ECON1001

Introductory Microeconomics
Semester 1, 2010

Unit of Study Outline

Coordinator: Jordi McKenzie
Phone: 02 9036 7816 Email: jordi.mckenzie@sydney.edu.au
Office: Merewether building, Level 3, Room 338
Lecturer: Atta Adu-Osae
Phone: 02 9036 6020, Email: atta.adu-osae@sydney.edu.au
Office: Merewether building, Level 3, Room 357
Consultation Times: Tuesday 12:00-1:00pm and 4:00-5:00pm
Class times:
Stream 1: Tuesdays 10:00am-12:00pm
Stream 4: Tuesdays 2:00am-4:00pm

Venue: Merewether Lecture Theatre 1

Venue: Carslaw Lecture Theatre 157

1. Unit of study information

1.1. Faculty Handbook description
Introductory Microeconomics addresses the economic decisions of individual firms and households and how
these interact in markets. It is a compulsory core unit for the Bachelor of Economics (BEc) and for the
Bachelor of Commerce (BCom). Economic issues are pervasive in contemporary Australian society.
Introductory Microeconomics introduces students to the language and analytical framework adopted in
Economics for the examination of social phenomena and public policy issues. Whatever ones career
intentions, coming to grips with economic ideas is essential for understanding society, business and
government. Students are given a comprehensive introduction to these ideas and are prepared for the
advanced study of microeconomics in subsequent years.
1.2. Aims and context
The key purpose of Introductory Microeconomics is to provide students with an understanding of how we
as individuals, and as a society, decide to use our resources. Prior knowledge of microeconomics is not a
prerequisite for this unit of study. However, students are expected to be familiar with basic algebra and
graphical analysis.

2. Learning outcomes, learning and teaching activities & assessment

2.1 Intended learning outcomes
1) Students should be able to apply economic concepts to examine real world problems from both an
individuals and policymakers perspective
2) Students should develop problem solving skills
3) Students should be able to critically evaluate the assumptions and limitations of the theories and
arguments presented in class
4) Students should develop written communication skills
5) Students will employ technologies effectively in gathering information from written, oral, and electronic
sources
6) Students should acquire the ability to manage, analyse, evaluate and use information efficiently and
effectively
The first three outcomes relate to the graduate attribute of Research and Inquiry, the third outcome
relates to the graduate attribute of Communication, and the fourth and fifth outcomes to the graduate
attribute of Information Literacy.

2.2. Learning and teaching activities

In this unit, topics are presented in a two-hour lecture. There is also a one-hour tutorial. Experience
suggests that students who attend all lectures and tutorials get a higher grade than those that do not.
Textbook:
Taylor, John B. and Frost, Lionel (2009), Microeconomics, 4th edition, John Wiley & Sons Australia, Ltd.,
Milton (hereafter TF)
This can be obtained from the Co-op Bookshop. Limited copies are on Special Reserve in Fisher Library.
Purchase of this textbook is not required, but you are expected to have ready access to a copy of the
textbook. You are expected to keep up to date with the textbook and study guide material for each topic
and with any additional reading required for tutorials. Doing so will enhance your understanding of the
course as not everything can be covered by, or absorbed in, lectures. Students who conscientiously attend
lectures, work through the study guide, complete the reading program, and fully prepare for and
participate in tutorials, can reasonably expect to master the material required to pass this unit of study.
The text can also be purchased as an electronic only version (an e-book) at the following link:

http://www.johnwiley.com.au/highered/engine.jsp?page=titleinfo&all$isbn13=9780470820544
Note that purchase of the hard copy of the text includes access to the e-book.
Other texts
Many other textbooks cover the same material, albeit in a slightly different manner. Two others are:
Gans, J., S. King, and N. Gregory Mankiw (2005), Principles of Microeconomics, 3rd edition, South-Western
Publishing, Melbourne (hereafter GKM).
McTaggart, D, C. Findlay and M. Parkin (2003), Microeconomics, 4th edition, Pearson Education Australia,
Frenchs Forest (hereafter MFP)
Study guides
You may wish to use a study guide to give you extra practice note, this is optional but many students
find using a study guide very helpful.
Taylor, J. (2009), Study Guide to Accompany Microeconomics, 4th edition, John Wiley & Sons Australia, Ltd.,
Milton.
Bentick, T (2003). Microeconomics study guide, 4th edition, Pearson Education Australia, Frenchs Forest.
Kemp, S., Harris, R., Gans, J., King, S, and Mankiw, G.S. (2005), Principles of microeconomics: study
guide, 3rd edition, Thomson Learning Australia, Melbourne.
Blackboard: Lecture outlines for each week along with all handouts and announcements about classes or
assessment will be available on the University's Blackboard site.
How to get to Blackboard
Faculty IT will send you an email containing instructions for activating your Faculty Blackboard account.
Please check your university email, and follow the instructions given. Once you have activated your
account, access Blackboard in the following manner. Start a web browser and open
http://blackboard.econ.usyd.edu.au On this page, click on the Login button:
Login using your UniKey account details
After login you will see the page which states all the courses that you are enrolled in (according to the
Student Information Office) and are activated by your lecturers. Your units can take up to 48 hours to
appear in Blackboard after youve enrolled. If you login after this time and it still doesnt appear, please
contact the Student Information Office.
Further information:
Refer to the eLearning Helpdesk Student FAQ page (http://www.econ.usyd.edu.au/BBStudentSupport/)
For information regarding enrolments, please contact the Student Information Office.
For information regarding the subject content please contact your lecturer.
For information regarding technical questions or problems, please contact the Faculty IT department in
room 118 of building H69 (9351 5409 or email helpdesk@econ.usyd.edu.au ).
Tutorial Program: Tutorials begin in week 2. Questions will be made available on blackboard the week
prior to each tutorial. These questions should be attempted before the tutorial to get the most benefit from
the tutorial itself. In addition to tutorial questions, PASS (see below) questions will also be uploaded to
blackboard for all students to attempt.
ECON1001, Introductory Microeconomics

PASS Program: Peer Assisted Study Sessions

The Faculty funds an additional program for students called PASS. PASS stands for Peer Assisted Study
Sessions. Research from the UK, USA and Australia has consistently demonstrated that students who
regularly attend PASS are likely to improve their academic performance and are less likely to fail or drop
out. In 2009, 97% of respondents to end of semester, anonymous surveys reported they learnt during
PASS and 97% reported that they enjoyed the program. One student commented I loved everything
about PASS it was GREAT for clarifying ideas from class [and] helped my studies. I also had the
opportunity to make many friends though PASS.
Whats in it for you?
Weekly, hour-long sessions lead by senior, high achieving students.
A focus on mastery of course content through discussion and peer learning.
Extra learning opportunities, including problem solving practice where relevant, in areas directly
related to understanding the concepts more thoroughly.
Great opportunities to meet other students and study effectively together in relaxed, interactive,
small groups.
Registering for the PASS program
Attendance in PASS is voluntary but highly recommended. Registrations open the first week of semester.
PASS starts in week 2 of semester. Spaces in the PASS program are limited. Students register for PASS
online at: http://sydney.edu.au/business/learning/students/pass
Email all enquiries about the PASS program to: business.pass@sydney.edu.au
Whats students said last year
PASS gave me more opportunities to revise the materials covered in class.
I liked doing practice questions that were more complex and real world than the textbook ones. This
made the tutorial work easier.
I liked the relaxed atmosphere, the support, and never being judged for not understanding the topic.
PASS gave me a lot of confidence!
In PASS I could collaborate with other students over things I struggled with and learn other
approaches to learning.
2.3. Assessment
Assessment task

Weighting

Due date

Late Penalty

1. Online Quizzes

10%

Various- see below

N/A

2. 1 hour midterm
exam

30%

Thursday 22nd April 68pm

N/A

3. Essay

10%

Thursday 20th May 12pm

3. 2 hour final
exam

50%

Exam period

N/A

4. Academic
Honesty Module#

0%

Week 4

N/A

Total

100%

20% per day after

12pm Thursday

Word
limit

750

# Students must complete the academic honesty module with a mark above 85%, or an Absent Fail (AF)
grade will be given for the entire unit. Students can complete the module multiple times until this grade is
achieved.
2.4. Assessment details
Mid-semester Exam Topics covered up to the end of week 5 and the associated tutorial questions will
be examined in a 60 minute exam on Thursday April 22nd, 6pm 8 pm.
On-line quizzes - The aim of the online quizzes is to help students develop study habits and understand
key concepts and theories through practice multiple choice questions on a regular basis. These will be
available on Blackboard under Online Quizzes on particular Fridays at 4:00pm. They will have to be
completed online by the following Monday at 5:00pm. The timetable for online quizzes is:
ECON1001, Introductory Microeconomics

Quiz
1
2
3
4
5

Quiz starts online

Friday 4:00pm
19 March
16 April
30 April
14 May
28 May

Quiz ends online

Monday 1:00pm
22 March
19 April
3 May
17 May
31 May

Topic Coverage
Ch 1,2,3 and 4
Ch 5, 6, 7 and 8
Ch 9 and 10
Ch 10 and 11
Ch 13, 17 and 18

Note that during semester you will be required to complete five (5) on-line quizzes. However, only the
best four (4) of the quizzes will contribute to your final grade. THAT IS, EACH ONLINE QUIZ INCLUDED IN
YOUR FINAL GRADE WILL CONTRIBUTE 2.5 PER CENT OF YOUR FINAL MARK.
You will usually have to do 20 multiple-choice questions. Make sure that you allocate sufficient time to do
them. Do not expect to complete them at the last minutecomputers are not always available. Computer
unavailability is not an acceptable excuse.
NOTE: Provided a quiz is still available and not yet SUBMITTED, you can correct any previously saved
answer. On the assignment page, you will find two buttons in the bottom right hand corner -"Save",
"Submit". You may save your work by clicking on the "Save" button and continue the assignment at a later
time. DO NOT CLICK on the "SUBMIT" button unless you have completed the assignment and want to get
it graded. You can submit the assignment only "ONCE". The quizzes will be computer-marked. After the
assignment is submitted, you will be able to see your score, and the GRADE is FINAL.
Warning!: It cannot be helped if you mistakenly submit your answer too early OR if you fail to submit
your answer before it is closed. If you do not submit answers by the deadline for a quiz, you will not get
marks.
Essay For the essay you will be required to submit a short written piece of material that draws on the
economic concepts and techniques developed during the course. Further information about the essay will
be made available early in the semester.
Final Exam All topics covered in all lectures and associated practice questions will be examined in a two
hour exam.
2.5. Workload and minimum requirements
The Academic Board student workload for six credit point units equates to an average of 9-12 hours of
student effort per week per 13-week semester. This is what is expected of you.
2.6. Feedback
The mid-semester exam will be marked as soon as possible after the exam and the marks placed on
blackboard. Brief answers will be placed on blackboard and will also be discussed in class.
The final exam will be marked as soon as possible after the exam and results will be available on the web
according to university requirements.
Answers to the on-line quizzes will be made available to students after the time for submission/
completion has passed.
Written essay will not be returned to students, you should keep your own copy of the submitted essay.
Marks will be uploaded on blackboard.
2.7. Academic honesty, plagiarism, legitimate cooperation and group work
Commencing students should complete the academic honesty module available via Blackboard before
their first assessment submission. Students should refer to Faculty and University policies on academic
dishonesty and plagiarism
(http://sydney.edu.au/business/currentstudents/student_information/student_administration_manual),
copyright http://sydney.edu.au/senate/policies/Intellectual_Property_Rule.pdf and the All your own work
website (http://sydney.edu.au/secretariat/students/plagiarism_index.shtml) for information about
legitimate cooperation, group work, how to reference correctly and how to avoid plagiarism.
Academic honesty is important to protect students' right to receive due credit for work submitted for
assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents
ECON1001, Introductory Microeconomics

the work of others as their own and gain marks and degrees, which are not based on their own efforts
and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches
include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else
to complete an assessment on ones behalf and misconduct during supervised assessments.
The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in
the unit of study, additional assessment (including an unseen exam), and reference of the matter to the
University Registrar.
All assessments will be checked for plagiarism. Where plagiarism is suspected, the assessment will
be fully checked and monitored using manual process, google checks and also electronic plagiarism
detectors. In order to do this, the Faculty may reproduce the assessment, provide a copy to another
member of faculty, and/or communicate a copy of this assignment to a plagiarism checking service
(which may then retain a copy of the assignment on its database for the purpose of future plagiarism
checking).
Academic dishonesty involves more than just copying material. Cooperation and helping other students
may at times trigger academic dishonesty proceedings if it appears you have worked too closely with
another student. In this unit,
1.

Essay

2.
Mid-semester and final exam
Individual assignments must be written and prepared alone. You may consult with other students about
ideas and possible research sources but the analysis and writing of the assignment must be done alone.

3.

Student feedback and evaluation

3.1 Feedback received from previous students

In previous years, students have indicated that they found the online quizzes a useful means by which to
keep abreast of the material covered in lectures and tutorials. Further, students have requested additional
feedback of their work through solutions to the online quizzes.
3.2 Improvements made
As a result of feedback from students in this unit of study, this year we will provide answers to the online
quizzes following completion of the quiz. Also, all students will sit a common midterm to ensure
consistency in the assessment criteria.
3.3 Collection of feedback from current students
Collection of feedback from students will be undertaken at the end of semester through a Unit of Study
Evaluation (USE) survey.

4.

University policies and services

All students must comply with and follow all Faculty and University policies and procedures.
Faculty policies are contained in the Administration Manual for Students at
http://sydney.edu.au/business/currentstudents/student_information/student_administration_manual. It
is crucial that you take the time to consult this manual early in your studies in order to familiarise
yourself with policies and procedures relating to critical issues such as the Facultys policy on special
consideration (including requirements and timelines. e.g. lodging applications five working days after a
missed assessment), appeals (lodge within 15 working days of the decision) and other policies such as
enrolment, credit etc. Assistance is available from the Facultys Student Information Office at
http://sydney.edu.au/business/student_information_office
University policies at http://sydney.edu.au/policy Assistance is available from the Universitys Student
Centre http://sydney.edu.au/current_students/student_administration/or the Student Affairs Unit.
The code of conduct is an important policy which outlines the Universitys expectations about treating all
staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from
acts of discrimination, harassment or bullying.
http://sydney.edu.au/ab/policies/Student_code_conduct.pdf
Links to other student services and resources are included on Blackboard and on the Facultys
Learning and Teaching website http://sydney.edu.au/business/learning (e.g. counselling services).
http://sydney.edu.au/business/learning/staff/unit_coordinators/unit_of_study_outline/4._university_policies_
and_services

ECON1001, Introductory Microeconomics

5.

Topic and assessment schedule

Week
1

Topic
Introduction, scarcity and choice

TF Ch 1 & 2

Supply and demand

TF Ch 3

Elasticity

TF Ch 4

Consumer and firm behaviour

TF Ch 5 (omit pp.93-102) & Ch 6

Competitive markets

TF Ch 7

AVCC
6
7

No classes
Costs and the behaviour of firms over
time
Perfect competition

Monopoly

TF Ch 10

Monopoly (cont), Monopolistic

competition
Oligopoly and Game Theory

TF Ch 10 & 11 (Up to pp. 240)

Public goods and externalities

TF Ch 13

12

International trade

TF Ch 17 & 18

13

Loose ends and overview

Stuvac
Exam period begins

10

Reading

TF Ch 8
TF Ch 9

TF Ch 11 (pp. 241-250)

Assessment

Online Quiz 1: Begins Friday

(19th March)

Online Quiz 2: Begins Friday

(16th April)
Midsem exam: Thursday
(6pm 8 pm 22nd April)
Online Quiz 3: Begins Friday
(30th April)

Online Quiz 4: Begins Friday

(14th May)
Essay due: Thursday
(12:00pm 20th May)
Online Quiz 5: Begins Friday
(28th May)