Lecture+3+September+13

Lecture+3+September+13 - Ten ways to help us all make the...

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Ten ways to help us all make the most of these 80 minutes 1. Arrive in class on time and remain attentive and engaged until you are dismissed. 2. Sit as close to the front as you can. 3. Use the restroom before , not during class. 4. Do not talk to your neighbors. 5. In particular, pursue your love life elsewhere. 6. Do not read newspapers in class. Not even the Targum. 7. Sleep elsewhere. 8. Silence and stow your cell phone. 9. Do not read or send text messages during class. 10.Do not use a laptop during class.
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Today’s Agenda The Coordination Problem Demand Supply Equilibrium Price and Quantity
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Office hours Ms. Xiangjin Shen Wednesday , 2:40 to 4:00 p.m. 421 New Jersey Hall, College Avenue Campus Mr. Cheng Gao Thursday , 2:00 to 3:20 p.m. 404 New Jersey Hall, College Avenue Campus Prof. Blair Monday , 4:30 to 5:30 p.m. 303a New Jersey Hall, College Avenue Campus Tuesday , 9:00 to 11:00 a.m. 401 Hickman Hall, Douglass Campus S y ll a b u s in c lu d e l l t h i . No p o n m r J
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Fundamental allocation problems any economic system must solve What goods and services should be produced? How should they be produced? For whom should they be produced? Guns Butter
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Social institutions for allocation decisions tradition central planning allocation by price in markets
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A major theme of this course: How a system of markets solves the problems of What How For Whom
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Coordination problem Why are shortages and surpluses so unusual? Rationing function of the price mechanism Variations in price balance supply and demand
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Demand Q D = total amount of a commodity all households wish to purchase per period desired purchases--amount buyers are willing (and able) to buy not amount actually purchased quantity per period stocks v. flows
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Determinants of Demand Population Income Tastes or preferences Price of the commodity Prices of related goods Expectations
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Substitutes Demand for a good in creases when the price of a substitute increases Examples: tea and coffee Complements Demand for a good de creases when the price of a complement increases Examples: cars and gasoline How prices of related goods prices affect demand
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Determinants of Demand Population Income Tastes or preferences Price of the commodity Prices of related goods Expectations
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Lecture+3+September+13 - Ten ways to help us all make the...

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