Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- 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
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
Lecturer
Tutor
Ms Lou Oxford
Miss Natasha Rose Rao
Ms Mac Thuy Linh Tran
Ms Claire Sturm
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Tutorial Preferencing:ﾠPlease refer to My Timetable (available via the my.UQ dashboard) for more information on the tutorial preferencing and allocation process. Tutorials will commence will commence in TeachingﾠWeek 2.
The timetable is published through the UQ Public Timetable found in the APPs section of myUQ. Students should refer to the timetable prior to the commencement of classes to ensure that they have the up-to-date information, as from time to time late room changes may occur. The timetable can be downloaded here: Public Timetable.
Public Holidays: Wed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).
In-Semester Break: 23 - 29 September. Semester 2 classes recommence Mon 30 September.
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) |
Due weekly on Monday by 12PM, starting from week 2. |
| Essay/ Critique | Analysis of economic articles in newspapers | 40% |
25/10/2024 4:00 pm |
| Project | Analysis of a Firm | 40% |
25/10/2024 4:00 pm |
Assessment details
Problem Sets
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 20% (Best 10 of 12)
- Due date
Due weekly on Monday by 12PM, starting from week 2.
- Learning outcomes
- L01, L02
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.
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.
Late submission
You will receive a mark of 0 if this assessment is submitted late.
Analysis of economic articles in newspapers
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 40%
- Due date
25/10/2024 4:00 pm
- Learning outcomes
- L03, L04
Task description
Preliminaries
There will be a set of several categories (e.g., financial economics, public economics, political economy, etc.) to which each of you will be randomly assigned by the end of the second week. The purpose of this INDIVIDUAL essay is to analyse a local or international piece of news within your assigned category. You have to use all the concepts and tools learned in the course to successfully complete this task. The essay must contain the following sections:
1. Summary of the chosen news in a bullet style.
2. Background.
3. Analysis A & Analysis B.
3.1 Who or which parties are affected by the policy covered in the news? How are they affected?
3.2 Why and how the government, or any other third party, did influence the outcome?
4. Recommendation
5. Appendix
5.1 Lists of Figures
5.2 Reference
5.3 News attachment
The news article MUST be published after January 2023 and must be in English. No two students assigned to the same category are allowed to choose the same or similar news article. Penalty rates will apply in such a case (see below).
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.
How to reserve the news article
The reservation of a news article is based on a first-come-first-serve basis.
Within each group, the course coordinator will create a form titled "Reserved Article." Please DO NOT create another forum. To avoid any confusion, any article reserved using a different forum will not be considered.
Each student must create a thread within the "Reserved Article" forum to reserve his/her own article. Students must use the template provided to enter the information on the news regarding the headline, source, publishing date, and the link (if available). It is your responsibility to make sure that your chosen article is not the same or too similar to the ones reserved in earlier threads. Any doubts should be directed to the course coordinator. Further information is available on the forum.
RULES (MUST READ)
Each student must reserve the news article according to the assigned category. See above for details. Failure to do so might be subjected to a penalty rate.
No computer-related problems are allowed as an excuse to miss the deadline. It is highly recommended that you attempt to submit the file at least a day prior to the deadline.
ALL the relevant references must be provided. This is VERY IMPORTANT. Any figures and content taken from other sources must be cited appropriately. Failure to do so may potentially lead to an academic integrity investigation.
Please use the APA (American Psychological Association) style rules for references. The essay is limited to a 2,500-3,000 word count (excluding references, figures, and the news attachment). Any analysis beyond the 3,000 words count will be disregarded.
Check very carefully to ENSURE that the correct/updated file is uploaded through the Turn-it-in by the due date.** You can re-upload the file as many times as you wish, as long as the due date has not yet been passed.
I do not accept any submission via other platforms such as hard-copy or email. The submission of the wrong file through the Turn-it-in is not an acceptable excuse to ask for a resubmission after the due date.
More detailed information about this assessment and its marking scheme will be posted on Blackboard at the start of the semester.
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 7 days. Extensions are given in multiples of 24 hours.
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
- Mode
- Written
- Category
- Project
- Weight
- 40%
- Due date
25/10/2024 4:00 pm
- Learning outcomes
- L03, L04
Task description
The purpose of this INDIVIDUAL report is to analyse the structure and market of a company. For large companies that operate in multiple industries, you should focus on a single market that the company is operating in. You should use the concepts and tools learned in the course to successfully complete this task. The assessment must be submitted in pdf format via the Turn-it-in folder provided on the course Blackboard site.
The report should be organized in a coherent manner and must have a title, an abstract (max. 200 words), a short introduction, the main analysis, and a short conclusion. The report is limited to 3,000 words (excluding references, figures).
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
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 7 days. Extensions are given in multiples of 24 hours.
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 & Guidelines. Please refer to the Academic Integrity Module (AIM). It is strongly recommended that you complete 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.
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 (22 Jul - 28 Jul) |
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 (29 Jul - 04 Aug) |
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, L03 |
Week 3 (05 Aug - 11 Aug) |
Lecture |
Week 3: Consumers' Preferences Definition of preferences. Properties of preferences. Indifference curves. Utility functions. Learning outcomes: L01, L02, L04 |
Week 4 (12 Aug - 18 Aug) |
Lecture |
Week 4: Consumer's choice No lecture or tutorials will be held on Wednesday. A lecture recording will be uploaded and students are expected to watch it in order to study for the weekly tutorial questions. Students who would normally attend tutorials on this day are advised to attend another session of the week, for this week only. |
Week 5 (19 Aug - 25 Aug) |
Lecture |
Week 5: Expenditure Minimization Problem Budget sets. Constrained consumer choice. Tangency condition. Optimal consumption bundles. Learning outcomes: L01, L02, L03, L04 |
Week 6 (26 Aug - 01 Sep) |
Lecture |
Week 6: Derivation of demand function The expenditure function. Expenditure Minimization Problem. Cost-of-living adjustment. Learning outcomes: L01, L02 |
Week 7 (02 Sep - 08 Sep) |
Lecture |
Week 7: The firm's problem Hicksian and Marshallian demands. Comparative statics. Engel curves. Price and substitution effects. Learning outcomes: L01, L02, L04 |
Week 8 (09 Sep - 15 Sep) |
Lecture |
Week 8: Competitive Markets Cost minimisation problem. Profit maximisation problem. Derviation of the cost function. Total, average, and marginal costs. Learning outcomes: L01, L02 |
Week 9 (16 Sep - 22 Sep) |
Lecture |
Week 9: Monopoly Derivation of the supply curve. Zero profit in the long run. Consumer welfare. Producer welfare. Government interventions (taxes, subsidies, quotas). Learning outcomes: L01, L02 |
Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
Mid semester Break No lecture or tutorials will be held this week. |
Week 10 (30 Sep - 06 Oct) |
Lecture |
Week 10: Introduction of Game Theory 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 11 (07 Oct - 13 Oct) |
No student involvement (Breaks, information) |
Monday - King's Birthday public holiday Students who would normally attend tutorial on this day are advised to attend another session of the week, for this week only. |
Lecture |
Week 11: Oligopolies Normal form games. Dominant and dominated strategies. Equilibrium in dominant strategies. Prisoner's dilemma. Nash equilibrium. Learning outcomes: L01, L02, L03 |
|
Week 12 (14 Oct - 20 Oct) |
Lecture |
Week 12: General Equilibrium Definition of oligopolies. Bertrand competition. Cournot competition. Learning outcomes: L01, L02, L03 |
Week 13 (21 Oct - 27 Oct) |
Lecture |
Week 13: Review Endowments. Edgeworth Box. Contract curve. Pareto efficient allocation. Equilibrium prices and allocations. Learning outcomes: L01, L02 |
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.