BEA200 Intermediate · PDF fileBEA200 Intermediate Microeconomics – Unit Outline, Hobart Campus, Semester 1, 2013 1 UNIT DESCRIPTION Intermediate Microeconomics has two main purposes

School of Economics and Finance Faculty of Business

BEA200 Intermediate Microeconomics

HOBART CAMPUS

Unit Outline Semester 1, 2013

Unit Coordinator:

Dr Paul Blacklow

CRICOS Provider Code: 00586B © The University of Tasmania 2013

BEA200 Intermediate Microeconomics – Unit Outline, Hobart Campus, Semester 1, 2013

CONTACT DETAILS

UNIT COORDINATOR/LECTURER

Unit Coordinator and

Lecturer: Dr Paul Blacklow

Campus: Hobart

Email: [email protected]

Phone: 03 6226 2283

Fax: 03 6226 7587

Room number Room 406, Level 4,

Commerce and Economics Building

Consultation hours: Tuesday and Thursday 3:00‐3:50pm.

Appointments are to be made for all other times.

Availability: Dr Blacklow is not available on Mondays.

LECTURER’S AVAILABILITY AND OFFICE HOURS

Monday Tuesday Wednesday Thursday Friday

9:00 to 9:50

10:00 to 10:50

11:00 to 11:50 BEA200 WS (Eco 513) BEA242 WS (Eco 204) School of Economics Seminar 12:00 to 12:50 BEA200 WS (Eco 513) BEA242 WS (Eco 511)

1:00 to 1:50 BEA242 LEC (Eco LT2) Lunch BEA200 LEC (Eco LT1) Lunch

2:00 to 2:50 BEA242 LEC (Eco LT2) BEA200 LEC (Eco LT1)

3:00 to 3:50 Office Hour (Eco 406) Office Hour (Eco 406)

4:00 to 4:50 BEA242 WS (Eco 511)

5:00 to 5:50

Unavailable Teaching

Available by appointment only Office Hour


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UNIT DESCRIPTION

Intermediate Microeconomics has two main purposes. First, it is provides the basic foundations of economics. Starting from a

number of fundamental assumptions, this unit develops the neoclassical theory of the optimising behaviour of consumers

and firms and the process of interaction of these agents within various market structures. Intermediate microeconomics

provides the essential building blocks for higher‐level economics and finance units. Second, Intermediate Microeconomics

shows how the economic theory developed can be directly applied to help solve the day‐to‐day decisions that face managers,

financiers and economists such as dealing with risk and time, minimising cost, production, maximising profit through pricing

and analysing markets and competition. It achieves this through application of the theory to real‐world examples and solving

problems of this nature. This unit is not highly mathematical but does involve some simple algebra, and relies extensively on

the use of graphical analysis. An understanding of simple differentiation is also useful, but it will be taught as part of the unit

and is not a prerequisite.

It is a compulsory unit for the Bachelor of Economics (BEc) and combined degrees through being a unit in the compulsory

Economics Linked Minor. It is a compulsory unit for the Business Economics Major in the Bachelor of Business (BBus).

ALTERATIONS TO THE UNIT AS A RESULT OF STUDENT FEEDBACK

SETL feedback in the past suggested that there were too many quizzes (internal assessment was comprised of five quizzes).

This has been acted upon by only having one mini quiz, one major quiz and an assignment.

The University of Tasmania, on a regular basis, evaluates its teaching and learning environment through the Student

Evaluation of Teaching and Learning (eVALUate) system. The University values feedback from students and from time to time

you will be asked to complete a SETL evaluation for a unit of study. For more information on eVALUate go to:

http://www.utas.edu.au/student‐evaluation‐review‐and‐reporting‐unit/evaluate

INTENDED LEARNING OUTCOMES AND GENERIC GRADUATE ATTRIBUTES

The University has defined a set of generic graduate attributes (GGAs) that can be expected of all graduates (see

http://www.utas.edu.au/policy/attributes_grads.pdf). By undertaking this unit you should make progress in attaining the

following attributes – see Table on next page.


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INTENDED LEARNING OUTCOMES, ASSESSMENT CRITERIA, AND GENERIC GRADUATE ATTRIBUTES

Learning Outcome Assessment Criteria Assessment Generic Attribute

By completing this unit, students will be able to:

In assessing this LO, we will look at your ability to: This LO will be assessed by the: Achieving this LO will contribute to the

development of your:

LO1

Examine issues and decisions using the

economic way of thinking

A1.1 Explain the assumptions, critiques and justifications of the neoclassical utility maximisation model.

A1.2 Explain the impact of social change, world events, business actions and government policy upon an individual’s resources, behaviour and welfare.

A1.3 Using state preference theory, explain how changes in prices, risk, information and resources may affect an individual’s expenditure, labour, savings, investment and insurance decisions.

Multiple Choice and Multiple Part Problems Solving Questions (in: Mini

Quiz, Major Quiz, Final Exam).

Knowledge

Problem Solving

Social Responsibility

Global Perspective

Communication

LO2

Analyse markets and identify why they work

and fail

A2.1 Explain the use of arbitrage and the law of one price/ROR.

A2.2 Determine demand and supply for goods, services and resources by individuals and the market.

A2.3 Determine short‐ and long‐run supply and demand for goods, services and resources by firms and the market.

A2.4 Explain how free entry and exit leads to zero long‐run economic profit in perfect and monopolistic competition.

A2.5 Explain why monopolistic competition arises and how firms behave in it.

A2.6 Use the General Equilibrium model to identify why markets work and fail.



Knowledge

Problem Solving

Social Responsibility


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INTENDED LEARNING OUTCOMES, ASSESSMENT CRITERIA, AND GENERIC GRADUATE ATTRIBUTES

Learning Outcome Assessment Criteria Assessment Generic Attribute

By completing this unit, students will be able to:

In assessing this LO, we will look at your ability to: This LO will be assessed by the: Achieving this LO will contribute to the

development of your:

LO3

Analyse the role of incentives

A3.1 Explain how prices, wages, interest rates, and incomes, act as incentives effect on individual’s behaviour.

A3.2 Decompose changes in behaviour into income and substitution effects.

A3.3 Explain how risk and information affect incentives and behaviour.



Knowledge

Problem Solving

LO4

Evaluate microeconomic public policy

A4.1 Create and critique government policy to alter individual and firm behaviour. In terms of: Vouchers & Quotas, Taxes & Subsidies (lump sum, goods, wage, consumption, payroll, capital, profits).



Knowledge

Problem Solving

LO5

Evaluate business decisions

A5.1 Use production functions to characterise production and to measure efficiency.

A5.2 Minimise business costs by determining the most efficient input combinations for a firm in the short and long run.

A5.3 Maximise profit by determining the best output/price combination for a firm.



Knowledge

Problem Solving

LO6

Communicate economics in oral and written

formats

A6.1 Produce clear economic interpretation, analysis and policy advice in written form and supported by diagrams or mathematics.

A6.2 Ask and answer relevant questions in microeconomics in oral form providing clear economic interpretation, analysis and policy advice and where necessary supported by diagrams or mathematics.

Written communication of the interpretation and policy relevance of the solution (in: Mini Quiz, Major Quiz,

Assignment, Final Exam).

Oral communication of questions and answers in microeconomics (in :

Participation).

Communication


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LEARNING EXPECTATIONS AND TEACHING STRATEGIES/APPROACHES

EXPECTATIONS

The University is committed to high standards of professional conduct in all activities, and holds its commitment and

responsibilities to its students as being of paramount importance. Likewise, it holds expectations about the responsibilities

students have as they pursue their studies within the special environment the University offers.

The University’s Code of Conduct for Teaching and Learning states:

Students are expected to participate actively and positively in the teaching/learning environment. They

must attend classes when and as required, strive to maintain steady progress within the subject or unit

framework, comply with workload expectations, and submit required work on time.

TEACHING AND LEARNING STRATEGIES

If you need assistance in preparing for study please refer to your tutor or lecturer. For additional information refer to the

Learning Development website: http://www.utas.edu.au/student‐learning/home.

If you will be using MyLO for the first time and would like some information on how to use MyLO refer to the information

found on the entry page: http://www.utas.edu.au/learning‐teaching‐online/new‐mylo/home

ADDITIONAL ASSISTANCE

If you are experiencing difficulties with your studies or assignments, have personal or life‐planning issues, disability or illness

which may affect your course of study, you are advised to raise these with your lecturer in the first instance.

There is a range of University‐wide support services available to you including Academic and Support Services and other

services assisting with Student Life. Please refer to the Current Students homepage at: http://www.utas.edu.au/students/

Should you require assistance in accessing the Library visit their website for more information at:

http://www.utas.edu.au/library/

OCCUPATIONAL HEALTH AND SAFETY (OH&S)

The University is committed to providing a safe and secure teaching and learning environment. In addition to specific

requirements of this unit you should refer to the University’s policy at:

http://www.admin.utas.edu.au/hr/ohs/pol_proc/ohs.pdf


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LEARNING RESOURCES REQUIRED

PRE‐REQUISITES/CO‐REQUISITES UNITS

BEA111 Principles of Economics 1

PRIOR KNOWLEDGE AND SKILLS

Nil

TEXTS

There is no prescribed textbook for BEA200 in for semester 1 in 2013. Detailed lecture notes for are available via MyLO. If

you wish to consult a textbook there are many intermediate microeconomics texts in the library. The following is non‐

exhaustive list of texts that are suitable.

Besanko, D. and R. Braeutigam , Microeconomics (4th Edition), John Wiley & Sons, 2010.

Katz, M.L. and H.S. Rosen, Microeconomics (2nd Edition), McGraw ‐Hill, 2004.

Perloff, J., Microeconomics (3rd Edition), Pearson Addison Wesley, 2004.

Perloff, J., Microeconomics (2nd Edition), Pearson Addison Wesley, 2001.

Pindyck, RS. and D.L. Rubinfeld, Microeconomics (6th Edition), Pearson/Prentice Hall, 2004.

Pindyck, R.S. and D.L. Rubinfeld, Microeconomics (3rd Edition), Pearson/Prentice Hall, 1995.

Waldman, D.E., Microeconomics (1st Edition), Pearson Addison Wesley, 2004.

Waldman, D.E., Microeconomics (2nd Edition), Pearson Addison Wesley, 2009.

E‐ (ELECTRONIC) RESOURCES

This unit web dependent, and access to the MyLO online unit is required. Log in to MyLO at:

http://www.utas.edu.au/learning‐teaching‐online/, and then select BEA200 Intermediate Microeconomics from the list of

units.

For help in using MyLO, go to http://www.utas.edu.au/learning‐teaching‐online/new‐mylo/home

TECHNICAL REQUIREMENTS FOR MYLO

For help and information about setting up your own computer and web browser for MyLO, see:

http://uconnect.utas.edu.au/

See MyLO: Information for Students for further information about accessing MyLO.


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DETAILS OF TEACHING ARRANGEMENTS

LECTURES

Lectures are held weekly, beginning in week 1 on:

Thursdays 1:00pm to 2:50pm in Commerce Lecture Theatre 1 (SB.AX33.L01.107).

While the lecture notes for BEA200 are available via MyLO, most of the diagrams (of which there are many) and other

concepts can not be easily understood just be reading the lecture notes. In fact some of the diagrams are incomplete and

will be completed and labelled in the lectures. Attendance at lectures is required to understand the microeconomic concepts

and diagrams. Lectures are also recorded in video and audio format and made available on MyLO and/or MyMedia Service.

Note that, due to the ANZAC Day public holiday (April 25), the lecture in Week 8 will be presented at the alternative time

of Friday 26 April, 9.00am – 11.00am in Commerce Lecture Theatre 1 (SB.AX33.L01.107). Students who are unable to attend

this lecture can access the lecture recording on MyLO and/or MyMedia Service.

WORKSHOPS

Workshops are provided primarily to improve your understanding of the unit’s material. To benefit most from them, you

should come well prepared and should already have attempted the workshop exercises. Solutions to the workshop exercises

will be put on MyLO a few days after the last workshop for the week is held.

Past students have found that for BEA200 Intermediate Microeconomics they principally learn by doing. The workshop

exercises accomplish this role if students:

i) Attempt the workshop exercises prior to the workshop

ii) Attend the workshop class to see and hear the solution to the exercises.

Missing the workshop classes and relying on reading the workshop solutions is a flawed learning approach that in the past

has resulted in students under‐performing or failing the unit.

Workshops (WS) are held weekly, beginning in week 2. There are two alternate workshop times:

WS1 – Tuesday 11:00am to 11:50am in Commerce Room 513 (SB.AX33.L05.513)

WS2 – Tuesday 12:00pm to 12:50pm in Commerce Room 513 (SB.AX33.L05.513)

HOW TO SELECT A WORKSHOP GROUP

All students need to be assigned to a Workshop. Students will be informed in Week 1 as to how to select a workshop.

OFFICE HOURS AND APPOINTMENTS

All students are able to consult the lecturers on an individual or small group basis during office hours or by appointment.

Students experiencing difficulty in the unit are urged to make use of this service early in the semester. Where possible please

respect these office and appointment hours and make sure that you have tried to solve problems before seeking individual

assistance.

Students may consult with Dr Paul Blacklow during his office hours on Tuesday and Thursday 3:00 to 3:50pm without

appointment in Room 406, Level 4, Commerce and Economics Building. Appointments must be made to see the lecturer at all

other times. To arrange an appointment email [email protected] at least a day in advance and wait for a response

confirming your appointment.

Dr Blacklow is unavailable for appointments and may not be able to respond to emails on Mondays.


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MOBILE PHONE POLICY

1. Students should normally turn off their mobile phones while in lectures and workshops.

2. In case of special circumstances, such as sick children, student phones may only be left on in class if in “silent mode”.

Students who leave their phones on should sit near an aisle. If they receive a call they should quietly get up and leave

the lecture before taking the call. This provision is meant to cater for special circumstances. Students’ answering their

mobile phone is disruptive and all these steps are designed to reduce the cost imposed on all.

3. In test situations mobile phones should be kept out of student hands and preferably in the student’s bag or backpack –

unless prior arrangement has been made with the lecturer.

EMAIL CORRESPONDENCE

When contacting staff by email you must observe the basic rules of email etiquette. For example you should use punctuation

in the normal manner, check your spelling and limit the use of abbreviations. You should also use the title or form of address

that you would use in verbal communication. You must clearly identify yourself in the body of the email and include the unit

code (BEA200) in the subject heading.

SPECIFIC ATTENDANCE/PERFORMANCE REQUIREMENTS

BEA200 is not offered as an online independent study unit and the face‐to‐face contact that you have with teaching staff

through lectures and workshops is considered a central element of the unit. Our observation is that students who attend

lectures and participate in workshops are rewarded with improved understanding and performance.

You must attend the lecture in week 5 (April 4th) in order to obtain a mark for the Mini Quiz (worth 7.5%).

You must attend the lecture in week 10 (May 9th) in order to obtain a mark for the Major Quiz (worth 17.5%).

You must attend lectures and workshops in order to obtain marks for Participation (worth 5%)

Students will not be able to sit the quizzes at alternative times unless they have received prior approval to do so. Students

will not be able to obtain their participation marks unless in class. Attendance at all lectures and workshops is strongly

recommended.

ASSESSMENT

ASSESSMENT SCHEDULE

Component Due date Weighting Learning Outcomes

Mini Quiz Week 5, Thursday 4th April, 1:00pm Lecture 7½% LO1, LO2, LO3, LO4, LO6

Assignment Week 8, Friday 26th April, 4.00pm 20% LO1, LO3, LO4, LO6

Major Quiz Week 10, Thursday 9th May, 1:00pm Lecture 17½% LO1, LO2, LO3, LO4, LO5, LO6

Participation NA. Various. See Participation below 5% LO6

Examination Examination Period 8th of June to the 25th of June 50% LO1, LO2, LO3, LO4, LO5, LO6


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HOW TO PASS THIS UNIT

Your final mark for this unit is determined by your internal assessment (50%) and your examination mark (50%). In order to

pass this unit your final mark (i.e., the sum of internal and examination mark) must be 50% or higher. Marks are not scaled or

marked to a normal distribution. Some moderation of final marks may occur when overall results are aberrant.

ASSESSMENT DETAILS

MINI QUIZ

TASK DESCRIPTION Quiz: Section A – Multiple choice questions

Section B – Multi‐part problem solving questions

TASK LENGTH 45 minutes + 5 minutes reading time = 50 minutes total time

LEARNING OUTCOMES LO1, LO2, LO3, LO4, LO6

ASSESSMENT CRITERIA A1.1, A1.2, A1.3, A2.1, A2.2, A3.1, A4.1, A6.1

DATE DUE Week 5, Thursday 4th April, 1:00pm Lecture

MATERIALS Allowed: Drawing Instruments (pens, pencil, eraser, ruler, etc).

Bring: Calculator (for help with simple calculations)

No other materials are permitted

CONTRIBUTION TO FINAL MARK 7½%

N.B. Students who cannot make the class time for the quiz need to contact teaching staff well before the day of the quiz to make other arrangements. You are required to fill in the form, “Request to sit a test at an alternative time”. The blank form is available on the MyLO site for this unit.

ASSIGNMENT

TASK DESCRIPTION Multipart questions that require the use of microeconomic analysis in order

to examine policy issues.

TASK LENGTH Maximum six A4 pages, including mathematics and diagrams, minimum 1.5

line spacing, 12 point font.

LEARNING OUTCOMES LO1, LO3, LO4, LO6

ASSESSMENT CRITERIA A1.2, A1.3, A3.1, A3.3, A4.1, A6.1

DATE DUE Week 8, Friday 26th April, 4.00pm

FORMAT Assignment must be typed, diagrams may be hand drawn, mathematics may

be hand written.

CONTRIBUTION TO FINAL MARK 20%

N.B. Students who require an extension for an assignment need to contact teaching staff well before the due date to make other arrangements. The student is required to fill in the form, “Approval of an extension for an assignment”. This blank form can be found on the MyLO site for this unit.


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ASSESSMENT DETAILS CONTINUED

MAJOR QUIZ

TASK DESCRIPTION Quiz: Section A – Multiple choice questions

Section B – Multi‐part problem solving questions

TASK LENGTH 1 hour and 30 minutes + 5 minutes reading time = 95 minutes total time

LEARNING OUTCOMES LO1, LO2, LO3, LO4, LO5, LO6 (i.e. All Learning Outcomes)

ASSESSMENT CRITERIA A1.1, A1.2, A1.3, A2.1, A2.2, A2.3, A2.4, A2.5, A3.1, A3.2, A3.3, A4.1, A5.1,

A5.2, A5.3, A6.1

DATE DUE Week 10, Thursday 9th May, 1:00pm Lecture

MATERIALS Allowed: Drawing Instruments (pens, pencil, eraser, ruler, etc)

Bring: Calculator (for help with simple calculations)

No other materials are permitted

CONTRIBUTION TO FINAL MARK 17½%

N.B. Students who cannot make the class time for the quiz need to contact teaching staff well before the day of the quiz to make other arrangements. You are required to fill in the form, “Request to sit a test at an alternative time”. The blank form is available on the MyLO site for this unit.

PARTCIPATION

TASK DESCRIPTION Participation in lectures and workshops. In particular:

½ mark for a brief relevant question

1 mark for detailed or good relevant questions

1 mark for brief answers

2 marks for detailed or good answers

3 marks for detailed answers in front of the class on the board.

Note that answers do not have to be correct to obtain these marks, but should be

relevant to the question. 1 mark = 1% of final mark. Maximum of 5 marks = 5% of

final mark. Lecturer may announce “double points day” where students will get

twice the marks they would normally receive.

TASK LENGTH Not applicable.

LEARNING OUTCOMES LO6

ASSESSMENT CRITERIA A6.2

DATE DUE Not applicable.

MATERIALS Not applicable.

CONTRIBUTION TO FINAL MARK 5%


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ASSESSMENT DETAILS CONTINUED

FINAL EXAM

DESCRIPTION / CONDITIONS Section A – Multiple choice questions

Section B – Multi‐part problem solving questions # Past years’ examination papers is held by the library. However, written sample answers will not be

provided. Help with questions that you have made a genuine attempt to answer may be provided by

your lecturer/tutor either on an individual basis or in a group revision session.

LEARNING OUTCOMES All

ASSESSMENT CRITERIA All, except A6.2.

THE FINAL EXAM IS CONDUCTED BY THE UNIVERSITY REGISTRAR IN THE FORMAL EXAMINATION PERIOD. SEE THE CURRENT STUDENTS HOMEPAGE (EXAMINATIONS AND RESULTS) ON THE UNIVERSITY’S WEBSITE.

SUBMISSION OF ASSIGNMENTS

All work must have the School of Economics and Finance Assignment Cover Sheet attached. The cover sheet will be available

on the unit page on MyLO. It is essential to fill in your name, student ID number and Tutorial Group number on the Cover

Sheet. Please remember that you are responsible for lodging your written work on or before the due date. You are required

to keep a copy – photocopying is ideal. Even in the most ‘perfect’ of systems, items sometimes go astray. Lodge your

assignments in the box marked BEA200 on Level 4, Foyer Area, Commerce Building. Work will be returned during tutorial

classes. If you are unable to attend your allocated tutorial uncollected assignments will be available from your tutors in their

designated office hours only.

REQUESTS FOR SHORT EXTENSIONS

Extensions will only be granted on the basis of consultation with your lecturer well before the due date. If you are ill, please

provide a medical certificate so that this can be noted. Students are required to fill out the form “Approval of an extension

for an assignment”. The blank form can be found on the MyLO site.

If you are unable to attend the in class quiz due to circumstances beyond your control, please inform your lecturer well

before the test date. You are required to fill out the form “Request to sit a test at an alternative time”. The blank form can be

found on the MyLO site.

LATE ASSESSMENT POLICY

1. In this Policy

(a) ‘day’ or ‘days’ includes all calendar days, including weekends and public holidays; (b) ‘late’ means after the due date and time; and (c) ‘coursework’ includes all internal non‐examination based forms of assessment

2. This Policy applies to all students enrolled in Faculty of Business Units at whatever Campus or geographical location.

3. Students are expected to submit coursework on or before the due date and time specified in the relevant Unit Outline. The onus is on the student to prove the date and time of submission.

4. Students with special circumstances may apply for an extension. Requests for extensions should, where possible, be made in writing to the Unit Coordinator on or before the due date. Students will need to provide independent supporting documentation to substantiate their claims.

5. Late submission of coursework will incur a penalty of 10% of the total marks possible for that piece of assessment for each day the coursework is late unless an extension had been granted on or before the relevant due date.

6. Coursework submitted more than five (5) days late will not be accepted.

7. Academic staff do NOT have the discretion to waive a late penalty, subject to clause 4 above.


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ACADEMIC REFERENCING

In your written work you will need to support your ideas by referring to scholarly literature, works of art and/or inventions. It

is important that you understand how to correctly refer to the work of others and maintain academic integrity.

Failure to appropriately acknowledge the ideas of others constitutes academic dishonesty (plagiarism), a matter considered

by the University of Tasmania as a serious offence.

The appropriate referencing style for this unit is: the Harvard style. For information on presentation of assignments,

including referencing styles: http://utas.libguides.com/referencing

ACADEMIC MISCONDUCT

Academic misconduct includes cheating, plagiarism, allowing another student to copy work for an assignment or an

examination and any other conduct by which a student:

(a) seeks to gain, for themselves or for any other person, any academic advantage or advancement to which

they or that other person are not entitled; or

(b) improperly disadvantages any other student.

Students engaging in any form of academic misconduct may be dealt with under the Ordinance of Student Discipline, and this

can include imposition of penalties that range from a deduction/cancellation of marks to exclusion from a unit or the

University. Details of penalties that can be imposed are available in Ordinance 9: Student Discipline – Part 3 Academic

Misconduct, see http://www.utas.edu.au/__data/assets/pdf_file/0006/23991/ord91.pdf.

Plagiarism

Plagiarism is a form of cheating. It is taking and using someone else's thoughts, writings or inventions and representing

them as your own; for example, using an author's words without putting them in quotation marks and citing the source,

using an author's ideas without proper acknowledgment and citation, copying another student's work. If you have any

doubts about how to refer to the work of others in your assignments, please consult your lecturer or tutor for relevant

referencing guidelines, and the academic integrity resources on the web at: http://www.academicintegrity.utas.edu.au/

The intentional copying of someone else’s work as one’s own is a serious offence punishable by penalties that may range

from a fine or deduction/cancellation of marks and, in the most serious of cases, to exclusion from a unit, a course or the

University.

The University and any persons authorised by the University may submit your assessable works to a plagiarism

checking service, to obtain a report on possible instances of plagiarism. Assessable works may also be included in

a reference database. It is a condition of this arrangement that the original author’s permission is required before

a work within the database can be viewed.

For further information on this statement and general referencing guidelines, see

http://www.utas.edu.au/students/plagiarism/ or follow the link ‘Rules / Policy’ under ‘Administration’ on the Current

Students homepage http://www.utas.edu.au/students/.


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HELP RESOLVING CONCERNS ABOUT THIS UNIT

If you have any concerns or complaints with the administration and/or management in this unit or your BEc course of either

a general or personal nature, then you might in the first instance discuss the matter with your lecturer. If you feel that you

would rather discuss the issue with an independent person within the School of Economics and Finance, then contact: Sarah

Jennings, School of Economics and Finance, Room 410, email : [email protected]

If the matter is still unresolved and you would like to know who to contact or the procedures for resolving your concern refer

to the following website: http://www.admin.utas.edu.au/ac_serv/complaints_info.html.

The Hobart based Tasmanian University Union (TUU) or the Launceston/Burnie based Student Association (SA) may also be

able to assist.

BACHELOR OF ECONOMICS COURSE COORDINATOR

If you require assistance with your course please see:

Course coordinator: Dr Michael Brooks

Campus: Hobart, Commerce Building, Level 4, Room 405A

Contact 03 6226 2286


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UNIT AND TEACHING SCHEDULE

TEACHING SCHEDULE (DATES FOR WORKSHOPS, LECTURES AND ASSESSMENT)

WEEK BEGINNING

WEEK NO

WORKSHOPS LECTURE ASSESSMENT*

25 Feb 1 Lecture 1 (28 Feb)

4 Mar 2 WS1 Exercises Lecture 2 (7 Mar)



25 Mar 5 WS4 Exercises

Easter Break from Thursday March 28 to Wednesday April 3

1 Apr 5 Mini Quiz & Lecture 5 (4 Apr) Mini Quiz (4 Apr)

8 Apr 6 WS5 Exercises Lecture 6 (11 Apr)

15 Apr 7 WS6 Exercises Lecture 7 (18 Apr)

22 Apr 8 WS7 Exercises Lecture 8 (Friday 26 Apr) Assignment Due (26 Apr)

29 Apr 9 WS8 Exercises Lecture 9 (2 May)

6 May 10 WS9 Exercises Major Quiz (9 May) Major Quiz (9 May)

13 May 11 Lecture 10 (16 May)

20 May 12 WS10 Exercises Lecture 11 (23 May)

27 May 13 WS11 Exercises SETL, Exam Info (30 May)

3 June Study Swot Vac Swot Vac

8 – 25 June Exams

* See Assessment Details earlier in this document for more details.


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UNIT SCHEDULE (LECTURES & WORKSHOPS, TOPICS, READING)

LECTURE & WORKSHOP

TOPIC READING/RESOURCES1

Module 1: Introduction to Microeconomics

1 Introduction

Unit administration

A note on optimisation and equilibrium

Brief review: supply & demand

Elasticity

Arbitrage, Price Differences & Law of One Price

B&B: Ch1‐2,

P: Ch1

P&R: Ch1‐2

W: Ch1‐2

Module 2: Individual Behaviour

2 Consumer behaviour and rational choice

Treatment of consumers’ preferences

Consumer choice

Utility Functions and Indifference Curves

B&B: Ch3

P: Ch4

P&R: Ch3

W: Ch3 ‐ 3.5

3 Further Topics in Consumer Theory

The budget constraint

Derivation of Individual Demand curves

Substitution and Income effects

Market Demand

Estimating Demand

Consumer Surplus

B&B: Ch4 ‐ 5

P: Ch4‐5

P&R: Ch3

W: Ch3.6 ‐ 4.3

4

Using Consumer Theory

Short Applications of Basic Consumer Theory

Solving the Consumer’s Problem Algebraically

Microeconomics of the Labour Supply

The labour supply and participation rate in Australia

Consumption‐leisure‐labour choice

Labour supply

Unemployment and taxation

B&B: Ch4‐5

P: Ch5

P&R: Ch4

W: Ch5, Ap3.1, Ap4.1

B&B: Ch5.5

P: Ch5.5

W: Ch5.5

Continued on next page.


14

UNIT SCHEDULE (LECTURES/WORKSHOPS, TOPICS, READING) CONTINUED

LECTURE & WORKSHOP

TOPIC SUPPLEMENETAL READING1

Module 3: Time, Risk and Information

5 Microeconomics of Time and Intertemporal Choice

Consumption and Saving over a lifetime

The Effects of Interest Rate Changes

Income versus Consumption Taxes

Incorporating Inflation

B&B: Ch4.3, Ap4.2

P: Ch 16.2

W: Ch 4.4

6 Microeconomics of Risk Analysis

Measuring risk and return

Decision‐making under uncertainty

Living with risk and uncertainty

B&B: Ch15

P: Ch17

P&R: Ch5

W: Ch6 , Ch20.1‐20.3

Module 4: Firm Behaviour

7 Production, Production Functions, Productivity & Innovation

Production Functions

Production in the Short and Long Run

Returns to Scale

Productivity and Technical Change

B&B: Ch6

P: Ch6

P&R: Ch6

W: Ch7

8 Costs, Cost Functions and Cost Minimisation

Definitions of Costs

Long Run Cost Minimisation and Factor Demands

Short Run Cost Minimisation and Factor Demands

B&B: Ch7

P: Ch7

P&R: Ch7

W: Ch7

9 Profit Maximisation and market Structure

Profit Maximisation under Perfect Competition

Profit Maximisation under Monopolies

Profit Maximisation under Monopolistic Competition

B&B: Ch8‐9

P: Ch8, Ch11, Ch13.7

P&R: Ch8, Ch10, Ch12

W: Ch8, Ch10, Ch11, Ch16.2

Module 5: General Equilibrium and Welfare Analysis

10 General Equilibrium

Pareto Efficiency and Competitive Equilibrium in Exchange and Production

Theorems of Welfare Economics and Equity

B&B: Ch16

P: Ch10

P&R: Ch16

W: Ch19, Ch9 11 Welfare Analysis

Social Welfare Functions

Taxes and Redistribution

1 B&B: Besanko, D. and R. Braeutigam , 2010, Microeconomics (4thEdition), John Wiley & Sons.

P: Perloff, J., Microeconomics (3rd Edition), Pearson Addison Wesley, 2004.

P&R: Pindyck, RS. and D.L. Rubinfeld, Microeconomics (6th Edition), Pearson/Prentice Hall, 2004.

W: Waldman, Microeconomics (1st Edition), Pearson Addison Wesley, 2004.

Documents

BEA200 Intermediate · PDF fileBEA200 Intermediate Microeconomics – Unit Outline, Hobart Campus, Semester 1, 2013 1 UNIT DESCRIPTION Intermediate Microeconomics has two main purposes