Econ Lecture 12 - Introductory Economics Economics 101-300...

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(c) Sherrie A. Kossoudji Introductory Economics Economics 101--300 Lecture # 12 Sherrie A. Kossoudji If you print the preliminary version of these slides before class, please be aware that they are likely to change right up to class time and sometimes include slides that will not be included in class.
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(c) Sherrie A. Kossoudji Please remember that reading these slides does not substitute for attending class. These slides are merely outline guides for what is discussed during the lecture.
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(c) Sherrie A. Kossoudji Schedule: Week 6 WEEK 7: WEEK OF FEBRUARY 12 TH Lecture #: 12-13 Discussion #: 6 Subjects/Concepts: Uncertainty, risk, adverse selection, moral hazard Readings: This week: For Next week: KW Chapter 18 No new readings for week of midterm exam Homework: Graded: Ungraded: Don t forget Wiki TBA Section Quizzes: None Exams: None Other Important Information: Sherrie1s extra office hours announced in lecture.
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(c) Sherrie A. Kossoudji Today’s Class Business Elasticity, briefly Welfare and surplus, continued Risk, expected value, time (very beginnings) Principle concepts: elasticity, consumer and producer surplus, attitudes toward risk Principle tools: the demand curve, the supply curve practice problem
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(c) Sherrie A. Kossoudji How to get Wiki credit for February (document is also in resources, other resources) Document
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(c) Sherrie A. Kossoudji Midterm Business The midterm is from 6-8pm on Tuesday, February 19th. You MUST bring your UM student ID to the midterm. You will not be permitted to take the midterm without your ID. Discussion section numbers 301, 302, 304, 306, 308, 311 —take the midterm in Lorch Hall Auditorium Discussion section numbers 303, 305, 307,309, 310 —take the midterm in 1800 Chemistry There will be 25 multiple choice questions on the midterm and the midterm is worth 50 points.
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(c) Sherrie A. Kossoudji Midterm Support Midterm Review Sessions Saturday, February 16 th , 4:30--6:00 (JB--Chemistry, room 1200) Sunday, 17 th , 4:30--6:00 (Kilsang--Angell Hall, Auditorium D) February Individual GSIs will announce their own extra office hours Sherrie’s pre-midterm office hours in 2788 SSW Building: Tuesday, February 12 th , 3:00--4:00 Thursday, February 14 th , 12:30—2:00 Sherrie’s pre-midterm web office hours Friday, February 15 th , 3:30—5:00 Last year’s midterm, and two midterms from other classes are in resources, quiz and exam documents. More practice problem sets are resources, homework documents
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(c) Sherrie A. Kossoudji Demand and supply sensitivity Price elasticity of demand: measures how sensitive is demand to changes in a good’s price (we use the absolute value by convention) Price elasticity of supply: measures how sensitive is supply to changes in a good’s price Income elasticity of demand: measures how sensitive is demand to changes in consumers’ income Cross price elasticity of demand: measures how sensitive is demand to changes in the price of ANOTHER good.
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(c) Sherrie A. Kossoudji Price elasticity of demand--Tool Kit Hint Notice the Q and P in the elasticity formula.
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Econ Lecture 12 - Introductory Economics Economics 101-300...

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