Lecture 6 - ECONOMICS 100A Professor Dan Acland Lecture 6...

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ECONOMICS 100A Professor Dan Acland 09/14/10 Lecture 6 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share, copy, or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. D O N O T C O P Y Sharing or copying these notes is illegal and could end note taking for this course. TURN IN PROBLEM SETS iCLICKER QUIZ ANNOUNCEMENTS Slide : Announcements 1) Problem set #2 will be posted by the end of the day today - It is shorter, and you have more time to complete it. (Four problems, due Tuesday, Sept. 28.) 2) Being in a study group really helps. I want to strongly encourage you to join a study group unless you’re certain that it doesn’t work for you. It was not my intention to make this problem set “ridiculously difficult.” I apologize for slightly underestimating how hard it was going to be. That said, this book is written in order to be usable from universities across the intellectual spectrum, from SF State all the way up to UC Berkeley, which means I’m going to selecting the problems with the asterisks by them (the harder ones). Hopefully not as many of them, though. But the problem sets will continue to be very challenging. Sometimes, you may think: my future rests on this problem set. It takes some conscious effort to counteract that thought and remind yourself numerically, what percent of your grade are problem sets? How many problem sets are there? How many do you get to drop? Is this class curved or are you graded on a scale? What’s the probability that everyone in this class finds the problem set “ridiculously difficult?” Some of those numbers are listed on your syllabus. But either way, remember that this is not the end of the world. I recognize that that’s not easy to do; it’s really challenging. Remind yourself that there’s only one thing that actually matters: if you’re happy or not. And twenty years from now, you’ll see that this problem set doesn’t have a huge effect on your happiness. I’m not doing an iClicker problem today because I realize that you didn’t have enough time to read the book, and your quiz answers confirm this. So my lecture is going to be a little closer to the book than usual today because I don’t want you to have to pay a double penalty of not doing well on the quiz and not learning the material. LECTURE Slide : Lecture outline: 1. Comparative statics I: what is it? 2. The demand curve and shifts in demand 3. Income effect I: when income changes 4. Income effect II: when a price changes 5. Substitution effect and Hicks decomposition 6. Cross-price elasticity 7. A numerical example Slide : Comparative statics I: What is it? -
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Lecture 6 - ECONOMICS 100A Professor Dan Acland Lecture 6...

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