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Dr. Bromley's phone: (602) 285-7187
Stuff to do on WebCT:
Available Exam Dates:
FINAL EXAM PARTS 1-5 available in the WebCT Testing Room (basement of library) at the following times:
Friday, May 2 - 1:00 PM to 5:00 PM
Saturday, May 3 - 10:00 AM to 2:00 PM
Monday, May 5 - 9:00 AM to 6:00 PM
Tuesday, May 6 - 10:00 AM to 9:00 PM
Wednesday, May 7 - 10:00 AM to 9:00 PM
Thursday, May 8 - 10:00 AM to 2:00 PM
Available Quizzes:
Quizzes for chapters 13-15 due May 8 at 2:00 PM
Make-up Quizzes for other chapters due due May 8 at 2:00 PM
Available Clickers:
Clickers 14A, 14B, 14C until May 8 at 2:00 PM
Clickers 15A, 15B, 15C until May 8 at 2:00 PM
May 2: No class- study for Final Exam and do Make-ups if needed
April 30: No class- study for Final Exam and do Make-ups if needed
April 28: Did Cards 15B and 15C. Resource depletion (why we will never use the last drop of oil). Discussed Public Goods and Natural Resource uses (see 15-11 to 15-23 in the Study Guide / Text combo). Prepared to answer chapter 15 questions on the Final.
April 25 :Started discussion Externalities and Pollution (see 15-1 to 15-10 in the Study Guide / Text combo) Did card 15A
April 23: Did Card 14C on the present value of a hybrid car's gasoline savings. See present value.
April 21: Did Card 14B on the present value of different amount due in different time periods. See present value.
April 18: Started discussion of capital. Interest rates are important to decisions over time, and capital decisions all involve time, since capital lasts longer than other resources. Explored supply and demand for loans, real and nominal interest, present value. Did some of Chapter 14 Study Guide. Card 14A
April 16: Resource (labor) markets, Marginal Revenue Product, resource use decisions, resource supply, resource demand. Discussed choices between resources and the effect that minimum wage has on hiring low-wage less skilled labor.Card 13B. Defined economic rent (as excess of pay over the amount a worker would be willing to work for). This idea is like producer surplus. Maximizing the economic rent of workers is one possible goal of a labor union, although not all will have that goal. Those unions that do try to maximize the rents of their members are essentially acting as a cartel in the labor market. Card 13C
April 14: Resource (labor) markets, Marginal Revenue Product, resource use decisions, resource supply, resource demand.Card 13A
April 11: Cartels, natural monopoly and its problems. Card 12C
April 9: Price searchers with low barriers to entry, contestable markets, barriers to entry. Cartels Card 12B
April 7: Price searcher, price searcher demand, marginal revenue, shut down decision, price searcher output decision, price searcher price decision. Why price searchers are inefficient Card 12A
April 4: Reviewed price taker output decisions using a graphical version of short-run choices. Card 11C Long run costs, Price takers and supply
April 2: price taker output decisions using a table of numbers. Finding short-run costs and profit, marginal cost and average variable cost calculations. The choices made with AVC (shut down or open), choices made with MC (concerning amount of output). Here's an example sheet. Here's another example Card 11B
March 31: relationships between various costs, profit, price taker markets Card 11A
March 28: Reviewed calculation of cost. Average/marginal relationship, long run cost. Card 10C
March 26: Relationship of average variable cost to average product and marginal cost to marginal product. Calculation of cost. Average/marginal relationship Average Total Cost, Average Fixed Cost Card 10B
March 24: cost (implicit, explicit, fixed, variable) Card 10A
March 21: Reviewed marginal product. Average/marginal relationship, average product. Did Card 9C on calculating average product
March 19: Reviewed production, short-run and long run, total product in the short run. Increasing returns, diminishing returns, marginal product. Did Card 9B on calculating marginal product.
March 17: Card 9A on terms from production (chapter 9) Production, Short-run and long run, total product in the short run, increasing returns
Mar. 5: elasticity calculations, elasticity and revenue, elasticity without numbers Card 8C
Mar. 3: review of optimal decisions of consumers. Elasticity, elasticity and revenue Card 8B
Feb. 29: Marginal utility and demand, optimal decisions of consumers, Card 8A
Feb. 27: 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.
Feb. 25: Reviewed changes in P and Q and how to determine the cause. 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. .
Feb. 22: 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.
Feb. 20: Discussed things that change demand, things that change supply. Did card 6A on things that change demand or supply.
Feb. 15: Did card 5C on equilibrium graphs. Started chapter 6 ideas.
Feb. 13: Reviewed demand, Supply, discussed equilibrium, shortages, surpluses, and pepared to solve graphical equilibrium questions. Did Card 5B.
Feb 11: Started discussion of what buyers do, quantity demanded, demand. Did Card 5A.
Feb. 8: Did Card 4C on trade based on values, property rights, transactions costs.
Feb. 6: Did Card 4B on trade based on values.
Feb. 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
Feb. 1: 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.
Jan. 30: 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
Jan. 28: Discussed efficiency (getting the most), reviewed resources, opportunity cost, and economization. Did Card 3A on definitions.
Jan. 25: 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). 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)
Jan. 23: Did Card 2A (see clicker 2A). We discussed utility, opportunity cost, short run, long run, marginal decision making, secondary effects.
Jan. 18: Did Card 1C (see Clicker 1C in WebCT) 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.
Jan. 16: 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.
Jan. 14: 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)