ECON90015
Managerial Economics
SUBJECT GUIDE
Semester 2, 2024
Prepared by
Dr. James Bugden
bugdenj@unimelb.edu.au
Department of Economics
Faculty of Business and Economics
Subject Outline
Introduction
Welcome to ECON90015 Managerial Economics.
Subject Overview and Aims
The overall aim of the subject is to introduce you to fundamental concepts in
microeconomics and macroeconomics so that you can apply them to business and
management issues. Topics to be covered include: the working of competitive markets, the
operation practices of business organizations such as cost management and pricing
decisions, market outcomes in different market environments, the effect of public policy on
business organizations, and the main macroeconomic influences on the business
Learning Outcomes
Learning Outcomes and Generic Skills
To view the subject objectives and the generic skills you will develop through successful
completion of this subject, please see the University Handbook:
Managerial Economics (ECON90015) — The University of Melbourne Handbook
(unimelb.edu.au)
Eligibility and Requirements
To view the eligibility and requirements, including prerequisites, corequisites, recommended
background knowledge and core participation requirements for this subject, please see the
University Handbook:
Eligibility and requirements: Managerial Economics (ECON90015) — The University of
Melbourne Handbook (unimelb.edu.au)
Academic Staff Contact Details
Please see the subject LMS site for full contact details of the teaching staff in this subject.
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Subject Coordinator Contact Details
Name: Dr. James Bugden
Email: bugdenj@unimelb.edu.au
Consultation Hours: Tuesday, 1:00 - 2:00 pm, Room 416, Level 4, 111 Barry Street.
Email Protocol
Please note that we are only able to respond to student emails coming from a University
email address. Please do not use personal email addresses. Emails from non-University
email addresses may be filtered by the University’s spam filter, which means that we may not
receive your email. All correspondence relating to this subject will only be sent to your
University email address.
While academic staff endeavour to address queries received via email, it is more appropriate
to resolve substantive questions during lectures and tutorials and/or through any online
discussion forum set up for the course, or during normal consultation hours. With this in
mind, we encourage students to attend all lectures and tutorials and to familiarise themselves
with any consultation hours offered by lecturers and tutors in this subject.
When emailing, please include ECON90015 in your email’s subject line.
Do not message me through Canvas / LMS: I do not use LMS email.
Lectures
Lecture Times
Tuesday 10:00 am – 12:00 pm in FBE-G06 (Prest Theatre)
Repeat Lecture: Tuesday 4:15 pm – 6:15 pm in FBE-G06 (Prest Theatre)
Note: Both lectures are recorded for future viewing in Lecture Capture on Canvas (LMS).
Lecture Participation Requirements
Recommended but not required.
Lecture Schedule
CI in References refers to the Curtis & Irvine Microeconomics textbook.
CI Macro in References refers to the Curtis & Irvine Macroeconomics textbook.
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Week Date
Topic
References
1
Jul 23
Introduction, Supply and
Demand and Market Equilibrium
CI Ch 3.1-3.6, 3.8-3.9
2
Jul 30
Supply and Demand and Market
Equilibrium (continued)
Same as Week 1
3
Aug 6
Elasticities
CI Ch 4
4
Aug 13
Welfare, Efficiency, Taxes, and
Externalities
CI Ch 3.7 and Ch 5
5
Aug 20
Firms: Production and Cost
CI Ch 8 (and p. 161 on profit)
6
Aug 27
Perfect Competition
CI Ch 9
7
Sep 2 – 6
7
Sep 3
Monopoly: Single-Price and
Price-Discriminating
CI Ch 10.1-10.5
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Sep 10
Monopoly: Single-Price and
Price-Discriminating continued
Same as Week 7
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Sep 17
Imperfect Competition:
Monopolistic Competition and
Oligopoly
CI Ch 11
Mid-Semester Test
SWOT Vacation/Semester Break
Assignment Due: Friday, September 27th, 5 pm
10
Oct 1
GDP and Economic Growth
CI Macro Ch 4.3-4.4 (and p.81 on def
of Real GDP and Economic Growth)
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Oct 8
GDP and Economic Growth
continued
Same as Week 10
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Oct 15
Money and Inflation
CI Macro Ch 5, (skim Ch 6), Ch 9.6,
Ch 10
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Lecture Slides / Materials
There are three versions of lecture notes: a pre-lecture version, post-lecture version, and
a complete lecture version.
Pre-lecture version: posted before the lecture and allows you to follow along without a
lot of writing. However, it is incomplete. I leave blank spaces to fill in answers, work on a
problem, draw a graph, etc. It is a way I try to keep you having some level of
engagement with the lecture.
Complete lecture version: fills in the gaps in the pre-lecture version. The complete
lecture version of the lecture notes will have the word Complete in the title to distinguish
it from the pre-lecture version. This will be posted after I have finished the topic.
Post-lecture version: If the lecture ends part way through a topic, I will post the part of
the topic I did cover in the lecture in a post-lecture version.
You will find the Lecture Notes in the Lecture Notes Module section on Canvas (LMS).
Note: lecture notes will be posted all during the semester.
Recorded Lectures
Audio and video recordings of lectures delivered in this subject will be made available for
review. These recordings allow you to revise lectures during the semester, or to review them
in preparation for the end of semester exam.
Recordings are not a substitute for attendance; rather they are designed for revision. On
rare occasions, the recordings can fail to take place due to technical reasons. In such cases,
a substitute recording will be made available if possible.
You can access recorded lectures by clicking on the Lecture Capture menu item on the LMS
page for this subject.
Tutorials
Tutorial questions are based on the previous week’s lecture. Solutions for the tutorial
questions will be posted at the end of each week. Tutorial questions and solutions can be
found in the Tutorials module on Canvas (LMS).
Tutorials commence in the second week of the semester i.e. the week starting on Monday,
July 29th and ending Friday, August 2nd. You can find the tutorial schedule and online details
on the University Timetable. Please ensure you are enrolled in a tutorial. If you need to
change your tutorial, please do it through Stop 1 (see below): I do not have the ability to
alter tutorial enrolment. You MAY NOT attend tutorial streams that you are not enrolled in.
The tutors are empowered to request you to leave and/or to remove you if you are attending
the wrong tutorial.
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Timetable
MyTimetable is a class timetabling system that assists students in the creation of their
individual timetable. This is done using a combination of student preference submissions
and the provision of alternative options available where preferences cannot be fulfilled.
You will use this system to create your class timetable prior to each study period and you
will have the opportunity to ‘self-register’ into suitable classes with availability or seek
assistance via a Timetable Assistance request form. Further information is available at:
https://students.unimelb.edu.au/admin/class-timetable.
Private Tutoring Services
The Faculty has become increasingly concerned about the existence of a number of private
tutoring services operating in Melbourne that heavily target University of Melbourne students
enrolled in FBE subjects.
Students are urged to show caution and exercise their judgement if they are considering
using any of these services, and to please take note of the following:
Any claim by any of these businesses that they have a “special” or “collaborative” or
“partnership” style relationship with the University or Faculty is false and misleading.
Any claim by a private tutoring service that they are in possession of, or can supply you with,
forthcoming University exam or assignment questions or “insider” or “exclusive” information
is also false and misleading.
The University has no relationship whatsoever with any of these services and takes these
claims very seriously as they threaten to damage the University’s reputation and undermine
its independence.
It is also not appropriate for students to provide course materials (including University
curricula, reading materials, exam and assignment questions and answers) to operators of
these businesses for the purposes of allowing them to conduct commercial tutoring
activities. Doing so may amount to misconduct and will be taken seriously. Those materials
contain intellectual property owned or controlled by the University.
We encourage you to bring to the attention of Faculty staff any behaviour or activity that is
not aligned with University expectations or policy as outlined above.
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Assessment
Assessment Overview
Your assessment for this subject comprises the following:
Assessment Task
All Assessments
are Individual
Due
Weighting
Mid-semester test
Online: accessed
through the subject’s
LMS page
Sep 2 – 6
(Range of dates
to start test)
20%
Assignment
Submitted online:
accessed through
the subject’s LMS
page
Friday,
September 27th,
5 pm
30%
TBD
50%
End-of-semester examination
Assessment Details
Mid-semester test
The mid-semester test will be a multiple-choice test conducted on the subject’s LMS page.
There will be 20 multiple-choice questions (each worth equal marks), each with five possible
answers. You will be required to select the best response. You will be given a time window
over the week Sept 2 – 6th (to be announced in lecture and via LMS) during which you can
start the test. Once you have started, you will have 60 minutes to complete the test. The test
will cover the first six weeks’ lectures and tutorials of the subject. Further details will be
announced in lectures.
Assignment
The assignment will be posted on the subject’s LMS page early in the semester. This is an
individual assignment. The assignment is to be submitted electronically on the LMS
subject home page, in PDF format, by 5pm on Friday, September 27th. The word limit is
2,000 words. Assignments that exceed the word limit by 10% or more will attract a penalty of
10% of the assignment’s maximum mark.
Assignment Submission
Submission of the assignment will be via the LMS Assignment Submission link. Please refer
to the Turnitin section of the LMS website via for detailed submission instructions if needed
(http://go.unimelb.edu.au/zax6 ). Please note that you are required to keep a copy of your
assignment after it has been submitted as you must be able to produce a copy of your
assignment at the request of teaching staff at any time after the submission due date.
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Submission of Late Assignments Within this Subject
Penalties for Late Assignment Submission within this Subject
In order to ensure equality for all students, assignments must be submitted before the
specified deadline. Late submissions of the assignment without a prior approval will attract a
penalty of 10% of the total maximum mark for the assignment for every 24 hours after the
deadline, rounding up to the next multiple of 24 hours.
No late submissions for the mid-semester examination will be accepted.
Assignment Extension
Special Consideration assists students who have been significantly affected by illness or
other serious circumstances during the semester. Your lecturer and tutor are not in
charge of approving assignment extensions and cannot unilaterally approve one.
Requests for an assignment extension should be submitted here:
https://commercestudentcentre.formstack.com/forms/assignment_extension_request_copy_
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Before completing this form, please read the Assignment Extension Policy, which can be
found in the University’s Policy Library: https://policy.unimelb.edu.au/MPF1326/#section4.31
If students require an extension of more than 10 business days they will need to submit an
application for special consideration. Please see the Policy section of this guide for further
information. https://policy.unimelb.edu.au/MPF1326/
Subject Resources
Prescribed Textbook
I use two open-source (free) digital textbooks. You need to provide your university email
address to download the pdfs – links provided below.
D. Curtis and I. Irvine Principles of Microeconomics - Lyryx and
D. Curtis and I. Irvine Principles of Macroeconomics - Lyryx.
Required Readings
See the table in the Lectures section for references to the topics in the prescribed textbooks.
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Academic Integrity
Academic Honesty
The University maintains high academic standards in its courses and subjects and expects
students to conduct themselves in a manner which is fair, honest, and consistent with the
principles of academic integrity, particularly when undertaking assessment and research.
More information and resources can be found on the University’s Academic Integrity website
https://academicintegrity.unimelb.edu.au/
Artificial Intelligence Software in the Preparation of Material for Assessment
The process of preparing material for assessment is an important part of students’ learning
experience. It allows students to demonstrate their understanding of concepts and apply
what they have learnt in different domains and settings. Assessment supports students in
their development of analytical skills, evaluative judgement, communication skills, and
presentation skills. These are essential capabilities for graduates.
The University of Melbourne’s Student Academic Integrity Policy (MPF1310) makes clear
that all work submitted by an individual student must be their own. In the case of group work,
the individual contribution of each student must be their own work.
If a student uses artificial intelligence software such as ChatGPT or QuillBot to generate
material for assessment that they represent as their own ideas, research and/or analysis,
they are NOT submitting their own work. Knowingly having a third party, including artificial
intelligence technologies, write or produce any work (paid or unpaid) that a student submits
as their own work for assessment is deliberate cheating and is academic misconduct.
If a student uses AI generated material in the preparation of their assessment submission,
this must be appropriately acknowledged and cited in accordance with the Assessment and
Results Policy (MPF1326).
Any student who commits academic misconduct is subject to the penalties outlined in the
Schedule of Student Academic Misconduct Penalties.
Graduate Cornerstones of Good Scholarship
As a graduate student, the University expects you to uphold academic integrity in all you do.
As such you are strongly encouraged to complete the Graduate Cornerstones of Good
Scholarship module will help you confirm the aspects of academic integrity you are already
putting into practice, as well as recommending specific skills you need to develop further or
aspects of academic integrity that you need to learn more about.
Graduate Cornerstones of Good Scholarship (unimelb.edu.au)
Plagiarism and Collusion
Plagiarism (failure to cite your sources correctly and completely) and collusion (unauthorised
collaboration with another person to prepare an assessment task) are considered academic
misconduct and attract severe penalties. More information is available on the University’s
Plagiarism, collusion and other examples of misconduct website:
https://academicintegrity.unimelb.edu.au/plagiarism-and-collusion
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Referencing
Each source used for a written piece of assessment must be referenced. This is to
acknowledge that your material is not based entirely on your own ideas, but is based, in
part, on the ideas, information, and evidence of others.
You will be required to use the APA system or Harvard system of referencing. The library
has prepared a website to assist students: http://www.library.unimelb.edu.au/recite
It is important that all material you present for assessment is referenced correctly. Material
that has not been referenced correctly may be considered to be plagiarised, and as such
may be penalised. We will also look for evidence that material included in the bibliography of
your assessment has been used.
Further referencing resources can be found on the Academics Skills website:
https://students.unimelb.edu.au/academic-skills/resources/referencing
University Services
Stop 1: Connecting students and services
Stop 1 provides you with a range of support services throughout your university degree,
from help with enrolment, administration, and wellbeing to advice on building your skills and
experiences.
https://students.unimelb.edu.au/student-support/advice-and-help/stop-1
Service Finder
The University of Melbourne offers one of the most comprehensive student support
networks in Australia. Use this site to locate a wide range of services.
https://services.unimelb.edu.au/finder
Academic Skills
Academic Skills offers a range of workshops and resources to help you with study skills
including researching, writing and referencing, presentation skills and preparing for exams.
Visit their website via https://students.unimelb.edu.au/academic-skills
Student Counselling
Students attend counselling to talk about personal, emotional, or mental health issues which
might be affecting their study and life. The University’s Counselling and Psychological
Services (CAPS) provides free, confidential, short-term professional counselling to currently
enrolled students and staff. https://services.unimelb.edu.au/counsel/home
Student Equity and Disability Support
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Student Equity and Disability Support provides services for students who need ongoing
support with their studies. They understand that adjustments to learning and assessment
are sometimes required to allow all students to reach their full potential. Learn more about
the services provided, how to find support and how to register for assistance.
https://students.unimelb.edu.au/student-support/student-equity-and-disability-support
UoM Library Services
As well as holding an extensive collection of books, ebooks, digital media and periodicals,
library staff provide research guidance and support for
students. http://library.unimelb.edu.au/
These Business and Economics Library Guides have been designed specifically for Faculty
of Business and Economics staff and
students. http://unimelb.libguides.com/sb.php?subject_id=80310
Policy
Alternative Exam Arrangements (AEA)
Alternative Exam Arrangements (AEAs) are study adjustments granted to students who
require changes to the scheduled conditions or format of an exam. For an overview of
AEAs, visit: https://students.unimelb.edu.au/your-course/manage-your-course/examsassessments-and-results/exams/alternative-exam-arrangements
Assessment and Results Policy
The University’s assessment policy provides a framework for the design, delivery, and
implementation of assessment of students in award and non-award courses and subjects.
Assessment is designed to contribute to high quality learning by students, and to allow for
quality assurance and the maintenance of high academic standards. The University of
Melbourne Assessment and Results Policy can be found here:
https://policy.unimelb.edu.au/MPF1326/
Academic Progress Reports
It is the student’s responsibility to maintain a satisfactory academic standard in order to
continue their studies. An overview of what happens if a student does not meet academic
progress requirements can be found on the Academic Progress website:
https://students.unimelb.edu.au/your-course/manage-your-course/exams-assessments-andresults/academic-progress
Exam Policy
The University requires that you are available for the entire examination period. Please see
the University's Principal Dates via https://www.unimelb.edu.au/dates for the full annual
calendar. Supplementary exams will not be provided in cases of absence during the
examination period unless the absence is due to serious illness or other serious
circumstances and a Special Consideration application is submitted and approved.
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Information on Calculators in Examinations
Effective from 1 January 2017, the approved calculator for all subjects is the Casio FX82
(any suffix). No equivalent models of calculators will be permitted in exams. You are
required to purchase your own calculator and are responsible for ensuring your calculator is
in good working order with fresh batteries.
Key Dates
Students should be aware of the University’s key dates. This year’s key dates can be found
here: https://students.unimelb.edu.au/your-course/manage-your-course/key-dates
Special Consideration
As a student, you may experience extraordinary or unusual circumstances, or ongoing
circumstances that adversely affect your academic performance. The University has policies
in place to support students who are experiencing academic disadvantage. For more
information, visit https://students.unimelb.edu.au/your-course/manage-your-course/examsassessments-and-results/special-consideration
Subject Withdrawal
It is important that students understand the consequences of withdrawing from a subject, the
importance of subject key dates and the support available to help manage their studies.
More information about withdrawing from a subject can be found here:
https://students.unimelb.edu.au/your-course/manage-your-course/subjectenrolment/subject-withdrawal
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