Course coordinator
Dr Allan Hernandez Chanto
Course overview
- Study period
- Semester 1, 2025 (24/02/2025 - 21/06/2025)
- Study level
- Postgraduate Coursework
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
This course builds on the economic theory developed in ECON7000 introducing a more advanced level of analysis of consumer and producer behaviour with additional tools and models. Topics may include partial and general equilibrium theory, producer and consumer theory, imperfect competition including monopoly and oligopoly, as well various aspects of externalities, risk and uncertainty.
Public awareness of the importance of micro-economic theory has increased during the last few decades. This is evidenced by the level of content and discussion about both the global and the domestic economy in the media. The primary aim of this course is to provide students with a clear understanding of microeconomic theory and its application in a real-world context.
Course requirements
Assumed background
The mathematical requirements of this course are modest.ﾠBasic arithmetic and calculus, as well as an ability to understand and manipulate simple graphs, are required.
Prerequisites
You'll need to complete the following courses before enrolling in this one:
ECON1010 or 7000
Recommended prerequisites
We recommend completing the following courses before enrolling in this one:
ECON1050 or 7150
Incompatible
You can't enrol in this course if you've already completed the following:
ECON2010 or 7010 or 7012
Course contact
School enquiries
School 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 toﾠenquiries@economics.uq.edu.au.ﾠ
Enquiries relating specifically to course content should be directed to the Course Coordinator/Lecturer.
Course staff
Lecturer
Dr Allan Hernandez Chanto
Tutor
Ms Lou Oxford
Ms Claire Sturm
Miss Natasha Rose Rao
Mr Linn Htet Oo
Mr Thanh Nhan Nguyen
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Lectures commence in Week 1
Tutorials commence in Week 2
Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.
Important Dates:
· Public Holidays: Fri 18 April (Good Friday), Mon 5ﾠMay (Labour Day).
· Mid-Semester Break: 21ﾠApril - 25ﾠApril. Semester 1 classes recommence on Mon 28ﾠApril.
Students should refer to the timetable prior to the commencement of classes to ensure that they have the most up to date information, as from time-to-time late room changes may occur.
Aims and outcomes
The course equips students with the core economic principles that are necessary to understand how decision-makers make optimal choices when they face limited resources.ﾠAt the end of the course, students should be able to apply theoretical tools in real-world situations.ﾠThroughout the course, the emphasis will be on a suitable blend of theory and applications. Understanding and application of the concepts learned, rather than rote learning, will be emphasised. ﾠ
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Formalise intuitive concepts associated with daily economic problems.
LO2.
Apply microeconomic principles and mathematical tools to solve formal economic problems.
LO3.
Analyse the framework of many economic institutions, to define and solve economic problems using a theoretical analysis.
LO4.
Conduct independent research using a critical analysis and an effective communication.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Tutorial/ Problem Set |
Problem Sets
|
20% (Best 10 of 12) |
3/03/2025 - 26/05/2025
Due weekly on Monday by 9:00 AM, starting from week 2 |
| Essay/ Critique, Project |
Analysis of economic articles in newspapers
|
40% |
6/06/2025 3:00 pm |
| Essay/ Critique, Project |
Analysis of a Firm
|
40% |
6/06/2025 3:00 pm |
Assessment details
Problem Sets
- Identity Verified
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 20% (Best 10 of 12)
- Due date
3/03/2025 - 26/05/2025
Due weekly on Monday by 9:00 AM, starting from week 2
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03
Task description
Throughout the course, there will be twelve (12) written tutorial exercises. You can earn two (2) marks for turning in each tutorial exercise. Only the best ten (10) exercises will be counted.
In order to be awarded 2 marks for an exercise, you must submit a reasonably completed (but not necessarily completely correct) exercise online through the course Blackboard site. All answers must be submitted before their specific due dates and times, which will be advised when the exercises are given. If the exercise is typed (with a word processing software), it should be saved as a pdf file before submission. If it is hand-written, you can either scan or take a photo of it, save the scan or photo as a pdf, png or jpeg file, and submit the file. In this case, however, the hand-writing (in the image file submitted) should be legible.
Problem sets will be graded on a 0, 1, or 2 scale. A student will receive 2 points for a complete attempt of all questions, 1 point for an incomplete submission, and 0 points for late submissions.
Please note that there is no need to attend a tutorial in order to submit an exercise.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative 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.
Important: Because weekly problem sets will be solved in each tutorial session, extensions to this tasks cannot be granted once the solution has been released and reviewed.
Submission guidelines
The assignment must be submitted electronically via the Online Submission Folder on the course Blackboard site.
Deferral or extension
You cannot defer or apply for an extension for this assessment.
No extensions or deferrals will be granted for this assessment, as solutions will be released immediately after the due date. Additionally, only the best 10 out of 12 problem sets will be counted, which provides flexibility in case of unforeseen circumstances.
Late submission
You will receive a mark of 0 if this assessment is submitted late.
Late submissions will receive a grade of zero.
Analysis of economic articles in newspapers
- Identity Verified
- Mode
- Written
- Category
- Essay/ Critique, Project
- Weight
- 40%
- Due date
6/06/2025 3:00 pm
- Learning outcomes
- L01, L02, L03, L04
Task description
Preliminaries
Each student will be randomly assigned to one of several categories (e.g., financial economics, public economics, political economy, etc.) by the end of the second week.
The purpose of this individual essay is to analyze a local or international news article within your assigned category. You must apply the concepts and tools learned in the course to complete this task successfully.
Essay Structure
Your essay must include the following sections:
- Summary – A bullet-point summary of the chosen news article.
- Background – Contextual information relevant to the news.
- Analysis A & Analysis B
- Who is affected? Identify the parties impacted by the policy in the news and explain how they are affected.
- Influence of government or third parties – Explain how and why the government or another entity influenced the outcome.
- Recommendation – Your policy or economic recommendations based on your analysis.
- Appendix
- List of Figures
- References
- News Attachment (attach the full article).
News Article Requirements
- The news article must be published in English and dated January 2025 or later.
- No two students within the same category may select the same or a highly similar news article. Penalties will apply in such cases (see below).
Reserving a News Article
News article selection is first-come, first-served within each category.
- The course coordinator will create a "Reserved Article" forum for each group. Do not create another forum.
- Each student must create a thread within the "Reserved Article" forum to reserve their article.
- Use the provided template to enter:
- Headline
- Source
- Publication Date
- Link (if available)
- It is your responsibility to ensure that your article is not the same or too similar to those already reserved. If unsure, consult the course coordinator.
More details are available in the forum.
Rules (Must Read)
- Category Compliance – Your article must match your assigned category. Failure to do so may result in penalties.
- Technical Issues Are Not Excuses – Computer or internet problems will not be accepted as valid reasons for missing deadlines. Submit your essay at least one day before the deadline.
- Citations & Academic Integrity –
- All sources must be properly cited.
- Any figures or content taken from other sources must be referenced appropriately.
- Failure to cite sources correctly may result in an academic integrity investigation.
- Formatting & Word Limit –
- Use APA (American Psychological Association) citation style.
- Word count: 2,500–3,000 words (excluding references, figures, and the news attachment).
- Any analysis beyond 3,000 words will not be considered.
- Turnitin Submission –
- Check carefully before submitting.
- You may re-upload your file multiple times before the deadline.
- No submissions via email or hard copy will be accepted.
- Uploading the wrong file is not a valid excuse for resubmission after the deadline.
Academic Integrity
This assessment evaluates your individual abilities, skills, and knowledge without the aid of Artificial Intelligence (AI).
- The use of AI technologies to generate responses is strictly prohibited.
- Any misuse of AI tools may be considered academic misconduct under the Student Code of Conduct.
More details on this assessment will be available on Blackboard.
Submission guidelines
The assessment must be submitted electronically in pdf format ONLY via the Turn-it-in folder on the course Blackboard site by the due date and time.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions for this essay will be granted only in accordance with the University of Queensland (UQ) policies. Students requesting an extension must provide evidence of exceptional circumstances and submit their application through the formal protocols in place at MyUQ.
Please ensure you follow the required procedures if you need to apply.
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.
Analysis of a Firm
- Identity Verified
- Mode
- Written
- Category
- Essay/ Critique, Project
- Weight
- 40%
- Due date
6/06/2025 3:00 pm
- Learning outcomes
- L01, L02, L03, L04
Task description
Guidelines for the Individual Report
Purpose
This individual report requires you to analyze the structure and market of a company.
- If the company operates in multiple industries, focus on a single market in which it operates.
- You must apply the concepts and tools learned in the course to complete this task successfully.
Report Structure
Your report must be well-organized and include the following sections:
- Title – Clearly indicate the subject of your report.
- Abstract – A concise summary (maximum 200 words).
- Introduction – Provide background on the company and the selected market.
- Main Analysis – Apply course concepts to analyze the company’s market structure and strategy.
- Conclusion – Summarize key findings.
- References & Figures – Cite all sources appropriately.
Formatting & Submission
- The report must be submitted in PDF format via the Turnitin folder on Blackboard.
- Word Limit: Maximum 3,000 words (excluding references and figures).
Academic Integrity
This assessment evaluates your individual abilities, skills, and knowledge without the aid of Artificial Intelligence (AI).
- The use of AI technologies to generate responses is strictly prohibited.
- Any misuse of AI tools may be considered academic misconduct under the Student Code of Conduct.
More details on this assessment will be available on Blackboard.
Submission guidelines
Turnitin via Blackboard by the due date & time.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions for this essay will be granted only in accordance with the University of Queensland (UQ) policies. Students requesting an extension must provide evidence of exceptional circumstances and submit their application through the formal protocols in place at MyUQ.
Please ensure you follow the required procedures if you need to apply.
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. Further information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies and Procedures. Please refer to the Academic Integrity Modules (AIM). It is strongly recommended that you complete the AIM if you have not already done so.
SUBMISSION OF ASSIGNMENTS
All assignments must be submitted by the due date and time stated in the course profile. For this course, students are required to submit their assignments via Turnitin, on the course Blackboard site.
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.
Additional learning resources information
The required textbook has an online MyLAB course that has additional content such as videos and study questions.ﾠ
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 (24 Feb - 02 Mar) |
Lecture |
Week 1: Review of mathematical tools Definition of functions and derivatives. Rules of differentiation. Definition of increasing, decreasing, convex, and concave functions. Unconstrained Optimization Learning outcomes: L01, L02 |
Week 2 (03 Mar - 09 Mar) |
Lecture |
Week 2: The Supply and Demand Model Demand, supply, and market equilibrium. Shocks to the market equilibrium. Demand and supply elasticity. Applications of the supply and demand model. Learning outcomes: L01, L02 |
Week 3 (10 Mar - 16 Mar) |
Lecture |
Week 3: Consumers' Preferences Definition of preferences. Properties of preferences. Indifference curves. Utility functions. Learning outcomes: L01, L02, L03 |
Week 4 (17 Mar - 23 Mar) |
Lecture |
Week 4: Consumer's choice Budget sets. Constrained consumer choice. Tangency condition. Optimal consumption bundles. Learning outcomes: L01, L02, L03 |
Week 5 (24 Mar - 30 Mar) |
Lecture |
Week 5: Expenditure minimization problem The expenditure function. Expenditure Minimization Problem. Cost-of-living adjustment. Learning outcomes: L01, L02, L03 |
Week 6 (31 Mar - 06 Apr) |
Lecture |
Week 6: Derivation of demand function Hicksian and Marshallian demands. Comparative statics. Engel curves. Price and substitution effects Learning outcomes: L01, L02, L03 |
Week 7 (07 Apr - 13 Apr) |
Lecture |
Week 7: The firm's problem Cost minimisation problem. Profit maximisation problem. Derviation of the cost function. Total, average, and marginal costs. Learning outcomes: L01, L02, L03 |
Week 8 (14 Apr - 20 Apr) |
Lecture |
Week 8: Competitive Markets Derivation of the supply curve. Zero profit in the long run. Consumer welfare. Producer welfare. Government interventions (taxes, subsidies, quotas). Friday, April 18th is the Good Friday Public Holiday. If your tutorial is scheduled for this day, please attend any of the other tutorials scheduled for the week. Learning outcomes: L01, L02, L03 |
Week 9 (28 Apr - 04 May) |
Lecture |
Week 9: Monopoly Monopoly profit maximisation. Lerner's index. Market power. Welfare effects of monopolistic markets. Contestable monopolies. Government actions that create monopolies. Learning outcomes: L01, L02, L03 |
Week 10 (05 May - 11 May) |
Lecture |
Week 10: Introduction of Game Theory Formal norm games. Dominant and dominated strategies. Equilibrium in dominant strategies. Prisoner's dilemma. Nash equilibrium. Monday, May 5th is the Labour Day public holiday. Students with Monday tutorials are advised to attend any other tutorials scheduled for the week. Learning outcomes: L01, L02, L03 |
Week 11 (12 May - 18 May) |
Lecture |
Week 11: Oligopolies Definition of oligopolies. Bertrand competition. Cournot competition. Learning outcomes: L01, L02, L03 |
Week 12 (19 May - 25 May) |
Lecture |
Week 12: General equilibrium Endowments. Edgeworth Box. Contract curve. Pareto efficient allocation. Equilibrium prices and allocations. Learning outcomes: L01, L02, L03 |
Week 13 (26 May - 01 Jun) |
Lecture |
Week 13: General Essays Consultation The time of the lecture will be devoted to answering questions about the two essays students have to deliver for the course. Learning outcomes: L01, L02, L03, L04 |
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.