Overview
ECON 357 builds upon the foundation developed in an introductory course. Through the use of graphical analysis and mathematical problem solving, we extend the discussion and application of important microeconomic concepts. This course focuses on the decisions of individual consumers, firms, market structures, and the economic rationale of government intervention. Particular attention is paid to the theories of supply/demand, consumer behavior, production and cost, competitive and non-competitive markets, and input markets.
Learning outcomes
After successfully completing this course, you should be able to do the following:
- Understand how individuals and businesses make choices in the face of scarcity, and how these choices change in response to variations in the economic landscape.
- Describe key microeconomic principles and apply fundamental economic models.
- Use basic problem-solving methods, such as calculating elasticities, determining market equilibrium, computing various types of costs, and identifying prices and quantities that maximize profits.
- Use algebraic and graphical techniques to illustrate and analyze different market structures, and how equilibrium is achieved.
- Explain how firms with market power can increase profits through strategies such as price discrimination and non-price competition.
Evaluation
Your final grade in this course will be based on four quizzes, two written assignments, and a final examination. You must achieve an overall course grade of at least D (50 percent) and a grade of at least 50 percent on the final examination. If your grade on the final examination is below 50 percent, you will not receive credit for the course, even in your overall course grade exceeds “D” (50 percent). The weighting of the composite mark is as follows:
| Activity | Weight |
| Quizzes (4 @5% each) | 20% |
| Assignment 1 | 15% |
| Assignment 2 | 15% |
| Final Online Exam | 50% |
| Total | 100% |
The final examination for this course must be requested in advance and written under the supervision of an AU-approved exam invigilator. Invigilators include either ProctorU or an approved in-person invigilation centre that can accommodate online exams. Students are responsible for payment of any invigilation fees. Information on exam request deadlines, invigilators, and other exam-related questions, can be found at the Exams and grades section of the Calendar.
Materials
Digital course materials
Links to the following course materials will be made available in the course:
Pindyck, R. S., & Rubinfeld, D. L. (2017). Microeconomics (9th ed.). Upper Saddle River, NJ: Pearson Education, Inc. ISBN 978-0-13-418424-1
Pindyck, R. S., Rubinfeld, D. L., Suslow, V. Y., & Hamilton, J. H. (2017) Study Guide for Microeconomics (9th ed.). Upper Saddle River, NJ: Pearson Education, Inc. ISBN 978-0-13-474112-3
Other Resources
All other learning resources will be available online.
Challenge for credit
Overview
The challenge for credit process allows you to demonstrate that you have acquired a command of the general subject matter, knowledge, intellectual and/or other skills that would normally be found in a university-level course.
Full information about challenge for credit can be found in the Undergraduate Calendar.
Evaluation
To receive credit for the ECON 357 challenge registration, you must achieve a grade of at least D 50 percent on the online exam.
Paper Exam (3 hours)
Challenge for credit course registration form