UWA Business School

Unit Outline

Microeconomics: Prices and Markets

ECON1101

SEM-1, 2015

Campus: Crawley

Unit Coordinator: Dr Andrew Williams

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Unit detailsUnit title Microeconomics: Prices and MarketsUnit code ECON1101 Credit points 6Availability SEM-1, 2015 (23/02/2015 - 20/06/2015)Location Crawley Mode Face to face

Contact detailsFaculty Business SchoolSchool UWA Business SchoolSchool website www.business.uwa.edu.auUnit coordinator Dr Andrew WilliamsEmail andrew.williams@uwa.edu.auTelephone 6488 3859Consultation hours Andrew Williams : By appointmentUnit contact hours Lecture time: Tuesdays (L1), 10:00am – 11:00am

Tuesdays (L2), 3:00pm – 4:00pmLecture venue: Please refer to the current timetable webpage http://www.timetable.uwa.edu.au

Lecture capture system LCS is implemented for this unit.Online handbook http://units.handbooks.uwa.edu.au/units/ECON/ECON1101Unit website http://www.lms.uwa.edu.au

Unit descriptionThis is an introductory unit in microeconomic theory with some policy applications. Topics include an introduction to the economisingproblem; pure capitalism; demand and supply analysis and elasticity; market failure and the role of governments in an economy;theories of consumer behaviour; production theory and analysis of the costs of production; and price and output determination underdifferent market structures including perfect competition, monopoly, monopolistic competition and oligopoly.

Mission statementParticipants in this unit will be able to identify, reflect upon and apply individual and societal choices and decisions using the uniqueeconomic way of thinking.

IntroductionMicroeconomics; Prices and Markets addresses the economic decisions of individual firms and households and how they interact inmarkets. This unit requires no prior knowledge of economics, and relies heavily on graphical theoretical analysis to show the theoriesthat underpin the behaviour of consumers and firms.

Unit contentBy looking at markets from the point of view of the consumers (demand) and businesses (supply), we will see how the free interactionof these two forces in a competitive environment combine to provide society with the greatest benefit from the given resources we haveat our disposal. We shall also look at the consequences of monopoly power and cases of market failure, as well as the role of thegovernment in a market economy.

Unit goalsThe goal of this unit is to provide students with the analytical tools to examine complex economic and social issues within a simpleeconomic framework.

Educational principles and graduate attributesIn this unit, you will be encouraged and facilitated to develop the ability and desire to:1. Develop disciplinary and interdisciplinary knowledge and skills through study and research-based enquiry, at internationallyrecognised levels of excellence

to think, reason and analyse logically and creativelyto question accepted wisdom and be open to innovation

2. Further develop the skills required to learn, and to continue through life to learn, from a variety of sources and experiences

to develop attitudes which value learningto acquire skills in information literacy.

3. Communicate clearly, effectively and appropriately in a range of contexts

to develop spoken and written English communication skills at high levels

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to acquire skills in critical literacy and interpersonal communication

Learning outcomesStudents are able to (1) recognise the opportunity cost of a planned action; (2) use simple diagrammatic models to predict economicoutcomes; (3) explain why lowering price does not always increase revenue; (4) demonstrate the concept of economic costs; (5)describe the process of price determination and explain how it is affected by particular market structures; (6) distinguish degrees ofcompetitiveness in the market for particular goods and services, and explain why competitiveness promotes economic efficiency; (7)identify the ways in which concentration of market power erodes consumer sovereignty; and (8) define market failure and assess thevarious ways in which it can be remedied.

Unit schedule

Week Weekbeginning

Weekly Topic Lecturer Workshop Comment

1 23February

TOPIC 1:Introduction Online videos:none

AndrewWilliams

No workshop

2 2 March TOPIC 2: HowMarkets Work (I)

AndrewWilliams

Workshop 1: Introductionand How Markets Work

Online Quiz 1

3 9 March TOPIC 2: HowMarkets Work (II)

AndrewWilliams

Workshop 2: How MarketsWork (2)

Online Quiz 2

4 16 March TOPIC 3:Elasticity

AndrewWilliams

Workshop 3: Elasticity Online Quiz 3

5 23 March TOPIC 4: GoingBehind theDemand Curve

AndrewWilliams

Workshop 4: Going Behindthe Demand Curve

Online Quiz 4

6 30 March TOPIC 5:Production andCosts

AndrewWilliams

Workshop 5: Productionand Costs

Online Quiz 5

NOTE: April 3 is Good Friday. Studentswho have a workshop on this day mustattend another workshop during that week(please see timetable for alternative timesand venues).

Mid-semesterstudy break

6 April No classes No workshop

7 13 April TOPIC 6: PerfectCompetition

AndrewWilliams

Workshop 6: PerfectCompetition / Practice forMid Semester exam

Prosh Wed April 15 - no classes tillmidday. Students with a morningworkshop will need to attend anotherworkshop during that week.

MID SEMESTER EXAM: Thursday, April16 (Time and Venues TBA) - 20% of finalgrade

8 20 April TOPIC 7:Monopoly

AndrewWilliams

Workshop 7: Monopoly Online Quiz 6

9 27 April TOPIC 8:MonopolisticCompetition

AndrewWilliams

Workshop 8: MonopolisticCompetition

Online Quiz 7

10 4 May TOPIC 9:Oliogopoly andGame Theory

AndrewWilliams

Workshop 9: Oligopoly andGame Theory

Online Quiz 8

11 11 May TOPIC 10: TheRole of theGovernment I

AndrewWilliams

Workshop 10: The Role ofthe Government I

Online Quiz 9

12 18 May TOPIC 11: TheRole of theGovernment II

AndrewWilliams

Workshop 11:PRESENTATION WEEK

Group presentations in workshops (15%of final grade)

13 25 May Course Overviewand final exampractice

AndrewWilliams

Workshop 12: Role of theGovernment II

Online Quiz 10 (Role of the GovernmentII)

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Pre-examinationstudy breakSemester 1examinationperiod

6 - 20June

Teaching and learning responsibilitiesTeaching and learning strategiesIn essence, the study of microeconomics requires you first of all to learn the theory and models underlying individual markets. However,of equal importance is your ability to be able to use these theories and apply them to specific situations.The teaching in this unit relies largely on a combination of pre-recorded videos, face-to-face lectures (1 per week) and workshops (1per week, two hour duration). The online and face-to-face lectures are designed to help you understand the content of the materialcovered in this unit. The workshops are designed to help further your understanding of lecture content and apply the material you havelearned in the lectures to specific problems.

Teaching and learning evaluationYou may be asked to complete two evaluations during this unit. The Student Perception of Teaching (SPOT) and the Students’ UnitReflective Feedback (SURF). The SPOT is optional and is an evaluation of the lecturer and the unit. The SURF is completed online andis a university wide survey and deals only with the unit. You will receive an email from the SURF office inviting you to complete theSURF when it is activated. We encourage you to complete the forms as your feedback is extremely important and can be used tomake changes to the unit or lecturing style when appropriate.

AttendanceParticipation in class, whether it be listening to a lecture or getting involved in other activities, is an important part of the learningprocess, therefore it is important that you attend classes. More formally, the University regulations state that ‘to complete a course orunit students shall attend prescribed classes, lectures, seminars and tutorials’. Where a student, due to exceptional circumstances, isunable to attend a scheduled class, they are required to obtain prior approval from the unit coordinator to be absent from that class. Anystudent absent from class without having had such absence approved by the unit coordinator may be referred to the faculty for adviceand may be required to withdraw from the unit.

PASS programPASS is a peer facilitated, cooperative student support scheme for students. PASS gives first year students enrolled in some of thelarge core units the opportunity to work collaboratively in small groups with the help of competent, caring, subject experienced studentpeers. In PASS, the focus is on the group and learning together. Peer learning is recognised as a powerful learning technique andresearch has shown that students who study together outside the classroom achieve better results. Seehttp://www.business.uwa.edu.au/studentnet/learning/pass

Charter of student rights and responsibilitiesThe Charter of Student Rights and Responsibilities upholds the fundamental rights of students who undertake their education at theUniversity of Western Australia. The University's charter of Student Rights and Responsibilities is available athttp://www.secretariat.uwa.edu.au/home/policies/charter

Student Guild contact detailsContact details for the University Student Guild can be found at http://www.guild.uwa.edu.au/. The Guild Education Officer is available toprovide assistance and advice on a range of issues.

ACE/AISE/CARSYour 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 disabilitiesThe University has a range of support services, equipment and facilities for students with a disability. If you would like to receive adviceon these services please email uniline@uwa.edu.au or visithttp://www.studentservices.uwa.edu.au/information_about/disability_programme

AssessmentAssessment overviewAssessment information is provided in the unit outline.

Assessment mechanism

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# Component Weight Due Date Relates ToOutcomes

1 Workshop participation (details on breakdown of 15% to bediscussed in first workshop)

15% Weekly (starting in Week 2 ofsemester)

All

2 Online quizzes (10) 10% (1%each)

Starting in Week 2 All

3 Mid-semester examination 20% Thursday, 16 April (venues and timeTBA)

1-4

4 Group presentation 15% To be presented during weeklyworkshop in Week 12

TBA

5 Final examination 40% Semester 1 examination period: 6 -20 June.

All

Assessment items

Item Title Description Submission Procedure forAssignments

Assessmentitem #1:

Workshop participation. This mark will be a combination of three pieces of assessment: (1) yourattendance at workshops through the semester - 5%; and (2) your activeparticipation in TWO in-class group assignments (details TBA) - 10%

In workshop

Assessmentitem #2:

Online quizzes. These will be weekly quizzes (starting in Week 2), that will review the theorydeveloped in the online lectures. There will be 10 in total throughout thesemester, with each quiz being worth 1%.

On line

Assessmentitem #3:

Mid-semester examination. Material will cover Topics 1-5. Students will be advised of the format of theexam beforehand. NOTE: any applications for a deferred exam must be made through theBusiness School Student Services office.

Assessmentitem #4

Group presentation. During workshops in Week 12. Details on these group assignments will be available early in the semester.

In workshop

Assessmentitem #5:

Final examination

Academic literacy and academic misconductThe University of Western Australia takes very seriously the matter of academic misconduct by students and has policies in place thatdefine misconduct (including plagiarism) and the penalties that apply. The consequences for misconduct can be severe, includingexclusion from the University.All students are expected to make themselves aware of the definitions and the policies relating to academic misconduct, found at thewebsites below, and with any additional requirements or stipulations that may be provided by individual coordinators.http://www.teachingandlearning.uwa.edu.au/tl4/for_uwa_staff/policies/student_related_policies/academic_conduct

Appeals against academic assessmentThe full regulations governing appeals procedures are available in the University Handbook available online athttp://rules.handbooks.uwa.edu.au/rules/student_rules/

Textbooks and resourcesRecommended textsGans, J, King, S, Byford, M & Mankiw, NG (2015) Principles of Microeconomics - 6th edn, Cengage, Melbourne

CFA® University Recognition ProgramThis unit embeds a portion of the CFA Program Candidate Body of Knowledge™:see www.business.uwa.edu.au/future-students/undergraduate

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Additional resources and reading

Multiple choice practice quizzesYou are under no obligation to do these questions, but they will help you in your study for the mid semester and final exams. Details onwhere to find these quizzes will can be found on the unit's LMS.

Miscellaneous information, announcements etcWe will be making extensive use of online material throughout the semester, and so it is absolutely crucial that you familiarise yourselfwith the unit's LMS, and check it regularly.In addition to the material on the LMS, we will also be making use of the UWA Microeconomics blog throughout the semester, and sostudents should familiarise themselves with this site from an early stage of the semester (the link can be found via the LMS).

FacebookMicroeconomics 1101 has its own Facebook group. This provides a platform for students to interact and discuss unit-related issueswith others, and also for course announcements. Announcements will also be posted on LMS. Participation and access to ourfacebook page is not a requirement, and is provided as an additional resource for interested students.

Recorded lecturesThis unit contains a number of online-only videos, that will go through most of the theoretical component of the course. Students areexpected to have viewed these lectures, and completed the accompanying compulsory online quiz, BEFORE the weekly face-to-facelecture (Tuesdays). The face-to-face lectures will largely concentrate on applications of theory, and so these online-only videos shouldNOT be thought of as optional. They are an essential part of your understanding of microeconomics. Additionally, the face-to-facelectures will also be recorded, however, you are strongly advised to attend these lectures in person.

Other important information

Standard of assessmentThe Business School must ensure that the processes of assessment are fair and are designed to maintain the standards of the Schooland its students. The School follows the UWA marks and grades distribution:

Higher distinction (HD) 80-100%Distinction (D) 70-79%Credit pass (CR) 60-69%Pass (P) 50-59%Fail (N+) 45-49%Fail (N) 0-44%Failed component (FC)

The scaling of marks to ensure comparability between classes is an acceptable academic practice. The School and Board ofExaminers have the right to scale marks where it is considered necessary to maintain consistency and fairness.Quality assuranceYour assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learningoutcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the qualityof Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect yourgrade for the unit.Approved calculators for examinationsThe University permits only the use of calculators in examinations when the calculator has an approved sticker and the examinerpermits their use. If the student does not have an approved sticker on their calculator, they will not be permitted to use the calculator. Calculators can be approved at the Undergraduate Student Centre, the Postgraduate Student Centre or at Student Administration. Further information is available on the Business School website at http://www.business.uwa.edu.au/students/assessmentsSpecial consideration/alternative arrangementsIf you are unable to attend a class, tutorial or examination due to circumstances beyond your control and are seeking an extension forsubmission of an assignment or a deferred exam, please read valid reasons for special considerationa t http://www.student.uwa.edu.au/life/health/uniaccess/special-consideration, complete the application form and submit at theUndergraduate Student Centre or Postgraduate Student Centre.PLEASE NOTE that deferred exams are not available in Summer School units.Acknowledging Sources of Information and the Business School Policy on PlagiarismStudent Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQhttp://www.studentservices.uwa.edu.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 writtenwork for improper citation or misappropriated content. More information about 'Turnitin' can be found athttp://turnitin.com/static/index.html

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eBooks and open book examseBooks cannot be taken into an examination. Please check your exam details and purchase a printed version of any book you wouldselect to take into an open book exam.ReferencingIt is important that the referencing of any sources used in your written work is done properly, if only to substantiate the points you aremaking in your assignment or project. The Harvard style is the preferred and there are some notes for guidance which have beenprepared by the library staff: ‘Citing your Sources Harvard Style’ http://libguides.library.uwa.edu.au/harvardThe EndNote software package is a really good system for building up a database of references. Not everyone will want to invest thetime in using this system but you should consider it if you intend to build up resource materials or plan to undertake extensive researchin a particular area. The library staff have also developed a tutoring package: ‘A Quick Guide to Using EndNote’ which provides thebasics for using EndNote with an essay http://libguides.library.uwa.edu.au/endnoteLast day to add a unit offered in a semesterFrom 2014, the final date to add a unit has been changed to the end of week 2 of the semester. For further information on importantdates for 2015, refer to http://www.student.uwa.edu.au/course/dates/important

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