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A Selective Outline of Important Topics in Economics 102 Prof. Douglas Blair Exam : Friday, December 18, 12:00 to 3:00, College Avenue Gym Annex Review sessions : Thursday, December 10, 1:10 to 2:30, Scott 205 Thursday, December 17, 6:30 to 3:00, Milledoler 100 Office hours: Thursday, December 10, 2:30 to 3:40, NJ 423 (Ms. Zhang) Monday, December 14, 12:30 to 2:00, NJ 423 (Ms. Zhang) Tuesday, December 15, 12:30 to 2:00, NJ 427 (Ms. Sapra) Wednesday, December 16, 10:00 to 1:00, NJ 303a (DB) 1. The Problem of Economizing a. scarcity and choice b. opportunity cost c. comparative advantage: relation to opportunity cost; basis for gains from trade 2. Supply and demand a. methods of analysis i. geometric: intersection of S, D curves ii. algebraic: simultaneous solution of S, D equations b. comparative statics: effect on P, Q when S or D or c. Role of prices as signals to firms and consumers d. Price elasticity of demand i. methods of calculation: which one to use depends on the data at hand (1) point elasticity (2) elasticity by midpoint formula ii. relationship of price elasticity of demand to TR or total expenditure e. Other elasticities f. interventions in workings of price mechanism i. price ceilings and floors ii. black markets
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iii. excise tax incidence: legal incidence economic incidence; latter depends on elasticities of supply and demand 3. Consumer theory a. Point of consumer theory: tools for analyzing consumer demand behavior, in particular, why demand slopes down b. indifference curves c. budget lines: Income M = p A A + p B B; mechanics of plotting budget lines d. MRS AB = p A /p B : tangency condition describing optimal choice along budget line e. derivation of optimum bundle (or whole demand curve): solve simultaneously the two previous equations
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This note was uploaded on 11/10/2011 for the course ECON 220:102 taught by Professor Rubin during the Fall '11 term at Rutgers.

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