econ101w0705 - Introductory Economics Economics 101-300...

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(c) Sherrie A. Kossoudji Introductory Economics Economics 101--300 Lecture # 5 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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(c) Sherrie A. Kossoudji Today’s Class Brief Bits of Business. How do firms make economic decisions? Principle concepts: profit maximization, diminishing marginal product, marginal costs Principle tools: production function, cost curves WWWTP, practice problem
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(c) Sherrie A. Kossoudji GSI Office Hours GSI Physical Web Andres (302, 303) Th 1-2 pm room 104 Thursday Erik (301, 306) Th 3-4 Tuesday Laura (305, 307) Monday Seb (308) M 2-3 Wednesday Dan (304, 309) Sunday Office hours will be MOSTLY be in 102 Lorch Hall. Talk to your GSI to get the specific location. We will try to update you where possible. Remember, you can attend ANY GSI’s office hours to get help.
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Schedule: Week 3 WEEK 3: WEEK OF JANUARY 15TH Lecture #: 4-5 Discussion #: 2 Anderson: Chapter 9 Subjects/Concepts: Utility, budgets and optimization, demand The production function, costs, long run and short run Readings: This week: Next week: KW Chapter 10, KW Chapter 8 KW Chapter 3 Homework: Graded: Ungraded: None Aplia, Chapter 2, problem set II, Chapter 7 problem set II, Chapter 10, problem set I, Chapter 8, problem set I Section Quizzes: None Exams: None Other Important Information: Syllabus Contract due: January 19th, by 11:00 pm Turn in under assignments section on CTools web site
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(c) Sherrie A. Kossoudji The Syllabus Contract Assignment Discussion group assignments should be complete in CTools. If you are newly registered in the class, or you do NOT see “syllabus contract” in assignments, please let me know by email today. Please include your discussion section number. The syllabus contract is due on January 19 th by 11pm. Please make sure to give yourself a cushion in case there is a computer problem. Don’t forget that late assignments are not accepted.
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(c) Sherrie A. Kossoudji Quiz 1 Quiz 1 will take place in discussion sections next week. Sample questions for quiz 1 have been put on the CTools site under resources, old quizzes and exams. Sherrie will hold EXTRA office hours on Tuesday from 1:00-2:30 so that all students have access before the quiz.
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(c) Sherrie A. Kossoudji Up to the minute economics
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(c) Sherrie A. Kossoudji Profit Maximizing Firms Make Three Choices How much output to produce. Which techniques to use to produce How much of each input to demand
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(c) Sherrie A. Kossoudji Firms’ decisions underlie the supply curve Understand production relationship Inputs outputs Understand short run cost curves—in the short run, there is some fixed input and firms can neither enter or exit the market Understand marginal costs and average costs Understand maximization (minimization) condition
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(c) Sherrie A. Kossoudji
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This note was uploaded on 04/04/2008 for the course ECON 101 taught by Professor Gerson during the Winter '08 term at University of Michigan.

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econ101w0705 - Introductory Economics Economics 101-300...

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