply the theoretical framework of microeconomics developed in the course to the analysis of the workings of a specific market. The aim is to develop students’ literacy and problem-solving skills especially as these apply to economics.

    Specific Course Requirements
    None.
    Small Group Discovery Experience
    Not applicable.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    Weekly Tutorial Assignments 20%
    Weekly Online Quizzes 10%
    Group Assignment 10%
    Final Exam 60%
    Assessment Related Requirements
    Students will be assessed on their understanding of the concepts covered in the course and their ability to employ appropriate economic models to critically analyse contemporary issues.  This will include their ability to develop a written response using the relevant economic terms and concepts.

    Legible hand-writing and the quality of English expression are integral parts of the assessment process.

    Marks will not be awarded in the final examination for answers that cannot be read.

    It is each student's responsibility to read the examination timetable.  Misreading the timetable is not accepted as grounds for granting a supplementary exam.  University staff are not permitted to provide examination times to students over the telephone or in response to personal enquiries.

    Examinations will be held only at the time and locations stated in the University’s Examination Timetable and so students should not make any arrangements to be absent until after the examination period.

    Assessment Detail
    Assessment includes a weekly online quiz, tutorial work that will consist of weekly assignments, an optional major group assignment and a final exam. The weekly tutorial assignments and quiz are redeemable by the exam but the group assignment, although optional, is not redeemable.

    The weekly quizzes will be conducted online through MyUni every week from week 2. Each quiz will be available for one week from 5.00pm Friday to 4.00pm the following Friday. The quizzes will consist of 20 multiple choice questions and the grade will be based on the best 4 out of 5 quizzes. This component of the assessment is both optional and redeemable. This means that if you choose not to do it, the weighting for the exam will become 70% of the assessment. Also, if you do choose to do it but attain a grade that is worse than that of your final exam, the exam becomes 70% of the assessment. So there is no disadvantage to attempting them!

    Starting on Thursday in week 1 students will be asked to submit at the beginning of their tutorial, written answers to questions provided in the tutorial exercises that are to be downloaded from MyUni. Comments will be provided on these answers and will be returned to students before the following week's tutorial, along with a score out of 10. The best 4 weekly tutorial assignments will contribute to the assessment of tutorial work, which in total will be 20% of assessment.  These tutorial assignments are, like the weekly test, both optional and redeemable.

    The group assignment is to be a 1500 word examination of a contemporary economic issue similar to the 'Reading Between the Lines' analysis covered in each chapter of the McTaggart text. Although it is not a requirement, the preferred option is that the assignment is a collaborative effort between three or four students and it will count for 10% of the final assessment. If you decide not to do the assignment the exam will count for 70% of the assessment.  The topic and due date will be advised. 

    The final exam is 3 hours plus 10 minutes reading time and may cover any of the topics from the chapters in the text book that have been set as part of the course.

    Please note that, following University policy, dictionaries are not allowed in School of Economics exams.
    Submission
    Students must retain a copy of all assignments submitted.

    A Group Assignment Cover Sheet signed and dated by all group members must be attached to the group assignment before submission.  All group members are expected to contribute equally to a group assignment.

    Assignments will not be accepted after the submission date unless there are exceptional circumstances.

    Assessment marks will be displayed on the course website prior to the final exam.  Students are encouraged to check their marks and notify the lecturer of any discrepancies.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

    The policy of the School of Economics is not to return final exam scripts to students. However, they are made available for students to read under the supervision of the Course Coordinator, at a time and place to be announced.

    Additional Assessment

    If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.
  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

    A summary of and response regarding past SELTs for this course is available on MyUni.
  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.