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Unit Outline
ECON1101
SEM-1, 2015
Campus: Crawley
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Unit details
Unit title Microeconomics: Prices and Markets
Unit code ECON1101 Credit points 6
Availability SEM-1, 2015 (23/02/2015 - 20/06/2015)
Location Crawley Mode Face to face
Contact details
Faculty Business School
School UWA Business School
School website www.business.uwa.edu.au
Unit coordinator Dr Andrew Williams
Email andrew.williams@uwa.edu.au
Telephone 6488 3859
Consultation hours Andrew Williams : By appointment
Unit contact hours
Lecture time: Tuesdays (L1), 10:00am – 11:00am
Tuesdays (L2), 3:00pm – 4:00pm
Lecture 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/ECON1101
Unit website http://www.lms.uwa.edu.au
Unit description
This is an introductory unit in microeconomic theory with some policy applications. Topics include an introduction to the economising
problem; 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 under
different market structures including perfect competition, monopoly, monopolistic competition and oligopoly.
Mission statement
Participants in this unit will be able to identify, reflect upon and apply individual and societal choices and decisions using the unique
economic way of thinking.
Introduction
Microeconomics; Prices and Markets addresses the economic decisions of individual firms and households and how they interact in
markets. This unit requires no prior knowledge of economics, and relies heavily on graphical theoretical analysis to show the theories
that underpin the behaviour of consumers and firms.
Unit content
By looking at markets from the point of view of the consumers (demand) and businesses (supply), 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. We shall also look at the consequences of monopoly power and cases of market failure, as well as the role of the
government in a market 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.
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 learning
to acquire skills in information literacy.
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to acquire skills in critical literacy and interpersonal communication
Learning outcomes
Students are able to (1) recognise the opportunity cost of a planned action; (2) use simple diagrammatic models to predict economic
outcomes; (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 of
competitiveness 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 the
various ways in which it can be remedied.
Unit schedule
Week Week Weekly Topic Lecturer Workshop Comment
beginning
1 23 TOPIC 1: Andrew No workshop
February Introduction Williams
Online videos:
none
2 2 March TOPIC 2: How Andrew Workshop 1: Introduction Online Quiz 1
Markets Work (I) Williams and How Markets Work
3 9 March TOPIC 2: How Andrew Workshop 2: How Markets Online Quiz 2
Markets Work (II) Williams Work (2)
4 16 March TOPIC 3: Andrew Workshop 3: Elasticity Online Quiz 3
Elasticity Williams
5 23 March TOPIC 4: Going Andrew Workshop 4: Going Behind Online Quiz 4
Behind the Williams the Demand Curve
Demand Curve
6 30 March TOPIC 5: Andrew Workshop 5: Production Online Quiz 5
Production and Williams and Costs
Costs 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- 6 April No classes No workshop
semester
study break
7 13 April TOPIC 6: Perfect Andrew Workshop 6: Perfect Prosh Wed April 15 - no classes till
Competition Williams Competition / Practice for midday. Students with a morning
Mid Semester exam workshop will need to attend another
workshop during that week.
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Pre-
examination
study break
Semester 1 6 - 20
examination June
period
Attendance
Participation in class, whether it be listening to a lecture or getting involved in other activities, is an important part of the learning
process, therefore it is important that you attend classes. More formally, the University regulations state that ‘to complete a course or
unit students shall attend prescribed classes, lectures, seminars and tutorials’. Where a student, due to exceptional circumstances, is
unable to attend a scheduled class, they are required to obtain prior approval from the unit coordinator to be absent from that class. 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.
PASS program
PASS is a peer facilitated, cooperative student support scheme for students. 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, caring, subject experienced student
peers. In PASS, the focus is on the group and learning together. Peer learning is recognised as a powerful learning technique and
research has shown that students who study together outside the classroom achieve better results. See
http://www.business.uwa.edu.au/studentnet/learning/pass
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, equipment and facilities for students with a disability. If you would like to receive advice
on these services please email uniline@uwa.edu.au or visit
http://www.studentservices.uwa.edu.au/information_about/disability_programme
Assessment
Assessment overview
Assessment information is provided in the unit outline.
Assessment mechanism
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# Component Weight Due Date Relates To
Outcomes
1 Workshop participation (details on breakdown of 15% to be 15% Weekly (starting in Week 2 of All
discussed in first workshop) semester)
2 Online quizzes (10) 10% Starting in Week 2 All
(1%
each)
3 Mid-semester examination 20% Thursday, 16 April (venues and time 1-4
TBA)
4 Group presentation 15% To be presented during weekly TBA
workshop in Week 12
5 Final examination 40% Semester 1 examination period: 6 - All
20 June.
Assessment items
Item Title Description Submission Procedure for
Assignments
Assessment Workshop participation. In workshop
item #1: This mark will be a combination of three pieces of assessment: (1) your
attendance at workshops through the semester - 5%; and (2) your active
participation in TWO in-class group assignments (details TBA) - 10%
Assessment Online quizzes. On line
item #2: These will be weekly quizzes (starting in Week 2), that will review the theory
developed in the online lectures. There will be 10 in total throughout the
semester, with each quiz being worth 1%.
Assessment Mid-semester examination.
item #3: Material will cover Topics 1-5. Students will be advised of the format of the
exam beforehand.
NOTE: any applications for a deferred exam must be made through the
Business School Student Services office.
Assessment Group presentation. In workshop
item #4 During workshops in Week 12.
Details on these group assignments will be available early in the semester.
Assessment Final examination
item #5:
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Additional resources and reading
Multiple choice practice quizzes
You are under no obligation to do these questions, but they will help you in your study for the mid semester and final exams. Details on
where to find these quizzes will can be found on the unit's LMS.
Facebook
Microeconomics 1101 has its own Facebook group. This provides a platform for students to interact and discuss unit-related issues
with others, and also for course announcements. Announcements will also be posted on LMS. Participation and access to our
facebook page is not a requirement, and is provided as an additional resource for interested students.
Recorded lectures
This unit contains a number of online-only videos, that will go through most of the theoretical component of the course. Students are
expected to have viewed these lectures, and completed the accompanying compulsory online quiz, BEFORE the weekly face-to-face
lecture (Tuesdays). The face-to-face lectures will largely concentrate on applications of theory, and so these online-only videos should
NOT be thought of as optional. They are an essential part of your understanding of microeconomics. Additionally, the face-to-face
lectures will also be recorded, however, you are strongly advised to attend these lectures in person.
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 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 of
Examiners have the right to scale marks where it is considered necessary to maintain consistency and fairness.
Quality assurance
Your assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learning
outcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the quality
of Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect your
grade for the unit.
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. 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/assessments
Special consideration/alternative arrangements
If you are unable to attend a class, tutorial or examination due to circumstances beyond your control and are seeking an extension for
submission of an assignment or a deferred exam, please read valid reasons for special consideration
a t http://www.student.uwa.edu.au/life/health/uniaccess/special-consideration, complete the application form and submit at the
Undergraduate 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 Plagiarism
Student Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQ
http://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 written
work for improper citation or misappropriated content. More information about 'Turnitin' can be found at
http://turnitin.com/static/index.html
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eBooks and open book exams
eBooks cannot be taken into an examination. Please check your exam details and purchase a printed version of any book you would
select to take into an open book exam.
Referencing
It is important that the referencing of any sources used in your written work is done properly, if only to substantiate the points you are
making in your assignment or project. 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.library.uwa.edu.au/harvard
The EndNote software package is a really good system for building up a database of references. 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. 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.library.uwa.edu.au/endnote
Last day to add a unit offered in a semester
From 2014, the final date to add a unit has been changed to the end of week 2 of the semester. For further information on important
dates for 2015, refer to http://www.student.uwa.edu.au/course/dates/important
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