ECON 7011 - Intermediate Microeconomics IID

North Terrace Campus - Semester 1 - 2020

This postgraduate course is an introduction to intermediate-level microeconomic theory and analysis. Students will develop their abilities to analyse, evaluate and synthesize economic information. The skills developed in this course will help students make informed, responsible and critically discriminating judgements about current economic and social policy issues. Intermediate Microeconomics IID will put an emphasis on the mastery of theoretical concepts and analytical tools that will form a strong basis of further study in economics courses. Real world applications will be provided where possible, and further readings will be suggested to expand the ability of students to relate the basic theoretical concepts to applied contexts.

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Course Details

Course Code	ECON 7011
Course	Intermediate Microeconomics IID
Coordinating Unit	Economics
Term	Semester 1
Level	Postgraduate Coursework
Location/s	North Terrace Campus
Units	3
Contact	Up to 3 hours per week
Available for Study Abroad and Exchange	Y
Assumed Knowledge	Introductory level Microeconomics
Restrictions	Available to MFin&BusEc, MHealthEcPol, GCertEc, GCertIntEc, GDipIntEc, GDipAppEc & MAppEc students only
Assessment	Typically assignments, mid-Semester exam, participation & final exam

Course Staff

Course Coordinator: Associate Professor Duygu Yengin

Course Timetable

The full timetable of all activities for this course can be accessed from Course Planner.

Course Learning Outcomes

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

Critically analyse and explain consumers', firms', and market behaviour using mathematical tools and diagrams.
Select and apply an appropriate model to a given microeconomic problem in a logical, rigorous, and precise manner.
Demonstrate a proficiency in utilising numerical and graphical techniques as well as verbal presentation of microeconomic concepts.
Develop communications skills through the presentation of your work, interactions during tutorial sessions, and appropriate use of the discussion board.
Apply microeconomic models to design solutions to practical economic issues and real-world scenarios.
Assess the microeconomic theories and models in terms of their policy implications, advantages and limitations.

University Graduate Attributes

This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

University Graduate Attribute	Course Learning Outcome(s)
Deep discipline knowledge informed and infused by cutting edge research, scaffolded throughout their program of studies acquired from personal interaction with research active educators, from year 1 accredited or validated against national or international standards (for relevant programs)	1,2,5,6
Critical thinking and problem solving steeped in research methods and rigor based on empirical evidence and the scientific approach to knowledge development demonstrated through appropriate and relevant assessment	1,2,5,6
Teamwork and communication skills developed from, with, and via the SGDE honed through assessment and practice throughout the program of studies encouraged and valued in all aspects of learning	3,4
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	1,2,3,4,5,6
Intercultural and ethical competency adept at operating in other cultures comfortable with different nationalities and social contexts able to determine and contribute to desirable social outcomes demonstrated by study abroad or with an understanding of indigenous knowledges	6
Self-awareness and emotional intelligence a capacity for self-reflection and a willingness to engage in self-appraisal open to objective and constructive feedback from supervisors and peers able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate	6

Learning Resources

Required Resources

Textbook:
The required textbook for this course is:
Intermediate Microeconomics: A Modern Approach: Media Update, Varian.

Exercise Book:
Workouts in Intermediate Microeconomics. Theodore C. Bergstrom. 9th Edition. W.W.Norton

Recommended Resources

Microeconomic References

The following textbook cannot be used as a substitute for the Varian book. But it may be used as a complement to it, providing further examples and explanations.

"Microeconomics and Behaviour", by Robert H. Frank, McGraw-Hill, 7th Edition

Math References

"Mathematics for Economics and Business", by Ian Jacques, Prentice Hall, 7th edition.

“Mathematics for Economists”, by Carl P. Simon and Lawrence Blume (Norton), 2nd Edition

“Fundamental Methods of Mathematical Economics” by Kevin Wainwright and Alpha C. Chiang, McGraw-Hill, 2004 Edition.

“Fundamental Methods of Mathematical Economics” by Alpha C. Chiang, McGraw- Hill, 1993 International Edition.

"Essential Mathematics for Economic Analysis" by K. Sydsaeter and P. Hammond, Prentice Hall, 2006 Edition.

Online Learning

This course uses MyUni intensively and you are required to check the website regularly.
https://myuni.adelaide.edu.au

Course material such as lecture notes, lecture recordings, quiz answers and supplementary material for developing your mathematical skills are available on MyUni. Also, a discussion board will be available for questions you may want to ask the lecturer, tutors or other classmates.

Learning & Teaching Modes

The lectures will provide you with the necessary understanding of the material to be able to solve the exercises you will be given during tutorial, assignments or exams. Some examples will be given to illustrate the concepts presented in this course.

The tutorials will be organised as follows:

Your tutor will present the solutions for one of the tutorial exercises you were asked to prepare to illustrate what is expected from you in solving these kinds of problems.
Students will then be asked to come to the board and present their work and answers to some of the tutorial exercises. Your tutor will provide assistance if needed and questions and comments from other students are strongly encouraged. Each student has to solve one question on board through the semester to earn the participation mark.
At the end of the tutorial, you will be given a short quiz that lasts about 10 minutes. Best 10 out of 11 quizzes will be counted for your tutorial quiz grade. Your tutor will briefly solve the quiz questions after the quiz for immediate feedback.
Diverse learning styles will be supported by the provision of course materials in a variety of formats. The lecture sessions will be recorded providing an audio-visual resource that can be utilized by students, as well as the written resources of the lecture notes and the textbooks.

The practical learning approach will be incorporated through the tutorials as described above, as well as through the provision of additional resources such as past-semester assessment tasks. The online discussion board will also provide a dynamic forum for students to share and develop their ideas.

Workload

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This translates to 12 hours per week for a semester course.

Learning Activities Summary

Teaching & Learning Activities	Related Learning Outcomes
Lectures	1,3,6
Tutorials	2,3,4,5

Lecture Schedule

The tentative lecture schedule is presented below. Any major changes to this schedule will be announced in class and on MyUni.

The text chapters given are for the main text by Varian. The chapter numbers given here are only an indication of relevant readings.

Week	Lecture Topic	Text Reference
1	Budget Constraints	Chapter 2
2	Preferences	Chapter 3
3	Utility	Chapter 4
4	Choice	Chapter 5
5	Demand	Chapter 6
6	Slutsky Equation	Chapter 8
	MID-SEMESTER BREAK
7	Monday lecture: Technology Thursday lecture: Mid-semester Test	Chapter 19
8	Profit Maximization Cost Minimization	Chapter 20 Chapter 21
9	Cost Curves Firm Supply	Chapter 22 Chapter 23
10	Monopoly Monopoly Behaviour	Chapter 25 Chapter 26
11	Oligopoly	Chapter 28
12	Game Theory	Chapter 29

Specific Course Requirements

This course is closely associated with an undergraduate course, ECON2506 Intermediate Microeconomics II. The lecture sessions will be shared between students of both courses, however the tutorial sessions will be separate for this course ECON7011 Intermediate Microeconomics II D. Although the core material covered in the lectures will be the same for you, there are differences in the expectations for the depth of understanding of the material. Assessment tasks, although similar to the tasks of the undergraduate students, will be different. Make sure that you check you have received the correct documents for the postgraduate class for any assessment task. If you have any queries or concerns about the distinction between your course and the undergraduate course, please raise them at your postgraduate tutorial, or contact the lecturer.

The University's policy on Assessment for Coursework Programs is based on the following four principles:

Assessment must encourage and reinforce learning.
Assessment must enable robust and fair judgements about student performance.
Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
Assessment must maintain academic standards.

Assessment Summary

Assessment Task	Task Type	Due	Weighting	Learning Outcome
Mid-Semester Test	Individual	Week 7	30%	1,2,5,6
Tutorial Quizzes	Individual	in tutorials	10%	1,2,5,6
Online Quizzes	Individual	Weekly	5 %	1,2,5,6
Assignment	Individual	Week 12	10%	1,2,4
Final Exam	Individual	Examination period	45%	1,2,5,6

Midterm is redeemable by Final exam, and online quizzes are redeemable by the tutorial quizzes.

Due to the current COVID-19 situation modified arrangements have been made to assessments to facilitate remote learning and teaching. Assessment details provided here reflect recent updates.

To support the changes to teaching, the following revisions to assessment have been made:-

The examination will now be a take-home examination submitted through MyUni rather than an invigilated examination. Further details will be provided in due course.

The assessment weights are as follows:
Note: weekly tutorial questions are not graded and not to be submitted.

Mid-semester Test: Online Mid-semester test. Will take place in Week 7. Details to be announced on MYUNI; 30% weighting (previously 30%)

Weekly Tutorial Quizzes: Two MCQ quiz assignments to be submitted through myuni, each assignment is 5%;
Due dates will be announced soon; 10% (previously 10%)

Online quizzes: Online weekly quizzes (same as the current arrangement); 5% (previously 5%)

Assignment: Assignment. Same as the current arrangement; Submitted through turn-it in, due week 12. Composed of problems; 10% (previously 10%)

Final Exam: take home final exam. Date and details will be announced later; 45% (previously 45%)

Assessment Detail

Tutorial Quizzes - 10%
Weekly – except week 1
The tutorial quizzes component of the assessment will be based on marks received for short quizzes that will occur in tutorials each week except week 1. Each quiz will consist of 3 questions. Of the 11 quizzes, only the best 10 will be counted toward assessment. If you miss a quiz for valid reasons that you can provide proof, please notify your lecturer within 3 days of the quiz and your grade will be adjusted accordingly.

Weekly Online Quizzes 5%
3 multiple choice questions for each chapter. Online quizzes are conducted in myuni, and may refer to workout book questions. Online quiz grade is redeemable by tutorial quiz grade. Of the 14 quizzes, only the best 10 will be counted toward assessment.

Mid semester test week 7- 30%
During lecture time, same location
This test will assess the topics of Weeks 1-5 (inclusive).
It will consist of mathematical problems and short answer questions, and may also include multiple choice questions. Midterm is redeemable by the final exam. That is, you achive a highre grade in the final exam compared to midterm, final exam will count as 60%

Assignment - 10%
due date: week 12
It will consist of mathematical problems, and short discussion questions.

Final Exam - 45%
There will be a 3 hour exam. The final exam is comprehensive, i.e. it can cover ALL the topics of this course. It will consist of mathematical problems and short answer questions, and may also include multiple choice questions.

Submission

1- No late assignment accepted. Exceptional circumstances will be evaluated by the lecturer in charge on a case-by-case basis and should be discussed whenever possible at least 48 hours before the due date. Failure to hand in an assignment on time will lead to a zero mark.

2 – Extensions and alternative assessment conditions for students with disabilities:
It is your responsibility to contact lecturer, in the first 2 weeks of the semester and provide them with a copy of your Access Plan.
You do not have an automatic right to extensions for assignments. You must apply for extensions in the designated way at least 2 weeks before the due date for the assignment. The usual extensions available to students with disabilities is 2 days over the regular due date of the assignments.

3 – All assignments must be submitted electronically via MyUni. Hand written assignments may be scanned for submission

4 – Each assignment should be accompanied by a cover sheet.

5 - Medical reports from only Australian registered medical practitioners are accepted. See for the list of acceptable medical practitioners: www.ahpra.gov.au.

Course Grading

Grades for your performance in this course will be awarded in accordance with the following scheme:

M10 (Coursework Mark Scheme)
Grade	Mark	Description
FNS		Fail No Submission
F	1-49	Fail
P	50-64	Pass
C	65-74	Credit
D	75-84	Distinction
HD	85-100	High Distinction
CN		Continuing
NFE		No Formal Examination
RP		Result Pending

Further details of the grades/results can be obtained from Examinations.

Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

Final results for this course will be made available through Access Adelaide.

Additional Assessment

If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator