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Unit of Study Outline Unit Code BUSS1040 Unit Title Economics for Business Decision Making Semester 1, 2019 Pre-requisite Units: Co-requisite Units: Prohibited Units: ECON1001 OR ECON1040 Assumed Knowledge and/or Skills: Mathematics (equivalent of band 4 in the NSW HSC subject Mathematics or band E3 in Mathematics Extension 1 or 2) OR MATH1111 Unit Coordinator: Assoc. Prof. Agnieszka Tymula Address: Room 345, Merewether Building(H04), The University of Sydney NSW 2006 Email: [email protected] Phone: 93518549 Consultation Hours: Please go to Canvas for details of all staff consultation times and locations. Class Day(s): Please go to Canvas for class times and locations. Students are expected to attend lectures and tutorials on a weekly basis. Attendance in tutorials is recorded and students are required to attend at least 70% of tutorials. Students who do not meet this requirement can be assigned an absent fail for the unit. Required Text / Resources: Nguyen, Bonnie and Andrew Wait, 2016. "Essentials of Microeconomics", Routledge (from now onwards we refer to this book as "NW") The required chapters for the last 3 lectures (macro-economics) are available through the Unit of Study e-readings (eReserve), accessible through Canvas. Principles of macroeconomics / Ben Bernanke, Nilss Olekalns, Robert Frank. North Ryde, N.S.W. : McGraw-Hill education, 2014. 4th ed. pp. 136-171. Chapter 5: Spending and output in the short run (we refer to this book as Bernanke 2014) Principles of economics / Joseph E. Stiglitz, Carl E. Walsh, Jeff Gow, Ross Guest, Bill Richmond, Max Tani. Milton, Qld. : John Wiley & Sons, 2014. 1st Australian edition. pp. 253-284 – Chapter 8: Output, unemployment and inflation (we refer to this book as Stiglitz 2014) Principles of economics / Joseph E Stiglitz, Carl E Walsh, Jeff Gow, Ross Guest, Bill Richmond, Massimiliano Tani. Milton, Qld. John Wiley & Sons, 2016. pp. 385-435 – Chapter 15: Stabilisation policies; Chapter 16: Inflation and unemployment (we refer to this book as Stiglitz 2016) Any material covered in readings, lectures, tutorials and through the various assessments during semester (quizzes, essays, etc.) is examinable. This unit of study outline MUST be read in conjunction with The Business School Unit of Study Common Policy and implementation information that applies to every unit of study offered by the Business School (http://sydney.edu.au/business/currentstudents/policy). All assessment rules, such as standards used, penalties etc, are covered.

1. Unit of Study Information Economics underlies all business decisions, from pricing to product development, to negotiations, to understanding the general economic environment. This unit provides an introduction to economic analysis with a particular focus on concepts and applications relevant to business. This unit addresses how individual consumers and firms make decisions and how they interact in markets. It also introduces a framework for understanding and analysing the broader economic and public policy environment in which a business competes. This unit provides a rigorous platform for further study and a major in economics as well as providing valuable tools of analysis that complement a student's general business training, regardless of their area of specialisation.

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2. Program Learning Outcomes and Unit Learning Outcomes The Program Learning Outcomes for this Program are located at http://sydney.edu.au/business/about/accreditations/AoL Unit Learning Outcomes Unit Learning Outcomes On the successful completion of the Unit you should be able to: Explain key concepts and apply these to macro and micro real world contexts. Analyze business problems by identifying and critically evaluating implications of business decisions using micro and macro economics principles Communicate effectively, both orally and in writing, through assessment tasks and tutorial participation.

Program Learning Outcomes 1. Depth of disciplinary expertise 2. Critical thinking and problem solving 1. Depth of disciplinary expertise 2. Critical thinking and problem solving 2. Critical thinking and problem solving 3. Communication

3. Assessment Assessment Title

Program Assessment Individual/ Assessment Learning Due Length Weight Time Type Group Conditions Outcomes Assessed

Written Assignment

Assignment

Individual

Compulsory

1, 2, 3, 4

max 700 words

15%

On-line Quizzes

Small Continuous Assessment

Individual

Compulsory

1, 2, 3

online quiz

10%

Mid-Semester Test

In-semester Exam (mid)

Individual

Compulsory

1, 2, 3, 4

75 20% minutes

Final Exam

Final Exam

Individual

Compulsory

1, 2, 3, 4

2 hours 55%

Academic Honesty

Due Date

Closing Date

11:00am 17-May-2019 24-May-2019

5:00pm

Weekly

Weekly

Mid Semester Exam Period Final Exam Period

Mid Semester Exam Period Final Exam Period

Week 4

Assessment details Written Assignment Task Description The essay length will be 700 words (or fewer). It will require you to apply concepts and knowledge from the unit to a specific business setting or pricing strategy asked in the essay question. Further details will be announced in due course. Given the learning outcomes inherent in this assessment task, no extensions are available for the essay other than through special consideration, special arrangements or disability adjustments. The penalty for late submission is 5% of the total available marks per day (including weekend days). No essay will be graded if submitted more than a week late. Individual feedback will be provided against marking criteria and will be available on your essay submitted online, via Turnitin. Further details will be available on Canvas two weeks before submission deadline. Assessment Criteria 1. Conforming with instructions (e.g. word length, font, other instructions) 2. Attention to purpose

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3. Content and range 4. Use of literature/ Knowledge of theory 5. Methodology used is the most appropriate to the aims and objectives of the task 6. Conclusions 7. Analysis 8. Problem solving 9. Critical reasoning / critical thinking

Feedback - What, when and how feedback will be provided for this assessment Individual feedback will be provided against marking criteria and will be available on your essay submitted online. General feedback will be provided on Canvas. Individual and general feedback on this assessment task will help students in the final exam.

On-line Quizzes Task Description Quizzes will be held during Week 3, Week 5, Week 7, Week 10 and Week 13 of semester. Each quiz will most likely consist of 10 multiple-choice questions. Remembering that material in this unit is often cumulative: Quiz 1 will focus on material from Weeks 1-2 (Due and closing date: 12noon 18 March) Quiz 2 will focus on material from Weeks 3-4 (Due and closing date: 12noon 1 April) Quiz 3 will focus on material from Weeks 5-6 (Due and closing date: 12noon 15 April) Quiz 4 will focus on material from Weeks 7-9 (Due and closing date: 12noon 13 May) Quiz 5 will focus on material from Weeks 10-12 (Due and closing date: 12noon 3 June) The online quizzes are designed to test your knowledge on recent material, and give an indication of whether adequate progress is being made throughout the semester. The best 4 of a student's 5 quiz marks will be counted for their final grade (that is, the best 4 quizzes will be each worth 2.5% of a student's final grade). Given the nature of this assessment, no extensions will be given for on-line quizzes. It is either on time or it is not marked. If special consideration is granted for a quiz (or two quizzes), the remaining quizzes will be reweighted to cover the missed quizzes. If special consideration is granted for all, 3, 4 or 5 quizzes, the student will be required to write an alternate assignment that will be submitted before the end of the semester. Assessment Criteria 1. Problem solving 2. Conceptualisation

Feedback - What, when and how feedback will be provided for this assessment Following the quiz, answers will be provided on Blackboard. Students can discuss any remaining questions/doubts with other students, on the discussion board, or with their tutor or instructor during consultation time. When appropriate, various questions can be discussed in lectures or tutorials. The quizzes are designed to provide frequent and early feedback to students to help them assimilate the material and prepare for the examinations.

Mid-Semester Test Task Description The mid-semester exam consists of multiple choice questions and short answer questions (somewhat similar to the tutorial problems, but these questions will require a broader understanding of the material studied). It covers the materials covered in class Weeks 1-6 and the materials covered in tutorials from Weeks 2-7. Date: TBA (most likely week 8). There are no extensions available for the mid-semester exam. If special consideration is granted, the student

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will be allowed to sit a further mid-semester exam. The date of this further exam will be communicated to the student by email, and will happen a few weeks after the original midterm exam. Students applying for special consideration must be available to sit the exam at this time. The Business School has determined that second replacement exams (both mid semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam, as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail). Assessment Criteria 1. Attention to purpose 2. Content and range 3. Use of literature/ Knowledge of theory 4. Conclusions 5. Analysis 6. Problem solving

Feedback - What, when and how feedback will be provided for this assessment Answers will be provided on Canvas. Students will have an opportunity to view and discuss their individual exam. Specific exam questions can also be discussed on the discussion board and if needed, either in lectures or in the tutorial program.

Final Exam Task Description The final exam consists of a combination of multiple-choice and short-answer questions. It covers all of the material covered in the unit. The Business School has determined that second replacement exams (both mid semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam, as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail). Assessment Criteria 1. Attention to purpose 2. Content and range 3. Use of literature/ Knowledge of theory 4. Conclusions 5. Analysis 6. Problem solving

Feedback - What, when and how feedback will be provided for this assessment Feedback for performance in the exam will be reflected in the student's final grade.

4. Other Resources for Students All lectures and seminars are recorded and will be available within the LMS for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every

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class will be recorded. Students should ensure they attend and participate in all classes. Students are required to attend lectures and tutorials on a weekly basis. Attendance in tutorials is recorded. Students who attend less than 80% of tutorials can be assigned an absent fail result for the unit.

PASS Peer-Assisted Study Sessions (PASS) is a peer-facilitated, cooperative student support scheme aiming to improve students' academic performance by providing extra, free learning opportunities with trained student facilitators. Each session includes problem solving practice in areas directly related to understanding the unit concepts more thoroughly. PASS features small class sizes and a friendly personal approach to help you reinforce key course requirements in a collaborative, active and social learning environment. Registrations open in the first week of semester. For more information or to register, please visit: https://sydney.edu.au/students/peer-assisted-study-sessions.html Email all enquiries about the PASS program to: [email protected] Maths in Business The Business School provides a free series of workshops with student facilitators open to all students interested in mastering both basic and upper intermediate level mathematics. The program includes workshops from basic to intermediate level maths and Excel, both of which are fundamental skills for any aspiring business student.The Maths in Business program helps ensure high achievement throughout your business degree. Most foundational units of study require a firm understanding of maths, and this is essential to senior units in accounting, business analytics and finance. Registrations open in the first week of semester. For more information or to register, please visit: https://sydney.edu.au/students/maths-in-business.html Email all enquiries about the Maths in Business program to: [email protected] Readings Unit readings are available on the LMS

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5. Unit Schedule Week

List of Topics

Assessments Due

Introduction. Gains from Trade. 1 25 Feb 2019 NW Ch. 1 and 4 2 4 Mar 2019

Production and Costs. Supply. NW Ch. 7 and 8

3 Demand. Equilibrium and welfare. Elasticity. 11 Mar 2019 NW Ch. 6, 9 and 10 4 18 Mar 2019 5 25 Feb 2019 6 1 Apr 2019 7 8 Apr 2019

Perfectly competitive markets. NW Ch. 11 and 12 Pricing with market power I. NW Ch. 13 Pricing with market power II. NW Ch. 13 and 14 Strategic Interaction and Business Strategy I. NW Ch. 3 and 15

Strategic Interaction and Business Strategy II. NW Ch. 3 & 15 8 15 Apr 2019 Note: Semester break from 19 April to 26 April

Quiz 1

Quiz 2

Quiz 3

Mid semester exam (TBC)

9 Market interventions: price regulation, taxes and subsidies. 29 Apr 2019 NW Ch. 16 10 6 May 2019 11 13 May 2019 12 20 May 2019 13 27 May 2019

Market failures: Public goods and externalities. NW Ch. 17, 18 and 19 GDP and Business Cycles. Bernanke 2014 Ch. 5, Stiglitz 2014 Ch. 8 Employment and Inflation. Stiglitz 2014 Ch. 8, Stiglitz 2016 Ch. 16 Budget Policy and Monetary Policy. Stiglitz 2016 Ch. 15

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Quiz 4 Essay: Due date Friday 17 May 11:00am

Quiz 5

6...