UWA Business School

Unit Outline

Microeconomics: Prices and Markets

ECON1101

SEM-1, 2015

Campus: Crawley

Unit Coordinator: Dr Andrew Williams

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Unit details
Unit title Microeconomics: Prices and Markets
Unit code ECON1101 Credit points 6
Availability SEM-1, 2015 (23/02/2015 - 20/06/2015)
Location Crawley Mode Face to face

Contact details
Faculty Business School
School UWA Business School
School website www.business.uwa.edu.au
Unit coordinator Dr Andrew Williams
Email andrew.williams@uwa.edu.au
Telephone 6488 3859
Consultation hours Andrew Williams : By appointment
Unit contact hours
Lecture time: Tuesdays (L1), 10:00am – 11:00am
Tuesdays (L2), 3:00pm – 4:00pm
Lecture venue: Please refer to the current timetable webpage http://www.timetable.uwa.edu.au
Lecture capture system LCS is implemented for this unit.
Online handbook http://units.handbooks.uwa.edu.au/units/ECON/ECON1101
Unit website http://www.lms.uwa.edu.au

Unit description
This is an introductory unit in microeconomic theory with some policy applications. Topics include an introduction to the economising
problem; pure capitalism; demand and supply analysis and elasticity; market failure and the role of governments in an economy;
theories of consumer behaviour; production theory and analysis of the costs of production; and price and output determination under
different market structures including perfect competition, monopoly, monopolistic competition and oligopoly.

Mission statement
Participants in this unit will be able to identify, reflect upon and apply individual and societal choices and decisions using the unique
economic way of thinking.

Introduction
Microeconomics; Prices and Markets addresses the economic decisions of individual firms and households and how they interact in
markets. This unit requires no prior knowledge of economics, and relies heavily on graphical theoretical analysis to show the theories
that underpin the behaviour of consumers and firms.

Unit content
By looking at markets from the point of view of the consumers (demand) and businesses (supply), we will see how the free interaction
of these two forces in a competitive environment combine to provide society with the greatest benefit from the given resources we have
at our disposal. We shall also look at the consequences of monopoly power and cases of market failure, as well as the role of the
government in a market economy.

Unit goals
The goal of this unit is to provide students with the analytical tools to examine complex economic and social issues within a simple
economic framework.

Educational principles and graduate attributes

In this unit, you will be encouraged and facilitated to develop the ability and desire to:
1. Develop disciplinary and interdisciplinary knowledge and skills through study and research-based enquiry, at internationally
recognised levels of excellence
to think, reason and analyse logically and creatively
to question accepted wisdom and be open to innovation

2. Further develop the skills required to learn, and to continue through life to learn, from a variety of sources and experiences
to develop attitudes which value learning
to acquire skills in information literacy.

3. Communicate clearly, effectively and appropriately in a range of contexts

to develop spoken and written English communication skills at high levels

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 to acquire skills in critical literacy and interpersonal communication

Learning outcomes
Students are able to (1) recognise the opportunity cost of a planned action; (2) use simple diagrammatic models to predict economic
outcomes; (3) explain why lowering price does not always increase revenue; (4) demonstrate the concept of economic costs; (5)
describe the process of price determination and explain how it is affected by particular market structures; (6) distinguish degrees of
competitiveness in the market for particular goods and services, and explain why competitiveness promotes economic efficiency; (7)
identify the ways in which concentration of market power erodes consumer sovereignty; and (8) define market failure and assess the
various ways in which it can be remedied.

Unit schedule
Week Week Weekly Topic Lecturer Workshop Comment
beginning
1 23 TOPIC 1: Andrew No workshop
February Introduction Williams
Online videos:
none
2 2 March TOPIC 2: How Andrew Workshop 1: Introduction Online Quiz 1
Markets Work (I) Williams and How Markets Work
3 9 March TOPIC 2: How Andrew Workshop 2: How Markets Online Quiz 2
Markets Work (II) Williams Work (2)
4 16 March TOPIC 3: Andrew Workshop 3: Elasticity Online Quiz 3
Elasticity Williams
5 23 March TOPIC 4: Going Andrew Workshop 4: Going Behind Online Quiz 4
Behind the Williams the Demand Curve
Demand Curve
6 30 March TOPIC 5: Andrew Workshop 5: Production Online Quiz 5
Production and Williams and Costs
Costs NOTE: April 3 is Good Friday. Students
who have a workshop on this day must
attend another workshop during that week
(please see timetable for alternative times
and venues).
Mid- 6 April No classes No workshop
semester
study break
7 13 April TOPIC 6: Perfect Andrew Workshop 6: Perfect Prosh Wed April 15 - no classes till
Competition Williams Competition / Practice for midday. Students with a morning
Mid Semester exam workshop will need to attend another
workshop during that week.

MID SEMESTER EXAM: Thursday, April

16 (Time and Venues TBA) - 20% of final
grade
8 20 April TOPIC 7: Andrew Workshop 7: Monopoly Online Quiz 6
Monopoly Williams
9 27 April TOPIC 8: Andrew Workshop 8: Monopolistic Online Quiz 7
Monopolistic Williams Competition
Competition
10 4 May TOPIC 9: Andrew Workshop 9: Oligopoly and Online Quiz 8
Oliogopoly and Williams Game Theory
Game Theory
11 11 May TOPIC 10: The Andrew Workshop 10: The Role of Online Quiz 9
Role of the Williams the Government I
Government I
12 18 May TOPIC 11: The Andrew Workshop 11: Group presentations in workshops (15%
Role of the Williams PRESENTATION WEEK of final grade)
Government II
13 25 May Course Overview Andrew Workshop 12: Role of the Online Quiz 10 (Role of the Government
and final exam Williams Government II II)
practice

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 Pre-
examination
study break
Semester 1 6 - 20
examination June
period

Teaching and learning responsibilities

Teaching and learning strategies
In essence, the study of microeconomics requires you first of all to learn the theory and models underlying individual markets. However,
of equal importance is your ability to be able to use these theories and apply them to specific situations.
The teaching in this unit relies largely on a combination of pre-recorded videos, face-to-face lectures (1 per week) and workshops (1
per week, two hour duration). The online and face-to-face lectures are designed to help you understand the content of the material
covered in this unit. The workshops are designed to help further your understanding of lecture content and apply the material you have
learned in the lectures to specific problems.

Teaching and learning evaluation

You may be asked to complete two evaluations during this unit. The Student Perception of Teaching (SPOT) and the Students’ Unit
Reflective Feedback (SURF). The SPOT is optional and is an evaluation of the lecturer and the unit. The SURF is completed online and
is a university wide survey and deals only with the unit. You will receive an email from the SURF office inviting you to complete the
SURF when it is activated. We encourage you to complete the forms as your feedback is extremely important and can be used to
make changes to the unit or lecturing style when appropriate.

Attendance
Participation in class, whether it be listening to a lecture or getting involved in other activities, is an important part of the learning
process, therefore it is important that you attend classes. More formally, the University regulations state that ‘to complete a course or
unit students shall attend prescribed classes, lectures, seminars and tutorials’. Where a student, due to exceptional circumstances, is
unable to attend a scheduled class, they are required to obtain prior approval from the unit coordinator to be absent from that class. Any
student absent from class without having had such absence approved by the unit coordinator may be referred to the faculty for advice
and may be required to withdraw from the unit.

PASS program
PASS is a peer facilitated, cooperative student support scheme for students. PASS gives first year students enrolled in some of the
large core units the opportunity to work collaboratively in small groups with the help of competent, caring, subject experienced student
peers. In PASS, the focus is on the group and learning together. Peer learning is recognised as a powerful learning technique and
research has shown that students who study together outside the classroom achieve better results. See
http://www.business.uwa.edu.au/studentnet/learning/pass

Charter of student rights and responsibilities

The Charter of Student Rights and Responsibilities upholds the fundamental rights of students who undertake their education at the
University of Western Australia. The University's charter of Student Rights and Responsibilities is available at
http://www.secretariat.uwa.edu.au/home/policies/charter
Student Guild contact details
Contact details for the University Student Guild can be found at http://www.guild.uwa.edu.au/. The Guild Education Officer is available to
provide assistance and advice on a range of issues.

ACE/AISE/CARS
Your academic orientation includes three online units which you must complete within the first 10 weeks of your enrolment:
AACE1000 Academic Conduct Essentials (ACE)
INDG1000 Indigenous Study Essentials
CARS1000 Communication and Research Skills
Information for students with disabilities
The University has a range of support services, equipment and facilities for students with a disability. If you would like to receive advice
on these services please email uniline@uwa.edu.au or visit
http://www.studentservices.uwa.edu.au/information_about/disability_programme

Assessment
Assessment overview
Assessment information is provided in the unit outline.

Assessment mechanism

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 # Component Weight Due Date Relates To
Outcomes
1 Workshop participation (details on breakdown of 15% to be 15% Weekly (starting in Week 2 of All
discussed in first workshop) semester)
2 Online quizzes (10) 10% Starting in Week 2 All
(1%
each)
3 Mid-semester examination 20% Thursday, 16 April (venues and time 1-4
TBA)
4 Group presentation 15% To be presented during weekly TBA
workshop in Week 12
5 Final examination 40% Semester 1 examination period: 6 - All
20 June.

Assessment items
Item Title Description Submission Procedure for
Assignments
Assessment Workshop participation. In workshop
item #1: This mark will be a combination of three pieces of assessment: (1) your
attendance at workshops through the semester - 5%; and (2) your active
participation in TWO in-class group assignments (details TBA) - 10%
Assessment Online quizzes. On line
item #2: These will be weekly quizzes (starting in Week 2), that will review the theory
developed in the online lectures. There will be 10 in total throughout the
semester, with each quiz being worth 1%.
Assessment Mid-semester examination.
item #3: Material will cover Topics 1-5. Students will be advised of the format of the
exam beforehand.
NOTE: any applications for a deferred exam must be made through the
Business School Student Services office.
Assessment Group presentation. In workshop
item #4 During workshops in Week 12.
Details on these group assignments will be available early in the semester.
Assessment Final examination
item #5:

Academic literacy and academic misconduct

The University of Western Australia takes very seriously the matter of academic misconduct by students and has policies in place that
define misconduct (including plagiarism) and the penalties that apply. The consequences for misconduct can be severe, including
exclusion from the University.
All students are expected to make themselves aware of the definitions and the policies relating to academic misconduct, found at the
websites below, and with any additional requirements or stipulations that may be provided by individual coordinators.
http://www.teachingandlearning.uwa.edu.au/tl4/for_uwa_staff/policies/student_related_policies/academic_conduct
Appeals against academic assessment
The full regulations governing appeals procedures are available in the University Handbook available online at
http://rules.handbooks.uwa.edu.au/rules/student_rules/

Textbooks and resources

Recommended texts
Gans, J, King, S, Byford, M & Mankiw, NG (2015) Principles of Microeconomics - 6th edn, Cengage, Melbourne
CFA® University Recognition Program
This unit embeds a portion of the CFA Program Candidate Body of Knowledge™:seewww.business.uwa.edu.au/future-
students/undergraduate

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 Additional resources and reading
Multiple choice practice quizzes
You are under no obligation to do these questions, but they will help you in your study for the mid semester and final exams. Details on
where to find these quizzes will can be found on the unit's LMS.

Miscellaneous information, announcements etc

We will be making extensive use of online material throughout the semester, and so it is absolutely crucial that you familiarise yourself
with the unit's LMS, and check it regularly.
In addition to the material on the LMS, we will also be making use of the UWA Microeconomics blog throughout the semester, and so
students should familiarise themselves with this site from an early stage of the semester (the link can be found via the LMS).

Facebook
Microeconomics 1101 has its own Facebook group. This provides a platform for students to interact and discuss unit-related issues
with others, and also for course announcements. Announcements will also be posted on LMS. Participation and access to our
facebook page is not a requirement, and is provided as an additional resource for interested students.

Recorded lectures
This unit contains a number of online-only videos, that will go through most of the theoretical component of the course. Students are
expected to have viewed these lectures, and completed the accompanying compulsory online quiz, BEFORE the weekly face-to-face
lecture (Tuesdays). The face-to-face lectures will largely concentrate on applications of theory, and so these online-only videos should
NOT be thought of as optional. They are an essential part of your understanding of microeconomics. Additionally, the face-to-face
lectures will also be recorded, however, you are strongly advised to attend these lectures in person.

Other important information

Standard of assessment
The Business School must ensure that the processes of assessment are fair and are designed to maintain the standards of the School
and its students. The School follows the UWA marks and grades distribution:
Higher distinction (HD) 80-100%
Distinction (D) 70-79%
Credit pass (CR) 60-69%
Pass (P) 50-59%
Fail (N+) 45-49%
Fail (N) 0-44%
Failed component (FC)

The scaling of marks to ensure comparability between classes is an acceptable academic practice. The School and Board of
Examiners have the right to scale marks where it is considered necessary to maintain consistency and fairness.
Quality assurance
Your assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learning
outcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the quality
of Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect your
grade for the unit.
Approved calculators for examinations
The University permits only the use of calculators in examinations when the calculator has an approved sticker and the examiner
permits their use. If the student does not have an approved sticker on their calculator, they will not be permitted to use the calculator.
Calculators can be approved at the Undergraduate Student Centre, the Postgraduate Student Centre or at Student Administration.
Further information is available on the Business School website at http://www.business.uwa.edu.au/students/assessments
Special consideration/alternative arrangements
If you are unable to attend a class, tutorial or examination due to circumstances beyond your control and are seeking an extension for
submission of an assignment or a deferred exam, please read valid reasons for special consideration
a t http://www.student.uwa.edu.au/life/health/uniaccess/special-consideration, complete the application form and submit at the
Undergraduate Student Centre or Postgraduate Student Centre.
PLEASE NOTE that deferred exams are not available in Summer School units.
Acknowledging Sources of Information and the Business School Policy on Plagiarism
Student Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQ
http://www.studentservices.uwa.edu.au/ss/learning/online_services/plagiarism_portal
‘Turnitin' Originality Checking & Plagiarism Prevention is used in the Faculty to allow both educators and their students check written
work for improper citation or misappropriated content. More information about 'Turnitin' can be found at
http://turnitin.com/static/index.html

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eBooks and open book exams
eBooks cannot be taken into an examination. Please check your exam details and purchase a printed version of any book you would
select to take into an open book exam.
Referencing
It is important that the referencing of any sources used in your written work is done properly, if only to substantiate the points you are
making in your assignment or project. The Harvard style is the preferred and there are some notes for guidance which have been
prepared by the library staff: ‘Citing your Sources Harvard Style’ http://libguides.library.uwa.edu.au/harvard
The EndNote software package is a really good system for building up a database of references. Not everyone will want to invest the
time in using this system but you should consider it if you intend to build up resource materials or plan to undertake extensive research
in a particular area. The library staff have also developed a tutoring package: ‘A Quick Guide to Using EndNote’ which provides the
basics for using EndNote with an essay http://libguides.library.uwa.edu.au/endnote
Last day to add a unit offered in a semester
From 2014, the final date to add a unit has been changed to the end of week 2 of the semester. For further information on important
dates for 2015, refer to http://www.student.uwa.edu.au/course/dates/important

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