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My info. Name: Xue(sherry) Qiao Office: 83 Heady Hall OH: MW 11-12 E-mail: Course web: TA: Yoon, Syllabus.

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my info
My info.
  • Name: Xue(sherry) Qiao
  • Office: 83 Heady Hall
  • OH: MW 11-12
  • E-mail:
  • Course web:
  • TA: Yoon,
  • Textbook: Jeffrey M. Perloff, Microeconomics, 3rd edition. (Not required, but recommended)
  • Grading:

1st mid-term: 25%

2nd mid-term: 25%

Final: 35%

Homework&in-class exercise 10%

Bonus 5%

Note: Exams will be cumulative, but more weighs will be put on the later part.

important dates
Important Dates
  • Tentative exam dates:

1st mid-term: Friday, June 4

2nd mid-term: Friday, June 25

Final: Friday, May 9

Notes: I will put sample exams on-line.

There will be multiple-choice questions and problem-solving questions in the exam.

preparing for exams
Preparing for exams
  • Best way to prepare for exams is to do the following three things:

1. Attending the class: better understanding and in-class exercise.

2. Do the homework by yourself: help to find where you are wrong and correct it.

3. Do the sample exams.

Notes: The questions on exam will be withdrawn from the above three sources.

chapter 1 introduction
Chapter 1: Introduction
  • What is economics?
  • Positive VS Normative statement
  • Mathematic review
what is economics
What is economics?
  • Definition.

Economics is the study of the allocation of scarce resources.

  • Branches of economics.
  • Behaviors that we study.
  • Some examples.
positive vs normative
Positive VS Normative
  • Defn’s
  • Differences.
  • Examples.
  • Why do we consider these in this course?
  • Some practice.
positive statement
Positive statement
  • Def: A testable hypothesis about cause and effect.
  • Deals with the question of what is
  • Do not involve value judgment or opinions.
  • Example:

1,000 jobs were lost because of free trade.

Consumers saved 1 million because of free trade.

normative statement
Normative statement
  • Def: A conclusion as to whether something is good or bad.
  • Deals with the question of what ought to be.
  • Cannot be tested because a value judgment cannot be refuted by evidence. (subjective).
  • Example:

We should protect our industries.

We should support free trade.

  • A cut in wages will reduce the number of people who are willing to work.
  • High interest rate prohibit many young people from buying their first home.
  • The government ought to behave in such a way as to ensure that resources are used efficiently.
  • Hong Kong government should increase its budget allocation to reduce the number of illegal immigrants from mainland of China.
more challenging practice
More challenging practice
  • Smoking is harmful to human.
  • You need to stop smoking because smoking is bad for you.
  • You need a college education.
  • One-third of the college-age population wants to go to colleges at current prices.
next topic
Next topic

Supply and demand