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COURSE OUTLINE
ECON1101 Microeconomics 1
Course Description The course examines how individuals and firms make
decisions by weighing up costs and benefits, and how the
interaction of their decisions leads to market and social
outcomes. The model of market supply and demand is
employed to examine the effects of taxes, subsidies, and other
government interventions in market activity. The implications
of different market structures, including perfect competition
and monopoly, are examined. Public goods, externalities and
common resources are key examples of cases in which private
markets may yield socially sub-optimal outcomes. Such cases
are examined and the role of government policy in correcting
for these is discussed. Special attention is given to the design
of schemes aiming to reduce carbon emissions.
Learning Outcomes On satisfying the requirements for this course, students will
have the knowledge and skills to:
• understand economic policy debates as presented in the
media;
• think as an economist; and
• present clearly written analysis of economic issues and
problems.
Course Textbook Hubbard, Glenn, Anne Garnett, Philip Lewis and Anthony
O’Brien (2008), Microeconomics, Pearson Education Australia.
A limited number of copies will be available through short-
term loan in the Chifley Library.
Lecture Feedback Feedback boxes will be placed by the doors in the Lecture
Theatres. If you choose to give the lecturer feedback, please
place your written comments in the boxes on your way out of
the lecture.
Own Study University study requires at least as much time and effort as a
full-time job. You should expect to put in at least 6 hours per
week of your own study time for this course in addition to the 4
hours of lectures and tutorials. Discussion with fellow students
can be extremely valuable. But all written work for assessment
must be your own original work.
ECON1101 & 7073 Semester 1 2010 page 3 of 7
On-line Learning If you buy the textbook you will find an access code to online
resources which allow you to test your learning through quizzes
on each chapter. Answers (including explanations for any
mistakes) are provided. These quizzes are for your own
enlightenment and are not part of the course assessment. For
students who do not buy the textbook, a default access code can
be issued – email the head Tutor. This will allow access to
quizzes and answers, but not to the chapter by chapter content
of the textbook.
Help Desk The Microeconomics Help Desk in Arndt 1002 will be open
Wednesday 2-5 pm and Thursday 12-3 pm. Tutors will be
there to answer any questions about the contents of the course
that you have not been able to resolve through your own study
and participation in your tutorial group.
Lecturer Consultation
The lecturer will be available for consultation in Arndt 2006
between 11 am and 12 noon on Fridays.
Please note that administrative matters should be dealt with by
the Course Administrator; and course content problems should
be dealt with first by consulting your tutor and then the Help
Desk.
2. Essay (15%) A 1000 word essay (max 1200) to be handed in to the Course
Administrator’s office by the end of Week 8 (4pm, 30 April).
Late submission will be penalised by a 10% downgrade for
every (working) day late.
The work you submit for the essay must be your own original
work. You must not copy other people’s words without
acknowledgment. Detailed instructions for presenting
quotations and citing other people’s work will be distributed as
guidelines with the essay topic. The Academic Skills and
Learning Centre will announce opportunities to register for
workshops focussing specifically on essay-writing for this
course.
Course Mark The final mark for the course will be weighted as indicated
above, subject to possible scaling of marks for the whole class.
The mid-term exam is partially redeemable against the final
exam. If your mid-term mark is less than your final exam
mark, the respective weights will be 15% and 60%; if your
mid-term mark is higher, the weights will be 30% and 45%.
For students enrolled in ECON7073, the course mark will be calculated as above
for 85% of the total, with an additional 15% coming from the
special additional essay that these students are set. See the
ECON1101 page on Wattle for details of these additional
requirements and additional tutorials.
Supplementary Reading
1. Garnaut, Ross (2008), Garnaut Climate Change Review: emissions trading scheme
discussion paper, Melbourne : Garnaut Review Secretariat.
[electronic version accessible through ANU library]
This is a relatively short version of the issues raised in the Garnaut Report.
2. Garnaut, Ross (2009), The Garnaut climate change review : final report,
Cambridge ; New York : Cambridge University Press.
4. Stanford, Jim (2008), Economics for Everyone: a short guide to the economics of
capitalism, London: Pluto Press.