econ101w0712 - 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.
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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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Schedule: Week 7 WEEK 7: WEEK OF FEBRUARY 12TH Lecture #: 12-13 Discussion #: 6 Anderson: Chapter 4, Anderson: Chapter 6 Subjects/Concepts: Efficiency and equity Readings: This week: Next week: KW Chapter 13 No new readings for week of midterm exam Homework: Graded: Ungraded: Chapter 5, problem set II; Chapter 6 problem set II Chapter 13, problem set I Other Important Information: Sherrie’s extra office hours announced in lecture. Exam Review # 1: Saturday, February, 17th Exam Review # 2: Sunday, February, 18th
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(c) Sherrie A. Kossoudji Midterm Business The midterm is from 6-8pm on Wednesday, February 21 st . 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, 303, 304, or 309— take the midterm in Lorch Hall Auditorium Discussion section numbers 305, 306, 307, or 308—take the midterm in the School of Education Auditorium, room 1202 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 in Angell Auditorium D: Saturday, February 17 th , 2:00—3:30 Sunday, February 18 th , 2:00—3:30 Sherrie’s pre-midterm office hours in 2788 SSW Building: Tuesday, February 13 th , 2:15—3:30 Thursday, February 15 th , 1:00—2:30 Thursday, February 15 th , 3:30—5:00
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(c) Sherrie A. Kossoudji Today’s Class Business Welfare and surplus (lecture 11 continued) How to solve problems (review of quiz 2) Principle concepts: consumer and producer surplus Principle tools: the demand curve, the supply curve, surplus calculations WWWTP & practice problem
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(c) Sherrie A. Kossoudji Up to the minute economics Flat panel TV article
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(c) Sherrie A. Kossoudji Quiz question # 1 1) (2 points) The chart below shows the number of customers (its “output”) that Sweetwaters can serve per day with different combinations of workers and espresso machines. What can you say about Sweetwaters’ production? 20 workers 40 workers 60 workers 2 espresso machines 300 400 550 3 espresso machines 390 550 750 4 espresso machines 450 650 900 a) It exhibits increasing returns to scale b) It exhibits constant returns to scale c) It exhibits decreasing returns to scale d) There is increasing marginal product of espresso machines e) There is decreasing marginal product of labor
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(c) Sherrie A. Kossoudji Question 1 answer process Remember that returns to scale considers what will happen to production when ALL inputs change.
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econ101w0712 - Introductory Economics Economics 101-300...

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