Units
Intermediate Microeconomics
Unit code: EFB331
Credit points: 12
Information about fees and unit costs
This unit is designed to develop students’ understanding of microeconomics and its applications at the intermediate level. More specifically, the theoretical and empirical content of this unit provides the basis for understanding the decisions and actions of consumers, firms and governments in modern economies. Furthermore, the unit provides an appreciation of the range of issues to which economics may usefully be applied to improve managerial decision-making and the formulation of public policy to improve the welfare of the community.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
This unit is designed to develop students' understanding of microeconomics and its applications at intermediate level. More specifically, the theoretical and empirical content of this unit provide the basis for understanding the decisions and actions of consumers, firms and governments in modern economies. Furthermore, the unit provides an appreciation of the range of issues to which economics may usefully be applied to improve managerial decision-making and the formulation of public policy to improve the welfare of the community. The unit also prepares students for higher studies in economics.
Aims
This unit aims to develop students' ability to apply microeconomic knowledge and critical thinking skills to economic problems (such as production decision and market failure) in real world contexts.
Objectives
Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AoL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context
Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences
Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output
Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding
Unit Objectives
Upon the successful completion of the unit, students will:
1. Analyse the response of consumers to changes in price, income, and other important variables;
2. Apply the relationships between production and costs to study the price and output decisions of firms of various kinds;
3. Analyse the impacts of externalities and public goods on market outcomes;
4. Critically examine the role of government in the presence of market failure; and
5. Evaluate the impact of various government policies on the decisions of firms and consumers.
The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.
Content
This unit is concerned with the economic analysis of the decisions and actions of consumers, firms, and governments in modern economies. It builds upon concepts in microeconomics covered in Economics 1 and 2, and develops an understanding of that body of economics that is expressly concerned with the operation of, and inter-relationship between, the individual units of the economy. The unit is designed, not only to foster both clear thinking about the interplay between government, private firms, and consumers, but also to develop the student's ability to apply microeconomic concepts to economic problems that the student has not previously encountered, and consequently enhance their generic capabilities. The list of topics includes:
Approaches to Teaching and Learning
This unit makes use of applications where possible, to expound the economic principles involved and to demonstrate the applicability of microeconomics to "real world" issues.
One two-hour lecture is provided each week. The lecture program involves the presentation of theoretical and empirical material by the lecturer, with some opportunity for questions from students.
A one-hour tutorial, organized in the format of a workshop is provided each week. The tutorial program depends integrally on student preparation of solutions to set questions, prior to the tutorial. The questions are designed to test basic understanding, critical analysis, and higher-level thinking, as well as applications of microeconomic principles to questions of an empirical or applied nature. The questions used for the tutorial program are also designed to prepare students for the end-of-semester examination.
Assessment
Students will receive feedback in various forms throughout the semester which may include:
Assessment name:
Assignment
Description:
Problem-solving/discussion oriented exercises based on material covered in the unit.
Length/Duration: 3 to 6 problem solving questions
Formative or Summative: Formative and summative
Relates to objectives:
Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weight:
25%
Internal or external:
Internal
Group or individual:
Individual
Due date:
March 28
Assessment name:
End of Semester Examination
Description:
Problem-solving/discussion oriented exercises based on material covered in the unit.
Length/Duration: 2 hours + ten minutes perusal
Formative or Summative: Summative
Relates to objectives:
Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weight:
60%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Exam Period
Assessment name:
Mid Semester Examination
Description:
Multiple choice questions.
Length/Duration: 1 hour + ten minutes perusal
Formative or Summative: Summative
Relates to objectives:
Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weight:
15%
Internal or external:
Internal
Group or individual:
Individual
Due date:
April 23
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Text
Landsburg, Steven E., (2010) 8th Edition, Price Theory & Applications, South-Western.
Supplementary Text
Schotter, Andrew (2009) Microeconomics: A Modern Approach, South-Western.
Pindyck, Robert & Rubinfeld, Daniel (1998) Microeconomics, Prentice Hall.
Other Resources
A blackboard site for EFB331 has been developed. It contains links to many additional resources that are pertinent to this unit, including downloadable lecture notes and tutorial questions.
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 06-Feb-2013
