Course Dscptn 2015 PDF

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Course Description (Higher Education)

School:

Federation Business School

Course Title:

Business Microeconomics

Course Code:

BUECO 1507

Teaching Location:

Academies Australasia Level 7, 628 Bourke Street, Melbourne

Credit Points:

15

Semester, Year:

Semester 2, 2015

Prerequisite(s):

Nil

Corequisite(s):

Nil

Exclusion(s):

Nil

ASCED Code: Program Level:

091901

Level of course in Program

AQF Level(s) of Program 5

Introductory

6

7

8

9

10

X

Intermediate Advanced

CRICOS Provider No. 00103D

This course description complies with the course outline authorised by Curriculum Committee. Curriculum Committee 2014

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Organisation: Staff Lecturer Details Name Email Contact Office Location & Campus Phone Contact Consultation Hours

Peng HO [email protected] Academies Australasia Level 8, 628 Bourke Street, Melbourne 8610-4100 Office / 0433-126-505 The lecturer is available by email and mobile phone and if face to face consultation is required, an appointment can be made

Prescribed Text This course will be conducted on the presumption that students have a copy of: Hubbard, G. Garnett, A. Lewis, P. and O’Brien, A. Essentials of Economics, 2013, Second Edition, Pearson Education Australia ISBN978-1-4425-5806-9

Student Responsibility It is the responsibility of every student to be aware of the requirements for this course, and understand the specific details included in this document. For full details of programs and school procedures, please refer to the Federation Business School Programs Handbook available at http://federation.edu.au/faculties-and-schools/federation-business-school/student-resources/continuingstudents/timetables

Students should be aware of the content of the handbook, particularly:  Special Consideration process and forms  Assignment Coversheet  Submission of tasks and assignments  Grading codes  Appeal process  Unsatisfactory progress - Early Intervention It is emphasised that this course requires a significant commitment outside of formal class contact. The learning tasks in this course may include classes (lectures, tutorials or seminars), required reading, the preparation of answers to set questions, exercises and problems, and self-study. In addition, students may be required to complete an assignment, test or examination. The table below is an example of the suggested time allocations for this course. Classes 3 hours per topic Reading 2 hours per topic Preparation of set questions, exercises and problems 4 hours per topic Preparation of assignment Study and revision for test and end of semester examination TOTAL

36 hours 24 hours 48 hours 20 hours 22 hours 150 hours

Attendance and Participation It is in students’ interest to make every effort to attend all the classes for this course and to complete all preparatory and assessment tasks. It is our experience that those students who do not attend class or carry out the associated activities are more likely to do poorly or to fail the course completely.

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Late Submission Assessment tasks submitted after the due date, without prior approval/arrangement, will be penalised at 10% of the available marks per day. Requests for extension of time must be made with the lecturer concerned and based on Special Consideration guidelines http://policy.federation.edu.au/student_services_and_administration/enrolment/special_consideration/ch01.php

Moderation of Results Moderation refers to the practice of quality assurance of assessable tasks and marking carried out at any of the School’s Partner Providers’ locations. Moderation addresses the interests of students, staff, the School’s partners and external stakeholders. Moderation seeks to ensure that:  Good practice in assessment is being applied consistently across the institution and its programs;  Student performance is being properly, fairly and consistently judged for all students undertaking the same course of study; and  Standards expected of, and achieved by, students are appropriate, reliable and comparable to good practice at the University and nationally. Standardisation of assessment may result in a student’s mark being amended. This is your guarantee that your results are comparable to Federation University results in all locations.

Course Evaluation We welcome feedback as one way to keep improving this course. Students are encouraged to provide course feedback through eVALUate, the University’s online student feedback system . eVALUate will be available to students during Weeks 10 and 11 by the Student Survey dashboard system using FedUni student user names and passwords.

Moodle Moodle is used to host course resources for all courses. Students can download lecture and tutorial notes to support class participation. Students login to Moodle at https://moodle.federation.edu.au/login/index.php Generally, assessments are submitted online through Moodle. Should you need assistance, please use the available resources and support through the drop-down menus in Moodle. At AAPoly, video lectures can be downloaded, not from Moodle, but from any of Academies Australasia’s computers in the N or Network Drive. The videos run on VLC Media Player.

Plagiarism: Plagiarism is the presentation of the expressed thought or work of another person as though it is one's own without properly acknowledging that person. Students must not allow other students to copy their work and must take care to safeguard against this happening. In cases of copying, normally all students involved will be penalised equally; an exception will be if the student can demonstrate the work is their own and they took reasonable care to safeguard against copying. Plagiarism is a serious offence. Please refer to the following documents:  Statute 6.1: Student Discipline  Regulation 6.1: Student Discipline  Regulation 6.1.1: Plagiarism

Adopted Reference Style: APA The link to the library website for more information is: FedUni Library - Referencing

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Learning Outcomes: .

Knowledge K1. K2 K3. K4.

Identify the principles explaining consumer and firm behaviour and appraise their role in society; Examine the price mechanism by using demand and supply curves; Analyse the different market structures in the economy; Identify market failure and outline the government’s role in developing policy to correct it;

Skills S1. S2. S3. S4.

Apply the model of demand and supply in a market to explain the determinants of prices and output of goods and services. Analyse cost and revenue functions of a firm and recognise its implications for profit maximisation Identify the main characteristics of different market structures and predict price and output and profitability outcomes in the different markets. Discuss how and in what circumstances intervention by government can improve efficiency and improve living standards

Application of knowledge and skills A1. A2.

To adapt the skills learnt in Microeconomic analysis to new and diverse contexts such as the workplace Use initiative and judgement to determine the impacts of Microeconomic policy

Course Content:      

Includes Price Determination : The Interaction of Demand and Supply Elasticity, the responsiveness of Demand and Supply Economic Efficiency, Government Price Setting and Taxes Technology. Production and Costs Market Structures and the Implications for pricing, output and profitability Market Failure and Government Intervention

Values: 1. 2. 3. 4.

Value the role of economic theory as a way of thinking and analysing economic problems and issues and understand the social implications of economic decisions; Value learning as a life-long activity for self-development; Foster an analytical and critical approach to decision making in businesses; Develop a sustained interest in Economics

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Learning Tasks and Assessment: At the University a PASS is usually achieved at 50%. For courses listed below, a mark of at least 40% in the examination must additionally be achieved. BUACC1506, BUACC1507, BUACC1521, BUEBU1501, BUECO1507, BUECO1508, BUENT1531, BUHRM1501, BULAW1502, BULAW1503, BUMGT1501, BUMKT1501, BUMKT1503, BUTSM1501, BUTSM1502, BUACC5901, BUACC5930, BUACC5937, BUECO5903, BUHRM5912, BULAW5911, BULAW5914, BULAW5915, BUMGT5921, BUMKT5901, BUMKT5922. Students are strongly advised to attempt ALL assessment tasks. Students who do not submit a task(s) or fail a task(s) in the semester will be identified as a ‘student at risk’ of unsatisfactory academic progress (outlined in the School Handbooks) and will be directed to the School’s Intervention Program. Students who encounter difficulties or who are otherwise concerned regarding their progress should consult their lecturer. Assessment criteria set out the details by which performance in each task will be judged. This information will give a clear and explicit understanding of the expected standards to be achieved relative to the marks awarded.

1. 2.

3.

Learning outcomes assessed K1, K2 S1 K3 S2, S3 A1, A2 K1, K2, K3, K4 S1, S2, S3, S4

Assessment Task

Assessment Type

Weighting

Week Due

Calculations, Draw and interpret graphical diagrams, Short answer explanations Calculations, Draw and interpret graphical diagrams, Written paragraph type explanations

Test

20%

Week 6 26/8/2015

Written Assignment

20%

Calculations, Draw and interpret graphical diagrams, Written paragraph type explanations

Written Exam

60%

Week 10 Sunday 27/9/2015 TBA: Week 13, 14

Assessment Task 1: Mid Semester Test 1) Assessment Details The test will be a 60 minute in-class closed-book test which will feature short answer questions relating to key concepts and tutorial questions from the first five weeks of the course. Please bring your calculators. 2) Criteria used to grade this task; Mark allocation and format will be specified in the in-class test briefing session and on the test paper itself 3) Task Assessor Lecturer/Tutor 4) Suggested time to devote to this task A suggested minimum of twenty hours revision time 5) Submission details Test will be held during lecture in week 6. Lecturer will collect papers. 6) Feedback and return of work Marked test papers will contain written feedback and will be handed back in class within two weeks of sitting the test. Test results will also be available on FDL grades

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Assessment Task 2: Written Assignment 1)

Assessment Details The assignment will consist of 5 questions based on the first nine weeks of the course and can be found on the Moodle site for this course.

2)

Criteria used to grade the task A marking guide for detailed mark allocation is available with the assignment questions and can be found on the Moodle site for this course

3)

Task Assessor Lecturer/Tutor

4)

Suggested time to devote to this task Approximately 24 hours per student outside of class time

5)

Submission details Assignment in Week 10,via MOODLE or as advised by your Lecturer

6)

Feedback and return of work Assignments with written feedback and grades will be returned to students in tutorials within two weeks of assignment submission. Assignment results will also be available on FDL grades

Assessment Task 3: Final Examination 1)

Assessment Details The exam is a closed-book exam of 2 hours duration. Please bring your calculators.

2)

Criteria used to grade the task Mark allocation and format will be specified in the in-class exam briefing session in week 12 and on the examination paper itself

3)

Task Assessor Lecturer

4)

Suggested time to devote to this task A suggested minimum of forty hours revision time

5)

Submission details The examination will be held during the exam period following the end of the semester. Normal exam conditions will apply

6)

Feedback and return of work Students will be advised of grades via FDL grades

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Sequence: As semesters and contact hours vary between teaching locations, delivery is usually scheduled across three hours a week for 12 weeks. As the University offers many programs in a variety of formats please contact local lecturers for further information about the schedule. Please note that the sequence and content of lectures and tutorials may need to be changed and the following information should be used as a guide only.

Tutorial Questions Week Dates 2015

Reading (Hubbard et al)

Topics Covered

Refer to Problems and Applications after each chapter

1

22/7

Chapter 2

Choices and Trade-Offs in the Market

2

29/7

Chapter 3

Where Prices Come From: The Interaction of Demand and Supply

Chapter 2 Tutorial Questions 1,3,4, 5, 6, 11

3

5/8

Chapter 4

Elasticity: The Responsiveness of Demand and Supply

Chapter 3 Tutorial Questions 1,3,4,9,17,18

4

12/8

Chapter 5

Economic Efficiency Government Price Chapter 4 Tutorial Questions Setting and Taxes 1,3,4,6,10,12,13

5

19/8

Chapter 6

Technology, Production and Costs

Chapter 5 Tutorial Questions 1,4,5, 8,9,12,19

6

26/8

Chapter 7

Firms in Perfectly Competitive Markets

Chapter 6 Tutorial Questions 5,6,12,13,14,15,16

7

2/9

Chapter 8

Monopoly Markets

Chapter 7 Tutorial Questions, 5,7,8,9,10,11,12

8

9/9

Chapter 9

Monopolistic Competition and Oligopoly Chapter 8 Tutorial Questions 6,10,11,13,14,19

9

16/9

Chapter 9

Monopolistic Competition and Oligopoly Chapter 9 Tutorial Questions 2,3,4,5,6,11,17,18

10

23/9

Chapter 10

Markets For Labour and Other Factors of Production

Chapter 9

11

30/9

Chapter 11

Government Intervention in the Market

Chapter 10 Tutorial Questions 3,4,5,7,10,12,16

12

7/10

Pre-Exam Revision

Chapter 11 Tutorial Questions 4,5,6,7,8 11 17

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Course Description (Higher Education) BUECO 1507 Business Microeconomics

Additional Resources: o

Frank, Jennings & Bernanke, 2012, Principles of Microeconomics, 3 edn, McGraw-Hill

o

Gans, King & Mankiw, 2012, Principles of Microeconomics, 5 edn, Cengage Learning Colander, 2010, Microeconomics, 8 edn, McGraw-Hill

o

. The link to the library website for more information is: http://www.federation.edu.au/current-students/assistance,-support-and-services/academic-support/learning-andstudy/resources/general-guide-for- the-presentation-of-academic-work

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