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BEA111

Principles of Economics

Semester 1, 2014

THIS UNIT IS BEING OFFERED IN

HOBART/LAUNCESTON/BURNIE/DISTANCE

Teaching Team:

Unit Coordinator

Dr Clinton Levitt

Lecturers

Dr Clinton Levitt (Hobart)

Dr Mala Raghavan (Launceston)

Mr Max Darvell (Burnie)

CRICOS Provider Code: 00586B

BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014

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Contents

Contact Details ........................................................................................................................................ 2

Unit Description ...................................................................................................................................... 3

Prior Knowledge &/or Skills OR Pre-Requisite Unit(s) ............................................................................ 3

Enrolment in the Unit ............................................................................................................................. 3

Intended Learning Outcomes and Generic Graduate Attributes ............................................................ 4

Learning Expectations and Teaching Strategies/Approach .................................................................... 6

Occupational Health and Safety (OH&S) ................................................................................................ 6

Learning Resources ................................................................................................................................. 6

Student Feedback via eVALUate ............................................................................................................. 7

Details of Teaching Arrangements for Attending Students .................................................................... 8

Details of Teaching Arrangements for Distance Students ...................................................................... 8

Learning expectations and strategies ..................................................................................................... 9

Assessment ........................................................................................................................................... 11

Submission of Assessment Items .......................................................................................................... 16

Review of Assessment and Results ....................................................................................................... 17

Further Support and Assistance ............................................................................................................ 18

Academic Misconduct and Plagiarism .................................................................................................. 18

Tutorial/Workshop Program ................................................................................................................. 19

Study Schedule ...................................................................................................................................... 20

Contact Details Unit Coordinator Dr Clinton Levitt Lecturer Dr Clinton Levitt

Campus Hobart Campus Hobart

Room Number Room 403, Commerce Bld Room Number Room 403, Commerce Bld

Email Clinton.Levitt@utas.edu.au Email Clinton.Levitt@utas.edu.au

Phone (03) 6226 6037 Phone (03) 6226 6037

Consultation Friday 1:00 pm to 3:00pm. Consultation Friday 1:00 pm to 3:00pm.

Lecturer Dr Mala Raghavan Lecturer Mr Max Darvell

Campus Launceston Campus Cradle Coast

Room Number A265, Building A Room Number Cradle Coast Reception

Email Mala.Raghavan@utas.edu.au Email Maxwell.Darvell@utas.edu.au

Phone (03) 6324 3272 Phone

Consultation Tuesday 11.00am to 12.00pm. Consultation Monday 4:00pm to 5:00pm

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Unit Description BEA111 Principles of Economics 1 is a compulsory unit in the Bachelor of Economics (BEc) and Bachelor of Business (BBus) degrees. It is also a nominated elective in a wide range of other programs throughout the University of Tasmania and combining this unit with almost any other area of study can add considerable value.

By introducing students to a small number of core economic concepts and tools, and by demonstrating their wide ranging application, BEA111 provides students with the opportunity to improve decision making in all domains of their lives and to better understand aspects of the business and policy environments in which they operate both individually and collectively. The unit also highlights the use of key economic concepts that can assist people in their role as managers to form successful competitive strategies and to run more profitable firms.

BEA111 Principles of Economics 1 is the first in a sequence of two foundation level economics units offered by the Tasmanian School of Business and Economics. Taken together with BEA121 Principles of Economics 2, BEA111 provides students with a comprehensive introduction to economic theory and policy, and forms a strong foundation for students planning to continue their studies of economics and finance.

Prior Knowledge &/or Skills OR Pre-Requisite Unit(s) Students do not need to have studied economics before, however a basic proficiency in English

language skills and in constructing and interpreting simple graphs, and in basic algebra is assumed.

Students should confirm that they have the required graphing and numerical skills by completing the

Quantitative Skills Module on the MyLO site for this unit.

Enrolment in the Unit

Unless there are exceptional circumstances, students should not enrol in this unit after the end of

week two of semester, as the Tasmanian School of Business and Economics (TSBE) cannot guarantee

that:

any extra assistance will be provided by the teaching team in respect of work covered in the

period prior to enrolment; and

penalties will not be applied for late submission of any piece or pieces of assessment that were

due during this period.

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Intended Learning Outcomes and Generic Graduate Attributes

Intended Learning Outcomes Assessment Methods Graduate Attribute Outcomes

The assessments and teaching activities in this unit have been designed to develop the following graduate attributes in students:

In this unit you will learn: In assessing this unit I will be looking at your ability to:

L01: Examine issues and decisions using the economic way of thinking

State key principles and explain concepts related to economic thinking;

Apply economic thinking to help understand and interpret everyday events, decisions and actions;

Recognise and articulate economic questions about everyday events, decisions and actions in the world around you.

Questions on in-tutorial tests

Mid-semester test

Short essay

Final exam

Knowledge: 1.1

Problem-solving: 1.1

Social responsibility: 1.3

Communication: 1.1

Knowledge: 1.1

Communication: 1.1

Problem-solving: 1.1, 1.2

Social responsibility: 1.2, 1.3

Knowledge: 1.1

Communication: 1.1

Problem-solving: 1.1, 1.2

Social responsibility: 1.2, 1.3

L02: Analyse markets and identify why they work and fail

Define and explain a range of key concepts and terms related to comparative advantage, gains to trade, market structure and efficiency, demand and supply model, and various types of market failure;

Show, using a table of data and graphs, how specialisation and exchange give rise to gains;

State assumptions of various market models;

Show demand and supply relationships in goods and labour markets using table of data and graph, explain these relationships using economic thinking, list and explain determinants of demand of supply, and construct market demand and supply curves in these markets;

Use comparative statics to explain effect on market equilibrium in goods and labour markets of changes in demand and supply;

Summarise the main arguments for and against the market, and discuss the role of government;

Use welfare analysis to explain how markets might ‘fail’ when there are externalities and market power.

Questions on in-tutorial tests

Mid-semester test

Short essay

Final exam

L03: Analyse the role of incentives State the incentive principle, and describe the functions of price;

Explain and use the rational spending rule to explain substitution and income effects;

Recognise role of social norms in shaping economic behaviour;

Recognise role of commitment devices and credible threats/promises in achieving cooperation.

Questions on in-tutorial tests

Mid-semester test

Short essay

Final exam

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Intended Learning Outcomes Assessment Methods Graduate Attribute Outcomes

L04: Evaluate Microeconomic public policy

Discuss the role of the economist in the policy process;

Define, measure and interpret key economic welfare concepts;

Use welfare analysis to evaluate the effect of price and wage controls, taxes, subsidies, tariffs and regulations;

Define, calculate and interpret various types of elasticity of demand and supply, and recognise the link between elasticity and policy effectiveness and welfare effects;

Evaluate debates on economic issues including international trade and income inequality;

Discuss policies aimed at addressing public goods and common-resources.

Questions on in-tutorial tests

Mid-semester test

Short essay

Final exam

Knowledge: 1.1

Problem-solving: 1.1, 1.2, 1.3

Global perspective: 1.2

Social responsibility: 1.2, 1.3

Communication: 1.1

L05: Evaluate business decisions Sketch, and explain the shape of short-run production function and cost curves;

Distinguish between and calculate various concepts of profit;

State and explain the profit-maximising rule and identify profit-maximising behaviour graphically and using data;

Use graphs to explain the effect of market-level changes on firm-level behaviour;

Define and give examples of price discrimination, and use data to show its effect on profit and efficiency;

Discuss the legal framework for price discrimination;

Explain the relationship between price elasticity and total revenue;

Apply the prisoner’s dilemma and other simple games to a range of business decisions.

Questions on in-tutorial tests

Mid-semester test

Short essay

Final exam

Knowledge: 1.1

Problem-solving: 1.1

Communication: 1.1

L06: Communicate economics in oral and written formats

Organise ideas and structure economic arguments;

Use economic terminology, graphs and data in communicating economics;

State assumptions in communicating economics;

Conform to presentation and referencing requirements.

Questions on in-tutorial tests

Mid-semester test

Short essay

Final exam

Communication: 1.1

Social responsibility: 1.1

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Learning Expectations and Teaching Strategies/Approach The University is committed to a high standard of professional conduct in all activities, and holds its commitment and responsibilities to its students as being of paramount importance. Likewise, it holds expectations about the responsibilities students have as they pursue their studies within the special environment the University offers. The University’s Code of Conduct for Teaching and Learning states:

Students are expected to participate actively and positively in the teaching/learning environment. They must attend classes when and as required, strive to maintain steady progress within the subject or unit framework, comply with workload expectations, and submit required work on time.

Occupational Health and Safety (OH&S) The University is committed to providing a safe and secure teaching and learning environment. In addition to specific requirements of this unit you should refer to the University’s policy at: http://www.utas.edu.au/work-health-safety/

Learning Resources

Prescribed Text It is essential that you have ready access to the following prescribed text. Note that weekly readings

will be drawn largely from this text. Any additional readings will be available on MyLO.

Frank, Robert H, Jennings, Sarah M & Bernanke, Ben S 2012, Principles of Microeconomics, 3rd ed,

McGraw-Hill, North Ryde, NSW.

Recommended Texts Many students find it useful to consult alternative references as part of their study program. Some useful alternative references:

Bade, R & Parkin, M 2013, Essential Foundations of Economics, 6th ed, Prentice Hall.

Baumol, WJ, Blinder, AS, Gunther, AW & Hicks, JRL 2008, Economics - Principles and Policy,

11th edn, South-Western College Pub .

Gans, Joshua, King, Stephen, Stonecash, Robin & Mankiw, N Gregory 2012, Principles of Economics, 5th edn, Nelson Education.

Heyne, P 2006, The Economic Way of Thinking, 11th ed, Prentice-Hall Inc.

Jackson, J & McIver, R 2001, Microeconomics, 8th edn, McGraw-Hill, North Ryde NSW.

McTaggart, D, Findlay, C, & Parkin, M 1999, Economics 3rd ed, Addison-Wesley, Sydney.

Journals and Periodicals Reading relevant newspapers, journals and magazines can also prove useful in broadening your knowledge of the economy and topical issues and can prove good practice for developing your ability to apply economics to the real world and in particular to business issues. For example, the Financial Review provides lots of examples of economics in action while books aimed at making economics accessible to a broad popular audience provide valuable additional resources that complement the unit. These include:

Frank, Robert H 2007, The Economic Naturalist: In Search of Explanations for Everyday Enigmas, Amazon, New York.

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Frank, Robert H 2009, The Economic Naturalist: Why Economics Explains Almost Everything, Random House.

Chang, Ha-Joon 2010, 23 Things They Don't Tell You About Capitalism, Allen Lane.

Levitt, SD & Dubner, SJ 2005, Freakonomics, Harper Collins.

Levitt, SD & Dubner, SJ 2009, Super-Freakonomics, Harper Collins.

My Learning Online (MyLO) This unit is web supported, and access to the online MyLO unit is required. Log into MyLO at: http://www.utas.edu.au/learning-teaching-online and then select BEA111 Principles of Economics 1 from the list of units. For help using MyLO go to http://www.utas.edu.au/learning-teaching-online/new-mylo/home .

Technical requirements for MyLO

For help and information about setting up your own computer and web browser for MyLO, see: http://uconnect.utas.edu.au/

You can access the University network and MyLO via a laptop computer or other mobile device. See: http://uconnect.utas.edu.au/uana.htm

MyLO can be accessed in the Library computers and in computer labs. See: http://www.utas.edu.au/it/computing-distributed-systems/computer-labs-facilities-and-locations

For further technical information and help, contact the UTAS Service Desk on 6226 1818 or at http://www.utas.edu.au/service-desk/

MyLO Expectations 1. Students are expected to maintain the highest standards of conduct across all modes of

communication, either with staff or with other students. Penalties may be imposed if the Unit Coordinator believes that, in any instance or mode of communication, your language or content is inappropriate or offensive. MyLO is a public forum. Due levels of respect, professionalism and high ethical standards are expected of students at all times.

2. Submission of assessment tasks via MyLO presumes that students have read, understood and abide by the requirements relating to academic conduct, and in particular, those requirements relating to plagiarism. All work submitted electronically is presumed to be “signed-off” by the student submitting as their own work. Any breach of this requirement will lead to student misconduct processes.

3. MyLO is an Internet service for teaching and learning provided by the University. It is expected that at least once a day students will check MyLO.

Student Feedback via eVALUate At the conclusion of each unit students will be asked to provide online responses to a number of matters relating to the learning and teaching within that unit. All students are asked to respond honestly to these questions, as all information received is used to enhance the delivery of future offerings.

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Details of Teaching Arrangements for Attending Students

Lectures There will be 13 two-hour lectures during the semester commencing weekly in Week 1. Lectures will cover the core examinable material in the unit. Lecture slides are available on MyLO prior to each lecture. These on their own are not an adequate substitute for attending lectures and taking your own lecture notes. Please check the University Timetable for the relevant details for your campus at: http://student.admin.utas.edu.au/coursesenrolment/timetable/

It is recommended that you take a copy of the lecture slides with you to class and use these as a basis for your own note-taking. Developing lecture notes is your own responsibility in this unit. If you miss a lecture ask a friend or acquaintance for notes.

Weekly Study Guides can be accessed from MyLO. These guides provide an outline of the lecture content for the week, identify key learning objectives and prescribe weekly readings. Study Guides also contain a weekly planner to help students organise their work program in the unit and provide links to other useful resources, including topical illustrations of material covered in lectures.

Tutorials Students are required to attend 12 Tutorial sessions. These will be held weekly, commencing in Week 2. Students must access tutorial problems on MyLO prior to their tutorial, and must bring these questions with them class. Some questions will be designed to promote discussion; others will involve guided problem solving. To benefit most you should prepare rough answers and come prepared to ask your tutor to explain parts of the unit that you have not fully understood.

As part of the continuous assessment in BEA111, there will be three (3) in-tutorial tests, in Weeks 4, 8 and 12. Each of these tests is worth 6%, comprising 18% of the overall marks in this unit. It is important that you choose your tutorial allocation carefully so that you are able to complete these tests.

Details of Teaching Arrangements for Distance Students All teaching materials in this unit will be placed on MyLO. Apart from accessing teaching materials, you will need to use the site regularly to check for announcements by the Unit Coordinator, to undertake the mid-semester test, submit ‘in-class’ tests and to submit your assignment. You are encouraged to pose questions about teaching materials via MyLO rather than by e-mail to the your tutor. Distance students will share the BEA111 MyLO site with students enrolled in the on-campus version. There are multiple reasons for this, including:

Sharing of learning opportunities: Distance students will have the opportunity to watch recordings of live lectures and workshops. It is expected that these will be a lot more "realistic" than purpose-recorded videos or narrated presentations.

Sharing of resources: e.g. optional study activities, web links, etc, may be posted to the weekly folders. All students, regardless of mode of enrolment, will be exposed to the same information, materials and optional activities.

Sharing of study information: All students, regardless of enrolment mode, will have opportunity to interact with each other via discussion boards and email. This is most important, as it very much increases your class size, and therefore the range of interaction opportunities available to you. It will help you all help each other (explaining to others is an excellent learning/consolidation activity), and you can even form virtual study groups.

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On-Line Tutorials

Students are required to attend 12 On-line tutorial sessions. These will be held weekly via Elluminate, commencing in Week 2. Details on how to access Elluminate and what needs to be done prior to your first session are available on the BEA111 MyLO page. Elluminate on-line tutorials are recorded and may be accessed at a later date, however it is not possible to actively participate in these.

Students must access tutorial problems on MyLO prior to their on-line tutorial, and must bring these questions with them to the on-line tutorial and be ready to participate. Some questions will be designed to promote discussion; others will involve guided problem solving. To benefit most you should prepare rough answers and come prepared to ask your tutor to explain parts of the unit that you have not fully understood.

Tutorial times will be scheduled and assigned during the first week of semester. You will be contacted via email with the list of possible times however your preference cannot be guaranteed.

Distance Study Skills The University of Tasmania offers distance students a number of valuable resources to help succeed in their studies. You should complete the online orientation: http://www.utas.edu.au/orientation/ Resources are also available at: http://www.learningsupport.utas.edu.au/Resources.htm and on the library website.

Learning expectations and strategies How will you approach studying in this unit? Note this section is aimed primarily at Distance students, but the comments apply generally to all students. You will see when you look at the MyLO site that the unit is divided into weekly headings, which in turn contains the weekly material (Lecture Slides, Study Guides, Tutorial Questions). Whilst you can timetable your progress through these topics to suit your other commitments and at your own pace (i.e. the quantity and spread of hours per week is entirely up to you), you should note that assessment deadlines are not at all flexible. You will need to have studied all the relevant topics before your assessment deadline, so it is strongly recommended that you work through the unit at a pace no slower than one topic per week. It is very important that you understand that in this unit you must proceed through the materials in order; the knowledge that you gain from one topic will be essential as you move on to the next topic. It is therefore very risky to get too far behind in this unit. You will not be able to just get involved in the unit half way through the semester and think that you can forget about the first few topics. These are the steps that you should follow as you tackle each topic:

Read through the Study Guides that introduces the topic, identifies the learning objectives for the topic, and provides you with the details of what you need to do the week.

Scan through the material relevant for the topic. This material is NOT a substitute for reading the text or working problems or watching lecture recordings, but they will give you an idea of what to expect in the topic.

Read the required text book passages/chapter(s). Do not dwell on information you do not understand during first readings – the lectures will help clarify your learning, but only if you have undertaken the preparation.

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Watch the recorded lecture. The lectures that are given to students taking the unit in face-to-face mode on the Hobart campus will be recorded and posted on MyLO weekly.

Answers to tutorial questions will be posted on MyLO one week after the topic's scheduled activities. You are strongly advised not to just wait until the solutions are posted before looking at these activities.

Participate in the on-line tutorials weekly. Watch any recorded tutorial sessions. These sessions will provide you with the opportunity to practise procedures shown to you in the previous week’s lecture. The slower pace is deliberately intended to provide you with time to work through the task at hand, with answers revealed as you progress – to keep you on track through the various steps.

It is very important that you check your understanding of each topic before moving onto the next, and resolving any outstanding items of confusion with further reading/practice and/or discussion.

Starting in Week 2, we plan online consultation sessions (for Distance students only) with your Unit Coordinator. Further information will be emailed to your UTAS email account. Participation is not compulsory, but it does provide opportunity for real-time Q&A sessions.

PASS Program In 2014, the PASS program is being offered by the Student Centre for BEA111 Principles of Economics 1. The Peer Assisted Study Sessions program (PASS) is an academic program available to all students studying in selected units. PASS offers regular, out-of-class study sessions focussing on revising the course content, what to learn, while developing your academic reasoning and study skills. PASS sessions are led by PASS Leaders, who are students that have recently and successfully completed the unit. The sessions are an informal setting in which you can review notes, discuss readings, develop study tools and prepare for examinations. Data from universities, both nationally and internationally, indicate that students who attend PASS regularly earn higher subject grades than students who do not attend PASS (in units where the program is offered). Session times can be viewed either on your student timetable or on the PASS website: http://www.utas.edu.au/pass.

Student Learning BEA111 Assessment Preparation Workshops The Student Learning and Academic Development Team in the Student Centre works with all students, domestic and international, to develop academic skills, literacy and English language skills. Student Learning will be running Assessment Preparation Workshops for all students (domestic and international) studying in BEA111 Principles of Economics 1. The workshops will cover:

Understanding the questions

Organising your ideas in writing and essay structure

Avoiding common mistakes

Exam preparation

The focus of these workshops will be on language and structure, not on content. The workshops will be practical, and are focussed on the assessment tasks for the unit. Attendance is voluntary, but is recommended for students who want to develop confidence with written assignments. Times and locations of the workshops will be posted on MyLO. If you are a distance student, or the workshops are not run on your campus, please contact Student.Learning@utas.edu.au. Student Learning also runs regular workshops on academic skills and English language for all UTAS students, and you can find the full schedule here: http://www.utas.edu.au/student-learning/workshops

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Individual consultations are also available, both on campus and online. To book a consultation, visit the Student Learning website http://www.utas.edu.au/student-learning/, or contact us by email at student.learning@utas.edu.au or by phone on 6226 2946. The workshops will be recorded and posted on MyLO for the benefit of all students. The scheduled workshop times on the Hobart campus are: Week 2 Monday 4 March 2.00pm Life Science 105 Seminar Rm 1 In Tutorial tests Week 5 Monday 25 March 2.00pm Life Science 105 Seminar Rm 1 Online Test Week 8 Monday 22 April 2:00pm Life Science 105 Seminar Rm 1 Short Essay Week 11 Monday 13 May 2:00pm Life Science 105 Seminar Rm 1 Exam

Please note that the above classes appear on the University timetable labelled ‘Workshop’. If you have any questions regarding the sessions could you please send an email to Morag Porteous at student.learning@utas.edu.au. You will receive reminders during lectures regarding these sessions.

Communication, Consultation and Appointments Email Correspondence: Students are also expected to check their UTAS email site on a regular basis (at least three times a week). Students submitting requests or queries to staff via email should provide very clearly their: Family name: Preferred name; Student ID; Unit code (i.e. BEA111) and allow teaching staff at least two (2) business days to reply. Staff are not required to respond to emails in which students do not directly identify themselves, which are threatening or offensive, and that come from external (non-UTAS) email accounts. Students are advised not to have their UTAS email forwarded to an external email service (such as Gmail or Hotmail). In the past there have been significant issues where this has occurred, resulting in UTAS being blacklisted by these email providers for a period of up to one month. MyLO News: Students are required to check MyLO on a regular basis. The course site on MyLO will be updated regularly with course material and helpful resources. All lectures notes, problem sets for tutorial as well as solutions will be posted on MyLO.

Assessment

Assessment Schedule In order to pass this unit you must achieve an overall mark of at least 50 per cent of the total available marks. Details of each assessment item are outlined below.

Assessment Items Due Date Value/Weighting Link to Learning Outcomes

In Tutorial Tests

Weeks 4, 8 and 12 18% (6% each) L01, L02, L03, L04, L05, L06

Mid-Semester Test Week 7 10% L01, L02, L03, L04, L05

Short Essay

Week 11 (May 12, 2:00pm) 12% L02, L04, L06

Final Exam

Examination Period 60% L01, L02, L03, L04, L05, L06

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Assessment Item 1 – Face-to-Face Students: In Tutorial Test 1-3

Task Description: One week prior to the in-tutorial test a set of four (4) examinable questions

will be posted on MyLO. On arrival at your tutorial you will be assigned one

of the 4 examinable questions at random and given (ten) 10 minutes to

complete a written answer under test conditions. After completion of the

test, the rest of the tutorial time will be devoted to discussing the Tutorial

Problems as usual.

Task Length: 10 Minutes

Assessment Criteria: All questions consist of short problems which require you to complete a series of tasks/actions (e.g., define, explain, sketch a diagram, fill in a table, and calculate). Marks are assigned to each task for a total of 6 marks. Specific learning outcomes and assessment criteria will be provided as part of each test question sheet. Note that:

No marks are allocated explicitly for your clarity or correctness of English expression. However, poor expression and setting out of answers can often make it difficult for markers to assess your economic knowledge and skills which will result in a low mark.

Examples of test questions and specimen answers are provided on MyLO.

Policy on missed tests:

Students are expected to sit in-class tests during their assigned tutorial time. If a student is unable to sit during their usual time and wishes to sit at an alternative time during the same week as the scheduled test, a ‘Request to sit an In-Class Test at an Alternative Time’ form must be completed and handed to the tutor in charge of the alternative class before sitting the test. Alternative tutorials and tutor details will be posted on MyLO. Completed tests will be checked against tutorial enrolment records. Tests completed by students in alternative classes during the week of the test without this completed form will not be graded. If the request is based on medical reasons, then the form must be accompanied by a copy of the medical certificate. Students who are unable to sit a test during the week in which it is scheduled must apply to sit a makeup test by submitting the appropriate form found on MyLO. A make-up in-tutorial test will be organised at the end of the semester. The time for the make-up test will be announced in lectures. Eligible students will be notified of the timing of the make-up test by email and provided with a set of test questions. This test is only for students who for legitimate reasons could not sit during the week the test was scheduled and have submitted the appropriate form to the School Office.

Due Date: Weeks 4, 8, and 12

Value: 18% (6% each)

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Assessment Item 1 – Distance Students: In Tutorial Test 1-3

Task Description: At least 1 week prior to the test a set of four (4) examinable questions will be

posted on MyLO. You will be required to answer ALL four (4) questions and submit these via a dropbox on the MyLO site for this unit. Two (2) of your submitted answers will be marked and the average mark of the two questions will be your result for this test. You will be required to submit your test on the Wednesday 5.00pm of the week in which they are due. (Please note that each submission will also go through TURNITIN. TURNITIN is a text matching system which determines if quotes have been correctly sourced and whether matches identified by Turnitin indicate that plagiarism may have occurred.

Task Length: 150 word answers. Include diagrams and/or calculations where required.

Assessment Criteria: LO1, LO2, LO3, LO4, LO5, LO6 (Note that not all tests will address all learning outcomes.

Policy on missed tests:

All questions consist of short problems which require you to complete a series of tasks/actions (e.g., define, explain, sketch a diagram, fill in a table, and calculate). Marks are assigned to each task for a total of 6 marks. Specific learning outcomes and assessment criteria will be provided as part of each test question sheet. Note that:

No marks are allocated explicitly for your clarity or correctness of English expression. However, poor expression and setting out of answers can often make it difficult for markers to assess your economic knowledge and skills which will result in a low mark.

Examples of test questions and specimen answers are provided at the “Assessment” icon on MyLO.

Due Date: If a student is unable to submit the test by the due date then they should contact their lecturer/tutor to discuss options. Students who are unable to submit the test before the solutions are released must apply to sit a makeup test by submitting the appropriate form found on MyLO. A make-up test will be organised at the end of the semester. The time for the make-up test will be announced in lectures. Eligible students will be notified of the timing of the make-up test by email and provided with a set of test questions. This test is only for students who for legitimate reasons could not submit during the week the test was scheduled and have submitted the appropriate form to the lecturer/tutor.

Value: 18% (6 marks for each test).

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Assessment Item 2 – On-line Mid Semester Test

Task Description: This test will consist of twenty (20) multiple choice questions chosen

randomly from a test bank. The test will be available on MyLO. Dates and

times for the test will be posted on MyLO.

Task Length 30 minutes

Assessment

Criteria:

Questions will test your knowledge and understanding of the core

concepts, terms, models etc. covered in Weeks 1 -5. One mark will be

awarded for each correct answer.

Link to Unit’s

Learning Outcomes:

LO1, LO2, LO3, LO4, LO5

Due Date: Week 7

Value: 10%

Assessment Item 3 – Short Essay

Task Description: This short essay is designed to develop your ability to apply skills of sound

economic reasoning and elementary micro economic analysis to a current

policy issue. It will also develop your ability to present economic arguments

and analysis clearly. Detailed guidelines and instructions will be distributed in

lectures (Week 4) and posted on MyLO.

Task Length 500 Words

Assessment Criteria: An assessment rubric for this short essay will be posted on.

Link to Unit’s

Learning Outcomes:

LO2, LO4, LO6

Due Date: Week 11 - 3.00pm Monday 12th May

Value: 12%

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Assessment Item 4 – Final Exam

Task Description: Length: 3 hours

Section Question Format Number of questions Worth

A Multiple choice 30 questions 30 marks

B Short answer Answer 5 of 6 questions 30 marks

C Multiple part Answer 3 questions 40 marks

100 marks

# Students are not permitted to take calculators into the exam room.

# Copies of past exams are held by the library. Written sample answers will

not be provided. However, help with questions that you have made a

genuine attempt to answer may be provided by your lecturer/tutor either on

an individual basis or in a group revision session.

Task Length 3 hours

Assessment Criteria: See task Description

Link to Unit’s

Learning Outcomes:

LO1, LO2, LO3, LO4, LO5, LO6

Due Date: The final exam is conducted by the University Registrar in the formal

examination period. See the Current Students homepage (Examinations and

Results) on the University’s website.

Value: 60%

Your final examination for this unit will be held during the scheduled examination period as indicated by Student Administration in correspondence to you. Examinations will normally be scheduled Monday to Saturday inclusive. Examinations may be held during the day or evening and students should consult the university information which will be made available towards the end of semester. You are advised to make any necessary arrangements with employers now for time off during the examination period to sit this examination. Your participation at the scheduled time is not negotiable unless there are exceptional circumstances. Note that you will be expected to sit the examination at your recorded study centre. To find out more go to the Exams Office website: http://www.utas.edu.au/exams/home .

How Your Final Result Is Determined. Your final mark for this unit is determined by your internal assessment (40%) and your examination mark (60%). In order to pass this unit your final total mark (i.e., the sum of internal and examination mark) must be 50% or higher. Final marks may be moderated.

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Submission of Assessment Items

Lodging Assessment Items Assignments must be submitted electronically through the relevant assignment drop box in MyLO. All assessment items must be handed in by 2.00pm on the due date. Where appropriate, unit coordinators may also request students submit a paper version of their assignments. All assignments must have a TSBE Assignment Cover Sheet, which is available as a blank template from the TSBE website: [http://www.utas.edu.au/business-and-economics/student-resources]. All assignments must include your name, student ID number, tutorial day/time, and your tutor’s name. If this information is missing the assignment will not be accepted and, therefore, will not be marked. Please remember that you are responsible for lodging your assessment items on or before the due date. We suggest you keep a copy. Even in ‘perfect’ systems, items sometimes go astray.

Late Assessment and Extension Policy In this Policy

1. (a) ‘day’ or ‘days’ includes all calendar days, including weekends and public holidays;

(b) ‘late’ means after the due date and time; and

(c) ‘assessment items’ includes all internal non-examination based forms of assessment

2. This Policy applies to all students enrolled in the Tasmanian School of Business and Economics Units at whatever Campus or geographical location.

3. Students are expected to submit assessment items on or before the due date and time specified in the relevant Unit Outline. The onus is on the student to prove the date and time of submission.

4. Students who have a medical condition or special circumstances may apply for an extension. Requests for extensions should, where possible, be made in writing to the Unit Coordinator on or before the due date. Students will need to provide independent supporting documentation to substantiate their claims.

5. Late submission of assessment items will incur a penalty of 10% of the total marks possible for that piece of assessment for each day the assessment item is late unless an extension had been granted on or before the relevant due date.

6. Assessment items submitted more than five (5) days late will not be accepted.

7. Academic staff do NOT have the discretion to waive a late penalty, subject to clause 4 above.

Academic Referencing and Style Guide In your written work you will need to support your ideas by referring to scholarly literature, works of art and/or inventions. It is important that you understand how to correctly refer to the work of others and maintain academic integrity.

Failure to appropriately acknowledge the ideas of others constitutes academic dishonesty (plagiarism), a matter considered by the University of Tasmania as a serious offence.

The appropriate referencing style for this unit is: the Harvard style. For information on presentation of assignments, including referencing styles: http://utas.libguides.com/referencing

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Review of Assessment and Results

Review of Internal Assessment It is expected that students will adhere to the following policy for a review of any piece of continuous/internal assessment. The term continuous/internal assessment includes any assessment task undertaken across the teaching phase of any unit (such as an assignment, a tutorial presentation, and online discussion, and the like), as well as any capstone assignment or take-home exam. Within five (5) days of release of the assessment result a student may request a meeting with the assessor for the purpose of an informal review of the result (in accordance with Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-governance/rules). During the meeting, the student should be prepared to discuss specifically the marks for the section(s) of the marking criteria they are disputing and why they consider their mark(s) is/are incorrect. The assessor will provide a response to the request for review within five (5) days of the meeting. If the student is dissatisfied with the response they may request a formal review of assessment by the Head of School, with the request being lodged within five (5) days of the informal review being completed. A Review of Internal Assessment Form must be submitted with the formal review (http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessment.pdf).

Review of Final Exam/Result In units with an invigilated exam students may request a review of their final exam result. You may request to see your exam script after results have been released by completing the Access to Exam Script Form, which is available from the TSBE Office, or at the following link – http://www.utas.edu.au/business-and-economics/student-resources. Your unit coordinator will then contact you by email within five (5) working days of receipt of this form to go through your exam script. Should you require a review of your final result a formal request must be made only after completing the review of exam script process list above. To comply with UTAS policy, this request must be made within ten (10) days from the release of the final results (in accordance with Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-governance/rules). You will need to complete an Application for Review of Assessment Form, which can be accessed from www.studentcentre.utas.edu/examinations_an_results/forms_files/review_of_assessment.pdf. Note that if you have passed the unit you will be required to pay $50 for this review. The TSBE reserves the right to refuse a student request to review final examination scripts should this process not be followed.

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Further Support and Assistance If you are experiencing difficulties with your studies or assessment items, have personal or life-planning issues, disability or illness which may affect your study then you are advised to raise these with your lecturer or tutor in the first instance. If you do not feel comfortable contacting one of these people, or you have had discussions with them and are not satisfied, then you are encouraged to contact the Director of Undergraduate Programs:

Name: David Kronenberg Room: Room 407, Level 4, Commerce Building Phone: 6226 2280 Email: David.Kronenberg@utas.edu.au

There is also a range of University-wide support services available to students, including Student Centre Administration, Careers and Employment, Disability Services, International and Migrant Support, and Student Learning and Academic Support. Please refer to the Current Students website (available from www.utas.edu.au/students) for further information. If you wish to pursue any matters further then a Student Advocate may be able to assist. Information about the advocates can be accessed from www.utas.edu.au/governance-legal/students-complaints . The University also has formal policies, and you can find out details about these policies from the following link – www.utas.edu.au/governance-legal/student-complaints/how-to-resolve-a-student-complaint/self-help-checklist.

Academic Misconduct and Plagiarism Academic misconduct includes cheating, plagiarism, allowing another student to copy work for an assignment or an examination, and any other conduct by which a student: (a) seeks to gain, for themselves or for any other person, any academic advantage or advancement

to which they or that other person are not entitled; or (b) improperly disadvantages any other student.

Students engaging in any form of academic misconduct may be dealt with under the Ordinance of Student Discipline. This can include imposition of penalties that range from a deduction/cancellation of marks to exclusion from a unit or the University. Details of penalties that can be imposed are available in the Ordinance of Student Discipline – Part 3 Academic Misconduct, see http://www.utas.edu.au/universitycouncil/legislation/. Plagiarism is a form of cheating. It is taking and using someone else’s thoughts, writings or inventions and representing them as your own, for example:

using an author’s words without putting them in quotation marks and citing the source;

using an author’s ideas without proper acknowledgment and citation; or

copying another student’s work.

using ones’ own work from previously submitted assessment items if repeating a unit.

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If you have any doubts about how to refer to the work of others in your assignments, please consult your lecturer or tutor for relevant referencing guidelines, and the academic integrity resources on the web at http://www.academicintegrity.utas.edu.au/ The intentional copying of someone else’s work as one’s own is a serious offence punishable by penalties that may range from a fine or deduction/cancellation of marks and, in the most serious of cases, to exclusion from a unit, a course, or the University. The University and any persons authorised by the University may submit your assessable works to a plagiarism checking service, to obtain a report on possible instances of plagiarism. Assessable works may also be included in a reference database. It is a condition of this arrangement that the original author’s permission is required before a work within the database can be viewed. For further information on this statement and general referencing guidelines, see http://www.utas.edu.au/plagiarism/ or follow the link under ‘Policy, Procedures and Feedback’ on the Current Students homepage.

Tutorial/Workshop Program

Note that the tutorial program does not commence until week two of semester. All problem sets

will be posted on MYLO during the week prior to the tutorial session. Students should review the

weeks lecture resources and your own notes, and complete the required readings. Prepare

rough answers to all problems before attending your tutorial. Be ready to both answer and to

ask questions. Solutions to all questions will be available on MyLO once all tutorial groups

have met.

Week Two: Problem Set #1

Week Three: Problem Set #2

Week Four: First In Tutorial Test. Problem Set #3

Week Five: Problem Set #4

Week Six: Problem Set #5

Week Seven: Problem Set #6

Week Eight: Second In Tutorial Test. Problem Set #7

Week Nine: Problem Set #8

Week Ten: Problem Set #9

Week Eleven: Problem Set #10

Week Twelve: Third In Tutorial Test. Problem Set #11

Week Thirteen: Problem Set #12

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Study Schedule

Week

Start of Week

Text Chapter

Topic

Due Dates

1 24 February

Unit Outline

Chapter 1

Unit Introduction

Thinking as an Economist – Microeconomics and the Economic Naturalist

2 3 March

Chapter 2 Comparative Advantage – A Basis for Trade

3 10 March

Chapter 3

Markets and Market Structure – An Overview

Supply, Demand and Equilibrium – An Introduction

4 17 March

Chapter 7

Chapter 5

Efficiency and Exchange – an Introduction

Demand – The Benefit Side of the Market

In Tutorial Test

5 24 March

Chapter 6

Competitive Supply – The Cost Side of the Market

6 31 March

Chapter 4 Elasticity

7 7 April

Chapter 9 The Quest for Profit and the Invisible Hand – an Introduction

Mid Semester Test

8 14 April

Chapter 10 Monopoly

Price Discriminating Strategies for a Price-Making Firm

In Tutorial Test

Mid-semester break: Friday 18 – Friday 25 April inclusive

9 28 April Chapter 11 Thinking Strategically – An Introduction to Game Theory

Positional Externalities

10 5 May Chapters 12

Externalities, Public Goods and Common Resources

11 12 May Chapter 13 Externalities, Public Goods and Common Resources -- Continued

Short Essay

12 19 May Chapter 8 International Trade – Winners, Losers and Protectionism

In Tutorial Test

13 26 May

Unit Review and Feedback

Examination Period: 7 – 24 June 2014