THE UNIVERSITY OF HONG KONG
FACULTY OF BUSINESS AND ECONOMICS
School of Economics and Finance
ECON 1001B/1001C/1210B/1210C – Introduction to Economics I
Fall Semester, 2013
Subclass
B
C
Instructor
TA
TA
Time
Friday 2:30p.m. to 5:20p.m.
Monday 2:30p.m. to 5:20p.m.
Dr Ka-fu WONG
Raymond CHEUNG
Titi HUNG
KKL 1002
KKL 1026
KKL 1026
2857-8512
2857-8308
2857-8310
Venue
KB726
KB726
kafuwong@hku.hk
raymond.cheung824@gmail.com
titihung@hku.hk
Course management:
http://moodle.hku.hk/ (HKU portal UID and passcode required).
COURSE INFORMATION:
Prerequisites: There are no prerequisites. This course is open to all students.
Course Description:
Economics is the science of human action. It studies how consumers and producers compete with each other and
cooperate together to organize scarce resources through market production and exchange to satisfy their different
wants. This course studies the central role of prices in directing and affecting competition and cooperation. The
subject matter is often called microeconomics; another name for it is price theory. The purpose of this course is to
engage students in the discovery of economic intuition so that they can apply price theory to understand everyday
life and make better choices. Students learn economic intuition by examining what happens when government
intervenes in the markets in different ways and the role of government in organizing economic activity. Students
practice applying their intuition rigorously by doing homework assignments and participating in tutorial
discussions.
Textbook:
Tyler Cowen and Alex Tabarrok, Modern Principles: Microeconomics, 2nd edition, Worth Publishers, 2011.
COURSE OBJECTIVES
1.
To introduce price theory to analyze the choice of individuals, the decisions of firms, and the competitive
market outcome of supply and demand interaction
2.
To introduce the strategic behavior of monopolistic firms and price discrimination
3.
To gain an understanding of the effects and consequences of different government interventions in the
markets and the role of government in organizing economic activity
4.
To develop economic intuition rigorously
5.
To prepare students for enlightened citizenship and continuing economic studies
-1-
COURSE LEARNING OUTCOMES
Aligned Programme
Learning Outcomes*
PL01, 2 3, 4
PL01, 2 3, 4
Course Learning Outcomes
CLO1 Explain and predict observed decisions of consumers and firms
CLO2 Explain and predict economic outcomes in competitive and monopolistic
markets
CLO3 Analyze the effects and consequences of government interventions in the
market
CLO4 Evaluate critically different economic viewpoints and analyses
PL01, 2 3, 4
PL01, 2 3, 4, 5
* Programme Learning Outcomes of Bachelor of Economics and Finance.
COURSE TEACHING AND LEARNING ACTIVITIES
Course Teaching and Learning Activities
TL1. Lectures: Instructors will give lectures on major concepts and their
applications.
TL2. Homework (online quizzes and writing assignments)
TL3. eTutorials and eDiscussions: Both tutorials and discussions are done
electronically. A forum called eTutorials will provide a venue for
questions and answers. Graded discussions of economic issues will be
done in forums called eDiscussions.
TL4. Consultation: Both instructors and teaching assistants will hold
weekly consultation hours to address students’ questions. Students are also
encouraged to discuss questions with the instructor and teaching assistant
via email or a forum on the class website.
TL5. Self Study
Total
Assessment Methods
A1. Final exam
A2. Midterm exam
A3. Weekly assignments
A4. Participation in eDiscussions
Brief Description (Optional)
2 hours closed book
1 hour closed book
Weekly online quizzes and biweekly written assignments
Bi-weekly discussions in forums
Total
-2-
Expected contact
/study hours
33 hours
Study Load
(% of study)
28%
20 hours
5 hours
16%
4%
2 hours
2%
60 hours
120 hours
50.0%
100.0%
Weight
60%
20%
16%
4%
100%
Aligned Course
Learning Outcomes
CL01, 2 3, 4
CL01, 2 3, 4
CL01, 2 3, 4
CL01, 2 3, 4
STANDRDS FOR ASSESSMENT
Course Grade Descriptors
A+, A, A-
B+, B, B-
C+, C, C-
D+, D
F
Candidate has consistently demonstrated a thorough grasp of the subject as evidenced by an
exceptionally thorough understanding of the concepts and reasoning presented in this course; and
is able to apply it creatively to the analysis and interpretation of observed economic phenomenon.
Candidate frequently demonstrated a substantial grasp of the subject as evidenced by a good
understanding of the concepts and reasoning presented in this course; and is able to apply it well
to the analysis and interpretation of observed economic phenomenon.
Candidate has occasionally demonstrated a general grasp of the subject as evidenced by a mostly
accurate understanding of the concepts and reasoning presented in this course; and is able to apply
it most of the time to the analysis and interpretation of observed economic phenomenon.
Candidate has demonstrated a partial grasp of the subject as evidenced by a somewhat accurate
understanding of the concepts and reasoning presented in this course; and is able to apply it only
some of the time to the analysis and interpretation of observed economic phenomenon.
Candidate has demonstrated a poor grasp of the subject with evidence of largely inaccurate
understanding of the concepts and reasoning presented in this course; and is largely unable to
apply it to the analysis and interpretation of observed economic phenomenon.
Assessment Rubrics for Individual Assessment
Assessment Task: Examinations, Quizzes and Homework Assignments
A+, A, AB+, B, BC+, C, CD+, D
F
Respond to all or almost all of the questions clearly and accurately. All or almost all of the
responses are well organized, clear, fluent, and with appropriate elaboration.
Respond to most of the questions clearly and accurately. Most of the responses are well organized,
clear, fluent, and with appropriate elaboration.
Respond to some of the questions clearly and accurately. Some of the responses are well
organized, clear, fluent, and with appropriate elaboration.
Respond to few of the questions clearly and accurately. Few of the responses are well organized,
clear, fluent, and with appropriate elaboration.
Respond to very few of the questions clearly and accurately. Very few of the responses are well
organized, clear, fluent, and with appropriate elaboration.
Assessment Task: Participation in eDiscussions
A+, A, AB+, B, BC+, C, CD+, D
F
Demonstrates superior understanding of the subject matter in most discussion forums.
Presents ideas clearly and fluently all the time.
Demonstrates good understanding of the subject matter in most discussion forums.
Presents ideas clearly and fluently most of the time.
Demonstrates some preparation of the relevant topics prior to discussion forums.
Has difficulty articulating well but on the whole clear.
Demonstrates little preparation of the relevant topics prior to discussion forums.
Has difficulty articulating well and on the whole unclear.
Absence in classes without prior approval or acceptable (mainly medical) justification.
Has serious difficulty articulating and unclear most of the time.
-3-
COURSE POLICY
No plagiarism will be tolerated! The University Regulations on academic dishonesty will be strictly enforced!
Please check the University Statement on plagiarism on the web: http://www.hku.hk/plagiarism/.
Academic dishonesty is behavior in which a deliberately fraudulent misrepresentation is employed in an attempt to
gain undeserved intellectual credit, either for oneself or for another. It includes, but is not necessarily limited to,
the following types of cases:
1.
Plagiarism - The representation of someone else’s ideas as if they are one’s own. Where the arguments,
data, designs, etc., of someone else are being used in a paper, report, oral presentation, or similar
academic project, this fact must be made explicitly clear by citing the appropriate references. The
references must fully indicate the extent to which any parts of the project are not one’s own work.
Paraphrasing of someone else's ideas is still using someone else’s ideas, and must be acknowledged.
2.
The representation of work as solely one’s own when in fact it is the result of a joint effort.
Where a candidate for a degree or other award uses the work of another person or persons without due
acknowledgment:
1.
The relevant Board of Examiners may impose a penalty in relation to the seriousness of the offence;
2.
The relevant Board of Examiners may report the candidate to the Senate, where there is prima facie
evidence of an intention to deceive and where sanctions beyond those in (1) might be invoked.
COURSE CONTENT AND TENTATIVE TEACHING SCHEDULE
Lecture hours given by the instructor will be approximate and may vary with the flow of the class.
Supply and Demand
Chap 1 The Big Ideas (one hour)
Chap 2 The Power of Trade and Comparative Advantage (one hour)
Chap 3 Supply and Demand (three hours)
Chap 4 Equilibrium: How Supply and Demand Determine Prices (two hours)
Chap 5 Elasticity and its Applications (two hours)
Chap 6 Taxes and Subsidies (three hours)
The Price System
Chap 7 The Price System: Signals, Speculation and Prediction (one hour)
Chap 8 Price Ceilings and Price Floors (three hours)
Chap 9 International Trade (one hour)
Chap 10 Externalities: When Prices Send the Wrong Signals (three hours)
Firms and Factor Markets
Chap 11 Costs and Profit Maximization Under Competition (two hours)
Chap 12 Competition and the Invisible Hand (one hour)
Chap 13 Monopoly (two hours)
Chap 14 Price Discrimination (two hours)
Decision Making for Consumers and Workers
Chap 23. Consumer Choice (two hours)
Chap 17 Labor Markets (two hours)
Government
Chap 18. Public Goods and the Tragedy of the Commons (two hours)
Chap 19. Political Economy and Public Choice (optional)
Chap 20. Economics, Ethics and Public Policy (optional)
-4-
IMPORTANT DATES
First Day of Teaching
Sept 2, 2013 (Mon)
Add/Drop Period for Students
Sept 2, 2013 (Mon) (10:00 a.m.)–Sept 13, 2013 (Fri) (4:00 p.m.)
Online Quiz #1
Opens on Friday Sept 13, 11:30p.m., closes on Friday Sept 20, 11:30p.m.
Problem Set #1
Distributes on Friday Sept 13, 11:30p.m., due on Friday Sept 20, 5:00p.m.
Group Consultation #1
Explain, discuss and answer questions, Sept 23 to Sept 27
Online Quiz #2+ eDiscussion #1
Opens on Friday Sept 20, 11:30p.m., closes on Friday Sept 27, 11:30p.m.
Group Consultation #2
Explain, discuss and answer questions, Sept 30 to Oct 4
Online Quiz #3
Opens on Friday Sept 27, 11:30p.m., closes on Friday Oct 4, 11:30p.m.
Problem Set #2
Distributes on Friday Sept 27, 11:30p.m., closes on Friday Oct 4, 5:00p.m.
Group Consultation #3
Explain, discuss and answer questions, Oct 7 to Oct 11
Online Quiz #4 + eDiscussion #2
Opens on Friday Oct 4, 11:30p.m., closes on Friday Oct 11, 11:30p.m.
Group Consultation #4
Explain, discuss and answer questions, Oct 21 to Oct 25
Online Quiz #5
Opens on Friday Oct 11, 11:30p.m., closes on Friday Oct 25, 11:30p.m.
Problem Set #3
Distributes on Friday Oct 11, 11:30p.m., closes on Friday Oct 25, 5:00p.m.
Group Consultation #5
Explain, discuss and answer questions, Oct 28 to Nov 1
Reading Week
Oct 14, 2013 (Mon) – Oct 19, 2013 (Sat)
Online Quiz #6 + eDiscussion #3
Opens on Friday Oct 25, 11:30p.m., closes on Friday Nov 1, 11:30p.m.
Group Consultation #6
Explain, discuss and answer questions, Nov 4 to Nov 8
Mid-Term
Oct 26, 2013 (Sat)
Online Quiz #7
Opens on Friday Nov 1, 11:30p.m., closes on Friday Nov 8, 11:30p.m.
Problem Set #4
Distributes on Friday Nov 1, 11:30p.m., closes on Friday Nov 8, 5:00p.m.
Group Consultation #7
Explain, discuss and answer questions, Nov 11 to Nov 15
Online Quiz #8 + eDiscussion #4
Opens on Friday Nov 8, 11:30p.m., closes on Friday Nov 15, 11:30p.m.
Group Consultation #8
Explain, discuss and answer questions, Nov 18 to Nov 22
Online Quiz #9
Opens on Friday Nov 15, 11:30p.m., closes on Friday Nov 22, 11:30p.m.
Problem Set #5
Distributes on Friday Nov 15, 11:30p.m., closes on Friday Nov 22, 5:00p.m.
Group Consultation #9
Explain, discuss and answer questions, Nov 25 to Nov 29
Online Quiz #10 + eDiscussion #5
Opens on Friday Nov 22, 11:30p.m., closes on Friday Nov 29, 11:30p.m.
Group Consultation #10
Explain, discuss and answer questions, Dec 2 to Dec 6
Online Quiz #11
Opens on Friday Nov 29, 11:30p.m., closes on Friday Dec 6, 11:30p.m.
Last Day of Teaching
Nov 30, 2013 (Sat)
Revision Period
Dec 2, 2013 (Mon)–Dec 6, 2013 (Fri)
Assessment Period
Dec 7, 2013 (Sat)–Dec 23, 2013 (Mon)
Note: Weekly online quizzes from Sapling Learning will have a combination of practice questions for learning
purposes and test questions for assessment purposes. Practice questions will have a light penalty for wrong
answers of -10% and test questions will have a higher penalty for wrong answers of -25%. To allow for all kinds
of mishaps (sickness or internet connectivity problem), the lowest score from the first 10 online quizzes will be
discarded. All problem sets must be submitted using hard copies to the mailbox of the teaching assistant Mr.
Raymond CHEUNG on or before their respective deadlines. Quiz #11 will be entirely practice questions and
will not be assessed. Attendance to group consultations is optional.
-5-
-6-