econ101w0706 - Introductory Economics Economics 101-300...

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(c) Sherrie A. Kossoudji Introductory Economics Economics 101--300 Lecture # 6 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 Business What is demand and what is supply? Interacting demand and supply in the market Finding the market price. Principle concepts: demand, supply, market equilibrium Principle tools: the demand curve, the supply curve 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) F 4-5 Monday Seb (308) M 2-3 Wednesday Dan (304, 309) Tu 12-1 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 4 WEEK 4: WEEK OF JANUARY 22ND Lecture #: 6-7 Discussion #: 3 (NO ANDERSON THIS WEEK BECAUSE OF THE QUIZ) Subjects/Concepts: Supply and demand, equilibrium, shifts v/s movements along the curve Readings: This week: Next week: KW Chapter 3, KW Chapter 9, KW Chapter 4 Homework: Graded: Ungraded: Chapter 10, problem set II, Chapter 8, problem set II, Aplia posttest—due January 24th by 11:00 pm Chapter 3, problem set I Section Quizzes: Quiz 1 in discussion group-covers up through lecture 5 Exams: None Other Important Information: None
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(c) Sherrie A. Kossoudji Quiz 1 Quiz 1 will take place in discussion sections this week. Sample questions for quiz 1 have been put on the CTools site under resources, old quizzes and exams. Quiz 1 covers up through lecture # 5 Sherrie will hold EXTRA office hours TODAY from 1:30- 2:30 so that all students have access before the quiz.
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(c) Sherrie A. Kossoudji Up to the minute economics oranges meet 101  article
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(c) Sherrie A. Kossoudji Calculating opportunity cost using a graph when there is constant opportunity cost Blog entries Bibliography entries 15 10 If there is constant opportunity cost, then it doesn’t matter where you calculate the opportunity cost. Just use the intercepts to make a quick calculation of opportunity. If this is the PPC, What is the opportunity cost of a blog? hies bibliograp 3 2 15 10 day blogs day hies bibliograp OC blog = = =
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(c) Sherrie A. Kossoudji Long Run Cost Curves In the long run, fixed costs can change. How does the shape of the cost curves change with capital expansion? An increase in capital costs lessens variable costs, which means that costs are higher at low quantities, but lower at high quantities.
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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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econ101w0706 - Introductory Economics Economics 101-300...

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