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 Time Venue B Friday 2:30p.m. to 5:20p.m. KB726 C Monday 2:30p.m. to 5:20p.m. KB726 Instructor Dr Ka-fu WONG KKL 1002 2857-8512 kafuwong@hku.hk TA Raymond CHEUNG KKL 1026 2857-8308 raymond.cheung824@gmail.com TA Titi HUNG KKL 1026 2857-8310 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, 2 nd 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 Course Learning Outcomes Learning Outcomes* CLO1 Explain and predict observed decisions of consumers and firms PL01, 2 3, 4 CLO2 Explain and predict economic outcomes in competitive and monopolistic PL01, 2 3, 4 markets CLO3 Analyze the effects and consequences of government interventions in the PL01, 2 3, 4 market CLO4 Evaluate critically different economic viewpoints and analyses PL01, 2 3, 4, 5 * Programme Learning Outcomes of Bachelor of Economics and Finance. COURSE TEACHING AND LEARNING ACTIVITIES Expected contact Course Teaching and Learning Activities /study hours TL1. Lectures: Instructors will give lectures on major concepts and their 33 hours 28% applications. TL2. Homework (online quizzes and writing assignments) 20 hours 16% 5 hours 4% 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. Study Load (% of study) TL4. Consultation: Both instructors and teaching assistants will hold 2 hours 2% 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 60 hours 50.0% Total 120 hours 100.0% Assessment Methods Brief Description (Optional) Weight Aligned Course Learning Outcomes A1. Final exam 2 hours closed book 60% CL01, 2 3, 4 A2. Midterm exam 1 hour closed book 20% CL01, 2 3, 4 A3. Weekly assignments Weekly online quizzes and biweekly 16% CL01, 2 3, 4 written assignments A4. Participation in ediscussions Bi-weekly discussions in forums 4% CL01, 2 3, 4 Total 100% - 2 -
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, A- B+, B, B- C+, C, C- D+, 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, A- B+, B, B- C+, C, C- D+, 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 -
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