Course coordinator
Dr Carlos Oyarzun
Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- Study level
- Undergraduate
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
This course further enhances critical thinking of students around topics that cover theories of the firm, partial and general equilibrium of markets, and production and cost analysis. These tools will equip students with a deeper understanding of the functioning of markets and institutions and the behaviour of economic agents, as well as of the implications for policy makers and managers.
Basic microeconomic theory lays the foundation to many analytical frameworks in economics. This course provides students with an in-depth understanding of consumer and producer theory in microeconomics, thereby equipping them with the concepts and tools for higher level courses in economics. The course will mainly be theoretical.ﾠApplications will be introduced in the practice problems.
Course requirements
Assumed background
It is assumed that students will have previously covered material in the areas of both macroeconomics and microeconomics at the introductory level. Students shouldﾠ be aware that ﾠalgebra andﾠcalculus will be used in the course. Completion of ECON1050 Tools of Economic Analysisﾠ(or equivalent) is recommended before enrolling in this course.ﾠ
Prerequisites
You'll need to complete the following courses before enrolling in this one:
ECON1010 or 1011
Recommended prerequisites
We recommend completing the following courses before enrolling in this one:
ECON1050
Incompatible
You can't enrol in this course if you've already completed the following:
ECON2011
Restrictions
Not to be studied by BAdvBus(Hons) and BAdvFinEcon(Hons) students
Course contact
School enquiries
Student Enquiries, School of Economics
All enquiries regarding student and academic administration (i.e. non-course content information, e.g., class allocation, timetables, extension to assessment due date, etc.) should be directed to enquiries@economics.uq.edu.au.
Enquiries relating specifically to course content should be directed to the Course Coordinator/Lecturer.
Course staff
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Lectures
Lectures will be delivered on campus, recorded and uploaded to the ECON2010 Blackboard site.
Students are expected to have watched the corresponding videos ahead of the lecture. This videos can be found on Blackboard under Learning Resources at the left panel.
Tutorials
Tutorial questions relating to each topic will be provided on the ECON2010 Blackboard site. Tutorials will be held each week on the lecture material up to the preceding lecture or any other material that the course coordinator considers relevant. Students should attempt to solve the tutorial questions prior to attending the tutorial sessions. Students are required to select their preferred class times through My Timetable and attend their allocated timeslot. Tutorials will commence in Teaching Week 1.
If there is a holiday in the day of the tutorial you regularly attend, you are welcome to attend any other tutorial session corresponding to that tutorial.
There are no tutorials on weeks 7 and 13 (as those weeks are dedicated to Exercise I and II respectively).
Consultation
Consultation is your chance to speak directly with the teaching staff, one on one. A consultation timetable listing the consultation times/locations for all teaching staff will be posted on the course website on Blackboard. There is no need to make an appointment, simply attend any staff member's scheduled session. Note however that consultation sessions held immediately prior to assessment times are likely to be busy.
Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.
Public Holidays: Wed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).
Mid-Semester Break: 23 - 29 September. Semester 2 classes recommence Mon 30 September.
Aims and outcomes
In modern economics, individual choices are often first analysed, and then examined ﾠin an interactive environment for a prediction of the "market" outcome. It is therefore crucial to understand how individual consumers, firms or organisations make choices, and the market structure under which these choices are made.
ﾠ
The primary aim of this course is to provide this exact perspectiveﾠ by introducing students to the ﾠmicroeconomic theoryﾠ underlying the basic ﾠeconomic concepts -- such as demand and supply -- discussed in Introductory Microeconomics (ECON1010). Successful completion of this course should equip students with a deeper understanding of basic microeconomic theory for everyday applications. It should also lay a solid foundation for higher level courses in economics.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Use microeconomic theory to evaluate economic choices.
LO2.
Analyse market structures using microeconomic theory.
LO3.
Apply economics theory to make qualitative predictions.
LO4.
Communicate findings using various digital modes.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Tutorial/ Problem Set | Tutorial Exercises | 16% Individual: best 8 of 9 |
5/08/2024 - 14/10/2024
Due Monday at 10:00am Weeks 3-6, 8-10, 12 and Tuesday 9:00am on Week 11 |
| Tutorial/ Problem Set | Exercise I | 37% |
2/09/2024 - 3/09/2024
Due on Tuesday 10am |
| Tutorial/ Problem Set | Exercise II | 37% |
21/10/2024 - 22/10/2024
Due on Tuesday 10am |
| Poster | Infographic: Analysis of Economic Policy Problems | 10% Group project |
You should have joined a group on Blackboard by 13/09/2024 1:00 pm The Infographic and the page with key points should be submitted by one UQ student from each group via Blackboard by 4/11/2024 1:00 pm |
Assessment details
Tutorial Exercises
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 16% Individual: best 8 of 9
- Due date
5/08/2024 - 14/10/2024
Due Monday at 10:00am Weeks 3-6, 8-10, 12 and Tuesday 9:00am on Week 11
- Learning outcomes
- L01, L02, L04
Task description
Two (2) marks will be awarded for a written tutorial exercise if:
- it is completed and legible; and
- is submitted through the course Blackboard site before the due date and time.
The answers do not have to be correct in order to gain the 2 marks.
One (1) mark will be awarded for a written tutorial exercise if:
- it is submitted through the course Blackboard portal before the due date and time;
- is legible; but
- substantial part/s of the questions are left unattempted.
No mark (or a 0) is awarded if:
- the exercise is not submitted through the course Blackboard site
- the exercise is illegible to a reasonable person.
- the degree of completion is regarded as minimal by the marker
This assessment task evaluates student’s abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Submit online through the Portal on the course Blackboard site.
Deferral or extension
You cannot defer or apply for an extension for this assessment.
No extensions are possible, even with a medical certificate. A penalty of 100% for non submission.
Late submission
For Tutorial Exercises, no late submission is possible.
Exercise I
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 37%
- Due date
2/09/2024 - 3/09/2024
Due on Tuesday 10am
- Learning outcomes
- L01
Task description
- You will be assessed on the topics covered in Lectures 1-6 (and tutorials 1-6).
- Exercise I will be posted on Blackboard and needs to be submitted through Turnitin.
- It will consist of problem solving questions and/or short questions.
- Further details will be posted on Blackboard.
Superior performance in this course consists of
- A thorough understanding of the materials covered;
- An ability to argue, critique and discuss notions introduced in the course;
- An ability to apply the concepts and tools covered to solve problems; and
- An ability to effectively communicate the ideas discussed in this course.
See also Section - Course Grading.
This assessment task evaluates student’s abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Exercise I will be posted on Blackboard and needs to be submitted through Turnitin.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 7 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Exercise II
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 37%
- Due date
21/10/2024 - 22/10/2024
Due on Tuesday 10am
- Learning outcomes
- L01, L02, L04
Task description
- You will be assessed on the topics covered in Lectures 8-12 (and tutorials 8-12) but background knowledge from previous lectures/tutorials may be required.
- Exercise I will be posted on Blackboard and needs to be submitted through Turnitin.
- It will consist of problem solving questions and/or short questions.
- Further details will be posted on Blackboard.
Superior performance in this course consists of
- A thorough understanding of the materials covered;
- An ability to argue, critique and discuss notions introduced in the course;
- An ability to apply the concepts and tools covered to solve problems; and
- An ability to effectively communicate the ideas discussed in this course.
See also Section - Course Grading.
This assessment task evaluates student’s abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Exercise II will be posted on Blackboard and needs to be submitted through Turnitin.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 7 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Infographic: Analysis of Economic Policy Problems
- Mode
- Product/ Artefact/ Multimedia
- Category
- Poster
- Weight
- 10% Group project
- Due date
You should have joined a group on Blackboard by 13/09/2024 1:00 pm
The Infographic and the page with key points should be submitted by one UQ student from each group via Blackboard by 4/11/2024 1:00 pm
- Learning outcomes
- L01, L02, L03, L04
Task description
Task
Your main task is to develop (i) an infographic that describes government’s policies that your team recommends to solve an economic problem (to be specified later in the course) and (ii) a one-page (A4 single column, 12 point font, maximum 500 words) with key points. The key points are the key ideas that the infographic is trying to communicate, plus complementary information such as background information. You need to use relevant concepts and tools learned in the course to successfully complete this task. An introductory paragraph and/or background might be useful. We don't have a requirement of everything being written in dot-points, so you can decide on the format. References have to be included at the end, using APA style, and they are not counted within the word-count limit.
The use of AI is not forbidden, but if any of the students in the group has used AI to complete this project, your submission must include the sentence "We have used AI to complete this project" at the end of the page (not counted in the word account). A failure to acknowledge the use of AI when AI has been used may constitute student misconduct under UQ Student Code of Conduct.
Groups
In your first tutorials you will be given time to form a group to work on the project. However, students are not required to be in the same tutorial to be in the same group. By 1:00 PM Friday of week 8, you should have joined a group on Blackboard. This is a requirement to receive any marks in this assessment component.
Relevant Information
Relevant information for the project will be announced on Blackboard.
Detailed rubric will be available and announced via Blackboard.
Submission guidelines
The assessment must be submitted using the Blackboard Assignment tool.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 7 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0% - 29% |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30% - 46% |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47% - 49% |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50% - 64% |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65% - 74% |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75% - 84% |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85% - 100% |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
Additional course grading information
A student's final overall end of semester percentage mark will be rounded to determine their final grade. For example, 64.5% rounds to 65%, while 64.4% rounds to 64%.
Supplementary assessment
Supplementary assessment is available for this course.
Additional assessment information
Plagiarism
The School of Economics is committed to reducing the incidence of plagiarism.ﾠFurther information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies & Guidelines. Please refer to the Academic Integrity Module (AIM). It is strongly recommended that youﾠcomplete the AIM if you have not already done so.
Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Find the required and recommended resources for this course on the UQ Library website.
Own copy required
You'll need to have your own copy of the following reading resources. We've indicated below if you need a personal copy of the reading materials or your own item.
| Item | Description |
|---|---|
| Book |
Microeconomics: an intuitive approach with calculus
by Nechyba; Thomas J. - 2017 Edition: 2nd edition Publisher: CENGAGE Learning ISBN: 9781305650466; 9780357701409 |
Additional learning resources information
Additional class resources will be posted regularly on Blackboard including slides, tutorial questions, additional readings, and class notices.
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (22 Jul - 28 Jul) |
Lecture |
Lecture 1: Preference and Utility Assumptions on consumer preferences, Representing preferences with a utility function Readings/Ref: NECHYBA (Chapter 4) Learning outcomes: L01, L04 |
Week 2 (29 Jul - 04 Aug) |
Lecture |
Lecture 2: Indifference Curves and Budget Set Indifference curves, Marginal Rate of Substitution, Budget Sets Readings/Ref: NECHYBA (Chapters 2-5) Learning outcomes: L01, L03, L04 |
Week 3 (05 Aug - 11 Aug) |
Lecture |
Lecture 3: Utility Maximisation The Utility maximisation problem Readings/Ref: NECHYBA (Chapter 6) Learning outcomes: L01, L03, L04 |
Week 4 (12 Aug - 18 Aug) |
Lecture |
Lecture 4: Expenditure Minimisation Consumer's expenditure minimisation problem, relationship between utility maximisation and expenditure minimisation Readings/Ref: NECHYBA (Chapter 7B) Learning outcomes: L01, L03, L04 |
Week 5 (19 Aug - 25 Aug) |
Lecture |
Lecture 5: Demand Readings/Ref: NECHYBA (Chapter 7) Learning outcomes: L01, L03, L04 |
Week 6 (26 Aug - 01 Sep) |
Lecture |
Lecture 6: Consumer's Welfare Readings/Ref: NECHYBA (Chapter 10) Learning outcomes: L01, L03, L04 |
Week 7 (02 Sep - 08 Sep) |
Problem-based learning |
Exercise I Submission No lecture or tutorial this week |
Week 8 (09 Sep - 15 Sep) |
Lecture |
Lecture 8: Production Profit-maximisation and Cost-minimisation Readings/Ref: NECHYBA (Chapters 11-13) Learning outcomes: L01, L03, L04 |
Week 9 (16 Sep - 22 Sep) |
Lecture |
Lecture 9: Price-Taking Markets Competitive market equilibrium, intervention Readings/Ref: NECHYBA (Chapters 14, 18, 19) Learning outcomes: L01, L02, L03, L04 |
Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
No lecture or tutorials |
Week 10 (30 Sep - 06 Oct) |
Lecture |
Lecture 10: Market Power Monopoly, Monopolist Marginal Revenue, Deadweight loss. Readings/Ref: NECHYBA (Chapter 23) Learning outcomes: L01, L02, L03, L04 |
Week 11 (07 Oct - 13 Oct) |
Lecture |
Lecture 11: Externalities Producer and Consumer Externalities: Regulation and Taxes. Readings/Ref: NECHYBA (Chapter 21) Learning outcomes: L01, L02, L03, L04 |
No student involvement (Breaks, information) |
King's Birthday - Public Holiday Monday 7/10/2024 - King's Birthday Public Holiday |
|
Week 12 (14 Oct - 20 Oct) |
Lecture |
Lecture 12: Public Goods Free-riding and Public Goods. Readings/Ref: NECHYBA (Chapters 27) Learning outcomes: L01, L02, L03, L04 |
Week 13 (21 Oct - 27 Oct) |
Problem-based learning |
Exercise II Submission No lecture this week |
Policies and procedures
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments - Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.