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THE CHINESE UNIVERSITY OF HONG KONG

Department of Decision Sciences and Managerial Economics

DSME1030 Economics For Business Studies I

Sections

F

and

J

(First Term, 2015-2016)

INSTRUCTOR

NAME

LI Hongyi

Office:

904 CYT

Phone:

39437796

E-mail:

hongyi@baf.cuhk.edu.hk

Office hours:

Email for appointment

TEACHING ASSISTANT

NAME

WANG Yu

Office:

939 CYT

Phone:

39431655

E-mail:

wangyu@baf.cuhk.edu.hk

Office hours:

Tuesday 13:00-15:00; Friday 13:00-15:00.

COURSE OVERVIEW

This course is a general introduction to the theory of price in a market economy. Topics include basic economic concepts, the theory of demand, production and cost, the operation of firms in competitive, oligopolistic and monopolistic markets, costs and benefits of government intervention in market economy, and introductory issues to game theory and information economics. Analytical approach is used whenever appropriate. Applications on practical business problems are emphasized.

LEARNING OUTCOMES

After completing this course, students should be able to understand, explain and identify the followings:

(1) Basic concepts of scarcity, opportunity cost, demand and supply mechanisms and their applications to the business world. (2) The factors that determine the market demand and their effects by the concept of elasticity. (3) The factors that determine the market supply, the relationship between production function and costs of production. (4) The different market structures (i.e., perfect competition, monopoly and oligopoly) and relate them to the conduct of a firm and performance of the industry. (5) The market failure and their remedies.

REQUIRED TEXTBOOK

Principles of Economics, 7th Edition, N. Gregory Mankiw, Cengage Learning, 2015

ASSESSMENT SCHEME

Class Participation Homework (individual) Group Project Presentation First Midterm Exam Second Midterm Exam

5%

10%

15%

30%

40%

Total

100%

1

CLASS PARTICIPATION

Please note that it is “PARTICIPATION” not “ATTENDENCE”. You are supposed to actively participtate in the class, which includes class discussions, raising questions and providing feedback. You will lose participation marks by constantly talking in class.

CLASSROOM CONDUCT

Mobile phones and pagers must be switched off, and no eating or drinking is allowed during class. Most importantly, please do not constantly talk in class.

DETAILS OF COURSE WEBSITE

All the teaching notes will be uploaded into the Blackboard system.

FEEDBACK FOR EVALUATION

You are welcome to provide any suggestions and feedbacks.

POLICY ON ACADEMIC HONESTY AND PLAGIARISM

The Chinese University of Hong Kong places very high importance on honesty in academic work submitted by students, and adopts a policy of zero tolerance on cheating and plagiarism. Any related offence will lead to disciplinary action including termination of studies at the University. Attention is drawn to University policy and regulations on honesty in academic work, and to the disciplinary guidelines and procedures applicable to breaches of such policy and regulations. Details may be found at http://www.cuhk.edu.hk/policy/academichonesty/.

COURSE SCHEDULE

This is a tentative schedule subject to adjustment as the course progress.

Week

Date

Chapter

Topic

1

September 8

1, 2, 3

Introduction

2

September 15

4

The Market Forces of Supply & Demand

3

September 22

5

Elasticity and Its Application

4

September 29

6

Supply, Demand, and Government Policies

5

October 6

7, 8

Consumers, Producers, Efficiency of Markets, and the Costs of Taxation

6

October 13

10

Externalities

7

October 20

11

Public Goods and Common Resources

8

October 27

 

1 st Midterm Exam

9

November 3

13

The Costs of Production

10

November 10

14, 15

Firms in Competitive Markets and Monopoly

11

November 17

16

Monopolistic Competition

12

November 24

17

Oligopoly

13

December 1

 

2 nd Midterm Exam

2