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ECO2001 Microeconomics for Business and Government

Semester 6, 2013 External Toowoomba
Units : 1
Faculty or Section : Faculty of Business and Law
School or Department : School of Accounting, Economics and Finance
Version produced : 21 July 2014

Contents on this page

Staffing

Examiner: Rasheda Khanam
Moderator: Shane Zhang

Requisites

Pre-requisite: ECO1000

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.

Rationale

Microeconomics is a study of people in the `ordinary business of life'. As economic welfare depends upon the choices of people regarding the allocation and use of resources, it is necessary that ordinary members of the community, and specialists in government, education and business, understand the account of these choices that is provided by microeconomic theory and are able to develop critiques of that theory. It is also necessary that they are able to appreciate, and undertake, microeconomic analysis of contemporary problems and policies. This course explores the theory of economic choice and its application to a range of resource-use questions.

Synopsis

Microeconomics is part of the study of how the world works. It deals with business, household and government choices, the design and effects of policy and the efficiency and fairness of the way resources are used in a community. This course focuses upon a range of microeconomic principles, their use by economists in economic analysis and their relevance in the global economy. While drawing on the history of economic thought, it emphasises contemporary resource-use issues and the development of the skills of the professional economist.

Objectives

On successful completion of this course, students should be able to:

  1. identify and explain sources of microeconomic change in an economy
  2. demonstrate an understanding of the nature and method of micro-economics and of a set of selected microeconomic principles and theories
  3. apply microeconomic theory in the explanation of resource allocation patterns in an economy
  4. examine the role of government in the promotion and/or regulation of industry and markets to improve resource allocation
  5. undertake microeconomic analysis and develop strategic and policy advice using language literacy, computer literacy and numeracy
  6. critically appraise microeconomic theory and policy
  7. demonstrate problem solving skills required by economists through the use of microeconomic models under different market structures
  8. demonstrate an ability to communicate the results of an economic analysis to an audience of stakeholders in a potential project or decision
  9. develop self creativity and take appropriate initiatives with regard to economic and financial decision.

Topics

Description Weighting(%)
1. Introduction to microeconomic analysis 5.00
2. Economic choice-consumers and firms 30.00
3. Competitive market analysis 30.00
4. Non-competitive market analysis 30.00
5. Factor market analysis 5.00

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2013&sem=06&subject1=ECO2001)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • Pindyck, RS & Rubinfeld, DL 2013, Microeconomics, 8th edn, Pearson/Prentice Hall, Upper Saddle River, New Jersey.
  • Summers, J & Smith, B 2010, Communication skills handbook, 3rd edn, John Wiley & Sons, Milton, Queensland.
  • Suslow, VY & Hamilton, JH 2009, Study guide for Pindyck and Rubinfeld's microeconomics, 7th edn, Prentice Hall, Upper Saddle River, New Jersey.

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • Eaton, BC, Eaton, DF & Allen, DW 2005, Microeconomics: theory with applications, 6th edn, Pearson Prentice Hall, Toronto, Canada.
  • Frank, RH 2009, Microeconomics and behaviour, 8th edn, McGraw Hill Higher Education, Boston, Massachusetts.
  • Jehle, GA & Reny, PJ 2011, Advanced microeconomic theory, 3rd edn, Financial Times Prentice Hall, Harlow England.
  • Mansfield, E & Yohe, G 2004, Microeconomics: theory/applications, 11th edn, Norton, New York.
  • Varian, HR 2010, Intermediate microeconomics: a modern approach, 8th edn, Norton, New York.

Student workload requirements

Activity Hours
Directed Study 165.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ASSIGNMENT 1 10 10 04 Oct 2013 (see note 1)
ASSIGNMENT 2 30 30 25 Nov 2013 (see note 2)
EXAMINATION - PART A 15 15 End S6 (see note 3)
EXAMINATION - PARTS B AND C 45 45 End S6

NOTES
  1. Assignment 1 consists of 10 multiple-choice questions and one short-answer question.
  2. Assignment 2 consists of 10 multiple-choice questions, two short-answer questions and one essay question.
  3. The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date for Examination (A, B and C) after the timetable has been finalised. The total working time for Examination (A, B and C) is 2 hours.

Important assessment information

  1. Attendance requirements:
    If you are an international student in Australia, you are advised to attend all classes at your campus. For all other students, there are no attendance requirements for this course. However, it is the students' responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.

  2. Requirements for students to complete each assessment item satisfactorily:
    To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)

  3. Penalties for late submission of required work:
    If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded.

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

  5. Method used to combine assessment results to attain final grade:
    The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.

  6. Examination information:
    This is a restricted examination. The only materials that candidates may use in the examination for this course are:
    1. writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
    2. calculator which cannot hold textual information. The student must indicate on the examination paper the make and model of any calculator(s) used during the examination.
    3. translation dictionary. With the examiner's approval, candidates may, take an appropriate non-electronic translation dictionary into the examination room. This will be subject to perusal and, if it is found to contain annotations or markings that could give the candidate an unfair advantage, it may be removed from the candidate's possession until the appropriate disciplinary action is completed.


  7. Examination period when Deferred/Supplementary examinations will be held:
    Any Deferred or Supplementary examinations for this course will be held during the next examination period.

  8. University Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.

Assessment notes

  1. Assignments:
    1. The due date for an assignment is the date by which a student must despatch the assignment to the USQ. The onus is on the student to provide proof of the despatch date, if requested by the examiner.
    2. Students must retain a copy of each assignment submitted for assessment. This must be produced within 24 hours if required by the examiner.
    3. In accordance with university policy, the examiner may grant an extension of the due date of an assignment in extenuating circumstances.
    4. The examiner will normally only accept assessments that have been written, typed or printed on paper-based media.
    5. The examiner will not accept submission of assignments by facsimile.
    6. Students who do not have regular access to postal services or who are otherwise disadvantaged by these regulations may be given special consideration. They should contact the examiner to negotiate such special arrangements.
    7. In the event that a due date for an assignment falls on a local public holiday in their area, such as a show holiday, the due date for the assignment will be the next day. Students are to note on the assignment cover the date of the public holiday for the examiner's convenience.


  2. Referencing in assignments:
    Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.

  3. Course weightings:
    Course weightings of topics should not be interpreted as applying to the number of marks allocated to questions testing those topics in an examination paper. The examination may test material already tested in assignments.

  4. Deferred work:
    Students who, for medical, family/personal, or employment-related reasons, are unable to complete an assignment or to sit for an examination at the scheduled time may apply to defer an assessment in a course. Such a request must be accompanied by appropriate supporting documentation. One of the following temporary grades may be awarded: IDS (Incomplete - Deferred Examination); IDM (Incomplete Deferred Make-up); IDB (Incomplete - Both Deferred Examination and Deferred Make-up).

Other requirements

  1. Computer, e-mail and Internet access:
    Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.