Lecture 3 - ECONOMICS 100A Professor Rika Mortimer Lecture...

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ECONOMICS 100A Professor Rika Mortimer 1/27/09 Lecture 3 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share, copy or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. D O N O T C O P Y Sharing or copying these notes is illegal and could end note taking for this course. ANNOUNCEMENTS Before I start today I want to mention a few things. In terms of getting into the class, I think the GSI’s are supposed to take attendance until the 28 th . The people who don’t show up in the discussion sections for the first week and a half will be automatically dropped from the class. So if you are waitlisted but didn’t see too many people in your discussion sections, you probably have a good chance to get in. Hopefully those who really want to take this class can get in. If you have questions about enrollment, I’m sorry that I cannot help you. The department handles all of these issues. In terms of myeconlab, it’s optional. You don’t have to do it. I found out that for those of you who have it, you need a course ID. I talked to the publisher and she sent me a course ID and password. I posted that information on bSpace this morning. So please go back and check the announcement on bSpace and use the ID/password accordingly. It’s supposed to work. Also, I’m still getting some questions from students generally about myeconlab. If you don’t get it through Ned’s bookstores, you can still get the lab with a new textbook for $5. But you would have to purchase the together for the $5 deal. Like I said, it’s optional. I think it’s helpful for exams, but they mainly contain questions that are listed at the end of the chapters on the textbook. That’s it for the announcements. LECTURE Last time we covered supply and demand diagrams. We also discussed equilibrium and elasticity. Today we will continue with elasticity. All of these lecture notes are posted already. Elasticity is the percentage change in one variable resulting from 1% increase in another. The % change in quantity demanded of a good resulting from a 1% increase in its price is the price elasticity of demand. We covered these slides last time. In terms of calculating elasticity, if you get a demand equation, you can solve the equation in terms of P and plot the line on a Price and Quantity diagram. The elasticity in this case is –b(P/Q). Today, let’s go over some examples. [Example 2.5] This is actually already in the textbook. Let’s examine the behavior of supply and demand in the wheat market. Supply: Qs = 1800 + 240P
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This note was uploaded on 02/07/2009 for the course ECON 100A taught by Professor Woroch during the Spring '08 term at Berkeley.

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Lecture 3 - ECONOMICS 100A Professor Rika Mortimer Lecture...

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