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Stuff to do on WebCT:
Available Exam Dates:
Exam 3 until Nov. 1
Available Quizzes:
Quizzes for chapters 7-9 due Nov. 1
Quizzes for chapters 10-12 due Nov 29
Available Clickers:
Clickers 9A, 9B, and 9C until Nov. 1
Clickers 10A, 10B, and 10C until Nov. 15
Note: Hybrid Class will not do items after * in class.
Week of Nov. 3: Card 11A Price taker markets, marginal cost and average variable cost calculations choices with AVC (shut down or open), Choices of output (using MC), graphical version of short-run choices, price taker output decisions using a table of numbers. Finding short-run costs and profit. Here's an example sheet. Here's another example Card 11B Reviewed price taker output decisions using a graphical version of short-run choices. Card 11C Long run costs, Price takers and supply
Week of Oct. 27: cost (implicit, explicit, fixed, variable) Card 10A Relationship of average variable cost to average product and marginal cost to marginal product. Card 10B Average/marginal relationship, average product. Card 10C Profit, Average Total Cost, Average Fixed Cost, relationships between various costs,
Week of Oct 20: Card 9A on terms from production (chapter 9) Production, Short-run and long run, total product in the short run, increasing returns Card 9B marginal product. Average/marginal relationship, average product. Did Card 9C on calculating average product
Week of Oct. 13: Marginal utility and demand, optimal decisions of consumers, Card 8A, review of optimal decisions of consumers. Elasticity, elasticity and revenue, Card 8B, elasticity calculations, elasticity and revenue, elasticity without numbers Card 8C
Week of Oct. 6: Did Card 7A on definitions from Chapter 7. Started Consumer Surplus, Producer Surplus, Efficiency and equilibrium, gains from trade at equilibrium, price floors, price ceilings. Card 7B on Consumer Surplus, Producer Surplus, Efficiency and equilibrium, gains from trade at equilibrium, price floors, price ceilings. Did Card 7C on taxes. Also went over what you need to know about taxes and efficiency.
Week of Sept 29: Discussed things that change demand, things that change supply. Did card 6A on things that change demand or supply.Started Card 6B on changes in equilibrium due to demand or supply changes. How to deal with equilibrium questions. Reviewed things that change demand, things that change supply, changes in equilibrium. How to deal with equilibrium questions. Did card 6C on deducing causes of price and quantity changes as well as the results of simultaneous demand and supply changes.
Week of Sept 22: Started discussion of what buyers do, quantity demanded, demand. Did Card 5A. Reviewed demand, Supply, discussed equilibrium, shortages, surpluses, and pepared to solve graphical equilibrium questions. Did Card 5B. Did card 5C on equilibrium graphs. Started chapter 6 ideas.
Week of Sept. 15: Reviewed efficiency (getting the most), production possibilities, comparative advantage. Discussed specialization and trade as a way to find comparative advantage. Some notes. Production Possibilities Curve; slope of the curve indicates cost; the greater the current production of a good, the higher the cost of producing more of it; slope of PPC is flat at top and steep at bottom due to costs; if production is efficient, there is no way to get more of one good without reducing the production of the other good; if production is inefficient, it is possible to produce more of one good without reducing the production of the other (we can get some for free); efficiency means being on the PPC; below or inside the PPC is inefficient; briefly mentioned that production possibilities can change. Did card 3D.
Chapter 4 - transactions costs, middlemen, property rights, invisible hand, why trade is allocatively efficient trade based on values, who gains from trade,trade based on values, allocative efficiency, why trade is allocatively efficient. Did card 4A. Did Card 4B on trade based on values.
*Did Card 4C on trade based on values, property rights, transactions costs.
Week of Sept. 8: Discussed efficiency (getting the most), reviewed resources, opportunity cost, and economization. Did Card 3A on definitions.
Did Card 3B on application of the opportunity cost concept to resources using math. You can also see this example. You can also look at a similar discussions based on the study guide questions T3.11a to T3.11e or 3.16 to 3.23. Also discussed economization. For another example of resources and their efficient use (efficiency being when we get the most of what we are trying to get), see this example.
*Reviewed efficiency (getting the most), production possibilities, comparative advantage. Discussed specialization and trade as a way to find comparative advantage. Did Card 3C to apply the ideas
Week of Sept. 1: Did Card 2A (see clicker 2A). We discussed utility, opportunity cost, short run, long run, marginal decision making, secondary effects.
Did Card 2B (see clicker 2B), which is an application of marginal decision making.
*Discussed information costs. Did Card 2C (see clicker 2C), which is an application of opportunity cost. Laid some foundation for applying that to resources (such as a person's time).
Week of Aug. 25: Passed out Chapters 1-3 of book and Study Guide; did "Card 1A" , Collected last page of syllabus (this counts as Card 1A if you did not turn in the actual card)
Did Card 1B (see clicker 1B). We discussed scarcity, the results of scarcity, rationing, the assumption that people are rational. You might also see these notes on scarce goods and non-scarce (free) goods and resources.
*Did Card 1C on positive vs. normative. Also reviewed the assumption that people are rational and the scientific method. On your own, you might want to contemplate the concepts of subjective values and ceteris paribus, which are other topics some students find confusing.