ECON11030 - Production Economics
Term 1 - 2017


All details in this unit profile for ECON11030 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student). The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.

Overview

This unit introduces fundamentals of production function: how to convert inputs (eg resources) into products and services. Topics include cost function, profit function, risk and uncertainty and technological change. The unit builds on the microeconomic theory and help students understand the production decisions made by agricultural and other production industries.

Details

Career Level Undergraduate
Unit Level Level 1
Credit Points 6
Student Contribution Band 2
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

ECON11026 Principles of Economics (prerequisite)

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Offerings

Term 1 - 2017
  • Distance

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Assessment Overview

Assessment Task Weighting
1. Online Quiz(zes) 20%
2. Written Assessment 30%
3. Written Assessment 50%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback Source Recommendation
The relevance of materials and issues to farm management, agricultural issues and policy in Australia can be further improved Lecturer Continue to update the case studies and examples to make the material more relevant to topical issues in Australian agriculture
On successful completion of this unit, you will be able to:
  1. Discuss the economics principles related to production function.
  2. Apply some economic tools and techniques to modelling production decisions in industry.
  3. Compare different market structures and demonstrate how each attempts to achieve maximum profit.

NA

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3
1 - Online Quiz(zes)    
2 - Written Assessment  
3 - Written Assessment

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Graduate Attributes Learning Outcomes
1 2 3
1. Communication
2. Problem Solving
3. Critical Thinking
4. Information Literacy
5. Team Work      
6. Information Technology Competence
7. Cross Cultural Competence      
8. Ethical practice      

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Online Quiz(zes)          
2 - Written Assessment      
3 - Written Assessment      

Prescribed Textbooks

Economics of Farm Management
Author/s: Olson, K Year: 2010
Edition: Publisher: John
City: Chichester
Country: UK
View textbooks at the CQUniversity Bookshop
Note:

This book is also available as an etext. The ISBN is 9780470913772, available at the publisher's website.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
All submissions for this unit must use the American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorJohn Rolfe (J.Rolfe@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 06-03-2017

Introduction to Farm Management

Olson 2011

Chapter 1: Managing the farm in an integrated world economy

Chapter 2: Management

Selected readings

Week 2 13-03-2017

Microeconomics

Olson 2011
Chapter 4: Lessons from Microeconomics

Online quiz for Week 1 is due on Wednesday 15/3/2017

Week 3 20-03-2017

Financial Statements

Olson 2011

Chapter 12: Financial Statements

Chapter 13: Financial Analysis

Online quiz for Week 2 is due on Wednesday 22/3/2017

Week 4 27-03-2017

Financial Management

Olson 2011

Chapter 14: Financial Management

Online quiz for Week 3 is due on Wednesday 29/3/2017

Week 5 03-04-2017

Budgets

Olson 2011

Chapter 15: Enterprise budgets: Uses and Development

Chapter 16: Partial Budgets

Online quiz for Week 4 is due on Wednesday 5/4/2017

Vacation Week 10-04-2017
Week 6 17-04-2017

Investment Analysis

Olson 2011

Chapter 20: Investment Analysis

Online quiz for Week 5 is due on Wednesday 19/4/2017

Week 7 24-04-2017

Macro Economics

Olson 2011

Chapter 5: Lessons from macro-economics

Online quiz for Week 6 is due on Wednesday 26/4/2017

Assessment Task 2 - Written Assignment 1 Due Wednesday (26 Apr 17) 11:45 PM AEST
Week 8 01-05-2017

Government policies

Olson 2011

Chapter 6: Government Policies affecting Farming

Selected Readings

Online quiz for Week 7 is due on Wednesday 3/5/2017

Week 9 08-05-2017

Measuring Productivity in Agriculture

Selected Readings

Online quiz for Week 8 is due on Wednesday 10/5/2017

Week 10 15-05-2017

Productivity trends in Australian agriculture

Selected Readings

Online quiz for Week 9 is due on Wednesday 17/5/2017

Week 11 22-05-2017

Industry case study

Selected Readings

Online quiz for Week 10 is due on Wednesday 24/5/2017

Week 12 29-05-2017

Revision

Review/Exam Week 05-06-2017
Assessment Task 3 - Written Assignment 2 Due Wednesday (07 Jun 17) 11:45 PM AEST
Exam Week 12-06-2017

1 Online Quiz(zes)

Assessment Title Assessment Task 1 - Online Quiz(zes)
Task Description

There are weekly quiz questions for Weeks 1 through to 10 in the course. The questions have been provided through the Text Book Publisher, and will be available on the Moodle Website for the course.

The weekly quiz questions take three main forms: True/False questions, Multiple Choice questions and Short Answer Questions. Most weeks involve a mixture of these types of questions.

There are two marks for each week. Over 10 weeks, this will be 20% of the course assessment.

There will be up to 20 questions in each weekly quiz. The questions have equal weighting unless otherwise specified in the weekly quiz. The marks for each week will be standardised to be assessed from 2% of the course marks.

Students are to upload the answers to the weekly questions on the Moodle site by the Wednesday of the week following each lecture in Weeks 1 to 10 (i.e. quiz answers are to be uploaded on the Wednesday of Weeks 2 to 11).

Number of Quizzes 10
Frequency of Quizzes Weekly
Assessment Due Date By 11.45 pm on the Wednesday following Weeks 1 to 10
Return Date to Students Answers to each short answer quiz will be available on the Friday following Weeks 1 to 10.
Weighting 20%
Assessment Criteria

The assessment criteria for True/False and Multiple Choice questions will be whether or not the answer is correct.

For any short answer questions (including definition and example questions), the assessment criteria will include:

  • the appropriateness of the answer provided
  • the accuracy of the information provided
  • the clarity and logical expression of the short answer
Submission Online

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

2. Apply some economic tools and techniques to modelling production decisions in industry.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

2. Problem Solving

3. Critical Thinking

6. Information Technology Competence



2 Written Assessment

Assessment Title Assessment Task 2 - Written Assignment 1
Task Description

The first written assessment task is broken up into six topics, one for each week in the first half of the course. The questions can generally be answered with actual or short answers, although there is scope for slightly longer answers in parts of a couple of questions. It is appropriate to provide your answers in summary formats, including the use of dot points or numbers where appropriate.

A video presentation on this assessment task will be available on the Moodle site for this course, to give you further support.

Please note the following details:

· As a guideline, the length of the main body of your essay should be around 1000 words or so, excluding references - essays that are substantially longer than this (say over 1500 words) oare unlikely to score as highly as those that make the best use of the 1000 word length (being on-target and making the best use of the word allocation is always better than being off-message). However, you should not worry about a few words either way (this is a guideline only, and I do not have a 'negative marking scheme' where marks are deducted if the word count is more than 10% over the guideline).

· Text should be word-processed, with appropriate layout and use of headings/sub-headings for the different questions and sub-questions. Font and line spacing are not part of the assessment criteria, listed below.

· Diagrams can be used to illustrate specific aspects - a picture paints ten thousand words! (please ensure that you correctly cite/reference all sources of diagrams used, unless they are original and composed by you, since this is an important aspect of academic integrity).

· Please avoid images with very large file sizes, as this will make your essay too large to upload/download (save any images as lower resolution, to decrease the file size).

· Any references can be listed on the last page, at the end of the assessment. Referencing should be in a consistent style - typically APA.

· Please save/upload your file in either a Word format (.doc or .docx) or in a basic text format (for example, .rtf), so that I can open the files in Word. Note: further support on writing, referencing, etc. is given on the Moodle site for this course.

Assessment Due Date Week 7 Wednesday (26-Apr-2017) 11:45 PM AEST
Wednesday Week 7, the 27th of April at 11.45 pm.
Return Date to Students Week 9 Wednesday (10-May-2017)
Wednesday Week 9, the 11th of May at 5 pm.
Weighting 30%
Assessment Criteria

The essay will be marked by the accuracy of the answers to the relevant questions. Other key criteria of relevance are:

  • The quality of the case study(s)
  • The logical framework used to structure answers and provide information
  • Demonstration of understanding of key concepts

Two other criteria that are important but not as critical are:

  • The presentation of the answers, including the writing style
  • Referencing any additional material that is cited or provided.
Referencing Style American Psychological Association (APA)
Submission Online

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Discuss the economics principles related to production function.

2. Apply some economic tools and techniques to modelling production decisions in industry.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence



3 Written Assessment

Assessment Title Assessment Task 3 - Written Assignment 2
Task Description

The second written assessment task has a more case study focus, although you should look to demonstrate your understanding of key principles in the case study analysis. It is appropriate to provide some information in summary formats, including the use of dot points or numbers where appropriate, but within the context of an assignment structure.

Please note the following details:

· As a guideline, the length of the main body of your essay should be around 3000 words, excluding references - essays that are substantially longer than this (say over 3500 words) or shorter than this (say less than 2000 words) are unlikely to score as highly as those that make the best use of the 3000 word target length (being on-target and making the best use of the word allocation is always better than being off-message). However, you should not worry about a few words either way (this is a guideline only, and I do not have a 'negative marking scheme' where marks are deducted if the word count is more than 10% over the guideline).

· Text should be word-processed, with appropriate layout and use of headings/sub-headings for the different questions and sub-questions. Font and line spacing are not part of the assessment criteria, listed below.

· Diagrams and figures can be used to illustrate specific aspects - a picture paints ten thousand words! (please ensure that you correctly cite/reference all sources of diagrams used, unless they are original and composed by you, since this is an important aspect of academic integrity).

· Please avoid images with very large file sizes, as this will make your essay too large to upload/download (save any images as lower resolution, to decrease the file size).

· Any references can be listed on the last page, at the end of the assessment. Referencing should be in a consistent style - typically APA.

· Please save/upload your file in either a Word format (.doc or .docx) or in a basic text format (for example, .rtf), so that I can open the files in Word. Note: further support on writing, referencing, etc. is given on the Moodle site for this course.

Assessment Due Date Review/Exam Week Wednesday (07-Jun-2017) 11:45 PM AEST
Wednesday of Review Week, 8th of June 2016 at 11.45 pm.
Return Date to Students Assessment will be returned after certification of grades
Weighting 50%
Assessment Criteria

The key criteria for assessment will include the following:

  • The appropriateness of the case study(s) and the clarity of description
  • The identification and logical presentation of the relevant factors affecting the industry and production
  • The quality of the summary analysis about Australian agricultural production and trends
  • The accuracy and quality of the discussion about productivity analysis
  • The linking of the case study issues to macro economic forces and trends

Other criteria that has some level of importance includes:

  • The presentation of the essay
  • The quality of writing and expression
Referencing Style American Psychological Association (APA)
Submission Online

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Discuss the economics principles related to production function.

2. Apply some economic tools and techniques to modelling production decisions in industry.

3. Compare different market structures and demonstrate how each attempts to achieve maximum profit.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence




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