busn1013 economics for business topic guide

TOPIC GUIDE

BUSN1013 / BUSN9023 Economics for Business Semester 1, 2015

Topic Coordinator:

Kevin Kirchner

room 3.45 LWCM Building [email protected]

Topic Guide BUSN3026, BUSN9023, 2015 Page 1

1. TEACHING STAFF

Mr. Kevin Kirchner (Topic Coordinator, lecturer, tutor) Room 3.45 LWCM Building [email protected] Student Consultation Times: Wednesdays 10am to 12noon Thursdays 11am to 1pm If you wish to see me at other times please send me an email to check on my availability and to arrange an appointment time.

Tutors

Mr. Rod Nankivell – [email protected]

Mr. David Medlow-Smith – [email protected]

Mr. Koku Wotodzo – [email protected]

Ms. Salmin Mostafa – [email protected]

Mr. Gilbert Ndayisaba – [email protected]

Student Consultation times: Please note that these people are all casual staff and hence their availability on campus will in most cases be limited, meaning that their availability for student consultation will be limited. Indeed some may only be available in tutorials.

They will advise of their availability for consultation in their first tutorials.

The alternative is to see Kevin Kirchner if you require assistance with the topic in any way – see details of my consultation hours above. All requests for assignment extensions and most other administrative matters should be directed to Kevin.

Additional consultation times will be advised in the lead up to the final exam.

2. TOPIC SYNOPSIS AND TOPIC AIMS

Topic Synopsis

This topic provides an introduction to the basic concepts of microeconomics.

Topic Aims

The aim of this topic is to provide an understanding of the basic concepts of microeconomics, as well as an understanding and appreciation of their relevance to business decision-making.

3. LEARNING OUTCOMES and GRADUATE QUALITIES

Learning Outcomes

On successful completion of the topic students should be able to understand and explain:

basic economic concepts including ‘the economic problem’; opportunity cost; demand and supply model; economic profit; profit maximisation; decisions at the margin; diminishing marginal utility; price and income elasticities; economies and diseconomies of scale; and price discrimination


how competitive markets allocate scarce resources and the strengths of the market system

the notion of ‘market failure’ and how market failure can occur

the notions of efficiency and equity and how an understanding of economics helps us to address both.

Graduate Qualities

Bachelor degree programs at Flinders aim to develop, along with more program-specific professional competencies, the core qualities listed here. Graduate qualities are addressed in varying degrees in each topic. This topic contributes to the Flinders graduate qualities as follows:

Flinders graduates Taught Practised Assessed

- are knowledgeable

- can apply their knowledge

- communicate effectively

- can work independently

- are collaborative

- value ethical behaviour

- connect across boundaries

4. LECTURES

Lectures will be held as follows:

9am Wednesday North 4 (with a video relay to North 5)

9am Fridays North 4 (with a video relay to North 2)

The one exception will be Friday 3rd April (Good Friday). In place of this lecture there will be an additional lecture on Wednesday 1st April at 10am (North 4), immediately following the normal 9am lecture.

All lectures will be recorded and available for viewing via FLO.

Even though lectures are recorded, it is strongly recommended that you attend lectures. This is for several reasons:

attending lectures provides a much fuller learning experience than simply watching a video – assuming, of course, that you make an effort to follow the lecture and to think (in a curious, critical and analytical fashion) about the material being presented;

material will be presented in lectures which is additional to that covered by the textbook;

the focus of lectures is to help you understand the concepts of microeconomics. In the main, it is your understanding of these concepts that will be tested in assignments and exams; and

attendance at lectures is the best way to discipline yourself to stay up-to-date with the topic.

Lectures are not a repeat of the textbook. Instead they are designed to help you understand the key concepts.

Warning: There are two corollaries to the above:

i. You will find it much more difficult to pass this topic if you attempt to rely solely upon the textbook as your source of information and understanding; and

ii. Similarly, you will find it much more difficult to pass this topic if your approach to study is essentially one of relying upon rote learning.


5. TUTORIALS

Tutorials begin in the second week of semester.

Attendance at tutorials is compulsory and essential if you wish to pass this topic. Not only will tutorials help you understand the concepts and principles presented in this course but there will be weekly tests in tutorials, which will count for 15% of your final grade. (see details in section 9)

Except where a valid reason exists, students must attend the tutorial for which they are registered. If, however, in any particular week you are unable to attend your regular tutorial then you should attend an alternative tutorial. (You can assess information on tutorial locations and times via the FLO site for this topic.)

PLEASE NOTE that tutorials will only be of one hour duration, not two hours as currently shown on the on-line timetable information for this topic. This is a change which is beyond my control.

6. PRESCRIBED TEXTBOOK

The prescribed textbook for this course is:

Hubbard et al, Microeconomics, 4th ed., 2015, Pearson

The version of the textbook available from UniBooks includes access to on-line material provided by the publisher, namely “MyEconLab” and an etext version of the textbook. Unfortunately it comes at the hefty price of $166.95.

Information on ‘MyEconLab’ and how to access it is provided below.

While MyEconLab is a useful study tool it is not essential to have access to it. Consequently there are a number of other options available, in respect of the textbook:

i. You can buy a copy of the book alone, ie without access to any on-line material. This will still cost you around $134; and you would need to purchase it via the Pearson website (www.pearson.com.au).

ii. A second-hand copy of the textbook will likely suffice – even if it is the previous edition. (Although the problem set in earlier editions will be different. To try and overcome this I will attempt to provide tutorial questions in full on the tutorial sheets, rather than simply directing students to particular problems in the textbook.)

iii. You could purchase only the etext version of the textbook. This is available via the Pearson website (www.pearson.com.au), but will still cost you $97.95.

7. About MyEconLab

MyEconLab is an on-line course management and education site provided by the publisher of the textbook. However, in this topic it will used only as a study aid for students. The main on-line site for this topic, where you will find course materials, announcements, communication tools, and so on, is instead the FLO site (refer below).

To access MyEconLab you need a Course ID and a Student Access Code. The Course ID is kirchner61595. Your Student Access Code comes with your purchase of the textbook (ie a new book only).

To register for the MyEconLab site for this topic go to www.pearson.com.au/hubbard3 and log in using the Course ID and your Student Access Code. You only need to register once.

You then just need to click on the course title (BUSN1013 Economics for Business) to take you to the Textbook website for this topic.


You will see a menu on the left hand of the page. The only items that are of use are those under ‘Course Materials’, being ‘Study Plan Builder’, ‘Study Plan’, ‘etext’ and ‘Multimedia’..

The ‘Study Plan Builder’ contains a small number of quizzes and tests for each chapter, so that you can test yourself as to how well you have understood and learnt the required material. Upon undertaking these tests the software will build a “study plan” for you, based on how well you answered each question.

So the next step is to go to ‘Study Plan’ in the menu. In this section you will find further practice questions, quizzes and tests. This section also provides feedback on your answers, to help you better understand the correct answer (ie why it is correct).

If you wish you can skip the ‘Study Plan Builder’ step and go straight into the ‘Study Plan’ section.

Also in the ‘Course Materials’ menu you will find access to the etext version of the textbook.

There is also a ‘Multimedia’ section, which I may use at various times through the course – to be advised. However, you are welcome to check out the material in Multimedia section at your leisure.

And that’s about it.

There is, however, also an option to access MyEconLab without purchasing a new textbook. Simply go to www.pearson.com.au/hubbard3, select the Microeconomics book icon, and then follow the instructions to register. You will need to pay with a credit card or via PayPal. Acess to MyEconoLab including access to the etext version of the textbook will cost you $113.95; while access to MyEconLab without the etext will cost you $49.95.

Alternatively, you could simply access the site with a friend!!

A set of Powerpoint slides (as provided by the publisher) giving some additional information on MyEconLab is provided on FLO. (see top box).

8. LECTURE OUTLINE The topics to be addressed in this course and the associated textbook readings are: Topic

Textbook Reading

1. ‘The Economic Problem’ and an Introduction to the Market-Based Economic System

Chaps1, 2

2. How Markets Work: The Supply/Demand Model Chap 3 3. How Markets Work continued: Elasticities Chap 4 4. Economic Efficiency Chap 5 5. Consumer choice and behavioural economics Chap 6 6. Technology, production and costs Chap 7 7. Perfect Competition Chap 8 8. Monopoly Markets and Price Discrimination Chap 9 9. Monopolistic competition Chap 10 10. Oligopoly Chap 11


11. Market Failure and Government Intervention in Markets Chap 12 12. Externalities, Environmental Policy and Public Goods Ventures Chap 15

Please note that the above is intended as an outline only and may be subject to change. 9. ASSESSMENT

9.1 Summary of assessment components in this topic

Assessment Component Weighting Due Date

12 noon

Tutorial preparation and participation 15% n.a.

Assignment 1 15% 9th April

Assignment 2 15% 21st May

Exam (3 hours) 55% tba

9.2 Details of Assessment Components

9.2.1 Tutorial Assessment

Each week, at the end of each tutorial, there will be a short 10 minute test. These tests will count for 15% of the final grade for this topic.

There are 12 tutorials across the semester. Only your best 10 tests will count in determining your tutorial mark.

The tutorial tests will consist of a combination of multiple choice and short answer questions. (Questions will vary to some degree between tutorials in each week!)

To do well in these tests you not only need to attend the tutorial but you will need to have prepared for the tutorial and studied the material that has been presented in lectures (in association with that contained in the textbook). If you simply turn up to the tutorial having done no preparatory study the likelihood is that in most weeks you will do poorly in the tests.

To the extent that you have done preparatory study and you are unsure about something be sure to ask in the tutorial before the test is given! (The likelihood is that other students will benefit from your question also.)

9.2.2 Assignment Questions

There will be two assignments across the semester, consisting of short answer questions. The assignments will be due on Thursday 9th April and Thursday 21st May. Each assignment will be worth 15% of your final grade.

Details of the assignments will be provided closer to their due dates.

9.2.3 Exam

The final exam will be worth 55% of your grade for this topic. Further information on the exam will be provided closer to the end of the semester, but please note the following:

examinations for this topic will be held in June, with supplementary exams to be held in July, prior to the start of second semester. It is your responsibility to be available to sit exams.


Students who are not present for an exam will not normally be granted an alternative exam, except in exceptional circumstances.

students should also be aware that the FBS has decided that no BUSN exam can be sat overseas. Students need to sit all exams at Flinders University. It is your responsibility to ensure that you are available to sit exams.

9.2.4 Grades In line with the University's Assessment Policies and Procedures, grading for this topic will use the following notations:

Notation Grade Percentage Range

HD High Distinction 85-100

DN Distinction 75-84

CR Credit 65-74

P Pass 50-64

F Fail 0-49

The standards that will be applied in determining grades in this topic are detailed at Clause 6 of the University’s Assessment Policies and Procedures (available on the University’s web site). These standards (ie ‘Grade Descriptors’) are included as an appendix to this Topic Guide. 9.2.5 Further Information on Assessment Students are advised to carefully read the Statement of Assessment Methods for this topic (separate document). It provides full information on the assessment policies and procedures to apply to this topic.

10. SOME TIPS ON HOW TO ACHIEVE A GOOD GRADE IN THIS TOPIC

Attend lectures – and use this opportunity to think about the material that is being presented. Recognise that lectures and tutorials provide an opportunity for you to improve and test your understanding of the material presented in this course. You will not pass this topic if you simply try and memorise material. Instead, you need to be able to apply concepts and information to solve problems; and this requires understanding.

Prepare for tutorials

Try to put time aside to review tutorial questions immediately after each tutorial, while the material is still fresh in your mind. This will make a significant difference in your learning.

11. ACADEMIC INTEGRITY All students have an obligation to understand and respect the rules and practice of academic integrity. The full policy on academic integrity can be found in the Student Related Policies and Procedures Manual (refer to the University’s web site), key extracts of which are included as an appendix to this Topic Guide.

12. STUDENT WORKLOAD

Flinders uses units to provide guidance to students on their study plans. It is normally expected that each unit point is equivalent to approximately two hours of study time per week (including both formal contact time in lectures, tutorials etc) and individual study time during the teaching period,


including mid-semester breaks. The expected workload for a 4.5 unit topic is therefore approximately 9 hours per week. Although note this is indicative only of the estimated minimum time commitment necessary for an average student to achieve an average grade in the topic (ie a Pass grade). Students should also note that this guideline assumes 9 hours productive study time. Be aware that simply reading a textbook or sitting in lectures/tutorials in an unthinking manner is not productive study. If you are concerned about your study skills, or simply want some guidance as to how to make your study more productive/effective, you should seek assistance through the Steps to Success program, or via the Student Learning Centre, or seek advice from the Topic Coordinator.

13. BEING INFORMED

It is your responsibility to remain informed about all aspects of this topic. Thus, for the purposes of this topic you will be deemed to be aware of:

1. The contents of this Topic Guide.

2. Any announcements made or handouts distributed during lectures and tutorials.

3. Any announcements or other material placed on the FLO site for this topic.

All important announcements made during lectures or tutorials will be posted to FLO. It is therefore imperative that you check the FLO site on a regular basis.

14. TOPIC FLO SITE

Copies of lecture outlines, tutorial questions, other topic material and recordings of the lectures will be available on-line at the FLO website for this topic. The Flinders Learning Online (FLO) site also provides additional support for students, including other information relevant to this topic, staff details, assessment details and announcements. The site allows you to communicate with teaching staff and with other students. University Computers and Help with FLO You are encouraged to enrol in a FLO workshop in the library (if you have not already attended one in a prior year). Technical problems you may have with FLO should also be referred to library staff. Privacy Information: Students should be aware that the topic coordinator is able to access information about students’ use of the FLO site. For example, a record of which pages were visited, when, for how long and what has been downloaded are maintained for every student enrolled in the topic.

15. COMPUTER ACCESS Every student enrolled in a topic within the faculty of Social and Behavioural Sciences has their

own individual account on the Social and Behavioural Sciences network. If you experience any difficulties with computer network access contact the Computer Support Helpdesk (telephone access is available in the computer labs).


16. TOPIC WITHDRAWAL DEADLINES Should for any reason you decide to withdraw from this topic – ill-health, conflicts with work, overloaded with study, or (impossible to believe!!) you are not enjoying the topic – then you should be aware that certain deadlines apply to students regarding enrolment and withdrawal. Details of withdrawal deadlines for the current semester may be viewed at:

www.flinders.edu.au/studentinfo/important_dates.htm

FINAL WORD … I hope you find this topic enjoyable, worthwhile, interesting, and a stimulating learning experience. Please do not hesitate to contact me if at any time you have any queries or if you require any assistance. Most especially, please come and see me as soon as possible if you are having difficulty with any aspect of the topic. The earlier you come and see me the more likely it is that I will be able to help you in a manner which will enable you to pass the topic or help you gain a higher grade. Cheers Kevin Kirchner


APPENDIX 1

ACADEMIC INTEGRITY: COLLUSION, PLAGIARISM, MISCONDUCT

All students and staff have an obligation to understand and respect the rules and practice of academic integrity. It is therefore expected that students and staff will adhere to high standards of academic integrity. The full policy can be found in the Student Related Policies and Procedures Manual or on the University Web site. The following extract is taken from the University’s Policy on Academic Integrity and explains what exactly is meant by academic integrity:

2 Academic Integrity

2.1 Academic integrity means that all work which is presented is produced by the student alone, with all sources and collaboration fully acknowledged.

2.2 Any failure to meet the requirements of academic integrity in any form of academic work will be regarded as a breach of the requirements of academic integrity and, depending on the circumstances and the nature of the breach, consequences including penalties may be expected to follow. Breaches of academic integrity may include plagiarism, collusion, fabrication, falsification, double submission of work and misconduct in examinations.

2.2.1 Plagiarism Plagiarism is the use of another person's words or ideas as if they were one's own. It may occur as a result of lack of understanding and/or inexperience about the correct way to acknowledge and reference sources. It may result from poor academic practice, which may include poor note taking, careless downloading of material or failure to take sufficient care in meeting the required standards. It may also occur as a deliberate misuse of the work of others with the intent to deceive. It may include, but is not restricted to:

presenting extracts, without quotation marks and/or without appropriate referencing, from books, articles, theses, other published or unpublished works, films, music, choreography, working papers, seminar or conference papers, internal reports, computer software codes, lecture notes or tapes, numerical calculations, data or work from another student. In such cases, it is not adequate merely to acknowledge the source. This applies to material accessed in hard copy, electronically or in any other medium;

close paraphrasing of sentences or whole paragraphs with or without acknowledgement by referencing of the original work;

adopting ideas or structures from a source without acknowledgment;

using source codes and data from other's work without acknowledgement;

arranging for someone else to undertake all or part of a piece of work and presenting that work as one's own;

submitting another student's work whether or not it has been previously submitted by that student.

2.2.2 Collusion Collusion occurs when a student submits work as if it has been done individually when it has


been done jointly with one or more other person unless the topic coordinator has indicated that this is acceptable for the specific piece of work in question.

2.2.3 Other breaches of the requirements of academic integrity Other breaches of the requirements of academic integrity may include:

submission of the same piece of work for more than one topic unless the topic coordinator(s) have indicated that this procedure is acceptable for the specific piece of work in question; providing another student with the means of copying an essay or assignment;


APPENDIX 2 GRADE DESCRIPTORS In line with the University's assessment policies and procedures in relation to grading for topics, the

following notations are used. Final grade descriptors are taken from the University’s Student Related Policies and Procedures, under Assessment Policies and Procedures (6.1 Final Grades), which indicate the standards necessary to achieve each of the final grades.

Grade (Notation)

Percentage Range

Final Grade Descriptor

Pass Level (P)

50-64

The grade will be awarded where there is evidence that a student has undertaken the required core work for the topic and has demonstrated at least an adequate level of knowledge/understanding/competencies/ skills required for meeting topic objectives and satisfactorily completing essential assessment exercises.

The student would normally have attained an adequate knowledge of matter contained in set texts or reading materials, and demonstrated familiarity with major academic debates, approaches, methodologies and conceptual tools.

Pass is the highest grade which can be achieved in a supplementary assessment granted on academic grounds.

Credit (CR) 65-74

The grade will be awarded where there is evidence that a student has undertaken all of the required core work for the topic and additional work in wider areas relevant to the topic, and has demonstrated a sound level of knowledge/understanding/competencies/skills required for meeting topic objectives and completing assessment exercises at a proficient standard.

The student would normally have attained a sound knowledge of matter contained in set texts or reading materials and have done wider reading, and demonstrated familiarity with and the ability to apply a range of major academic debates, approaches, methodologies and conceptual tools.

Students should have a reasonable opportunity of reaching this grade provided they have completed all course requirements, demonstrated proficiency in the full range of course objectives and shown considerable evidence of a sound capacity to work with the range of relevant subject matter.

Distinction (DN)

75-84

The grade will be awarded where there is evidence that a student has undertaken all of the required core work for the topic at a high level and considerable additional work in wider areas relevant to the topic, has demonstrated advanced knowledge/understanding/competencies/skills required for meeting topic objectives and completing assessment exercises at a high standard.

The student would normally have attained an advanced knowledge of matter beyond that contained in set texts or reading materials and


have done considerable wider reading, and have demonstrated a broad familiarity with and facility at applying a range of major academic debates, approaches, methodologies and conceptual tools.

The grade should reflect very high quality work which shows the student generally works at a level which is beyond the requirements of the assessment exercise and is developing a capacity for original and creative thinking.

High Distinction (HD)

85-100

The grade will be awarded where there is evidence that a student has undertaken the required core work for the topic at a high level and considerable additional work in wider areas relevant to the topic, has demonstrated the acquisition of an advanced level of knowledge/understanding/competencies/skills required for meeting topic objectives and passing the range of topic elements at the highest level.

The student would normally have attained an in-depth knowledge of matter contained in set texts or reading materials and undertaken extensive wider reading beyond that which is required or expected. The student would have consistently demonstrated a high level of proficiency at applying a range of major academic debates, approaches, methodologies and conceptual tools and combining a knowledge of the subject matter of the topic with original and creative thinking.

The grade will be awarded in recognition of the highest level of academic achievement expected of a student at a given topic level.

Fail (F) 0-49

The grade will be awarded if a student is unable to demonstrate satisfactory academic performance in the topic or has failed to complete essential topic elements or required assessment tasks at an acceptable level, in accordance with topic objectives.

busn1013 economics for business topic guide

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