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Monday wednesday 113 115 introduction syllabus unit 1

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Unformatted text preview: 13 1/15 Introduction & Syllabus Unit 1 Monday Wednesday 1/20 1/22 No class – MLK State Holiday Unit 1 Monday Wednesday 1/27 1/29 Unit 2 Unit 2 Monday Wednesday 2/ 3 2/ 5 Unit 2 & Quiz 1 Unit 3 Monday Wednesday 2/10 2/12 Unit 3 Unit 4 Monday Wednesday 2/17 2/19 Unit 4 Exam 1 Monday Wednesday 2/24 2/26 Unit 5 Unit 5 Monday Wednesday 3/ 3 3/ 5 No Class ~ Spring Break No Class ~ Spring Break Monday Wednesday 3/10 3/12 Unit 6 Unit 6 Monday Wednesday 3/17 3/19 Unit 6 & Quiz 2 Unit 6 Monday Wednesday 3/24 3/26 Unit 7 No Class ~ Business Week Monday Wednesday 3/31 4/ 2 Unit 7 Unit 8 Monday Wednesday 4/ 7 4/9 Exam 2 Unit 8 Monday Wednesday 4/14 4/16 Unit 9 Unit 9 Monday Wednesday 4/21 4/23 Unit 9 Unit 10 & Quiz 3 Monday Wednesday 4/28 4/30 Unit 10 Unit 10 Wednesday 5/ 7 3:00 – 6:00 Final Exam Course Outline This course is composed of 10 units. We will cover these units in the order presented below. You can find these topics in any principles of microeconomics textbook. Unit 1: What is economics? Scarcity Opportunity cost Positive vs. normative analysis Marginal analysis Comparing marginal costs and benefits vs. comparing total costs and benefits Micro vs. Macro Economics Efficiency Unit 2: Allocating scarce resources Budget line model How to draw it. Slope reflects opportunity cost. Shifting (change income, change in one or both prices) Production possibilities frontier model Why this shape? What does the shape mean about opportunity cost? Shifting the PPF (changes in technology, availability of resources, quality of resources) Trade, comparative advantage and the PPF The law of increasing opportunity costs The principle of comparative advantage Unit 3: The functioning of markets and price determination What is a “Market”? Demand (the law of, curve, and schedule) and Determinants of demand (= demand shifters) Quantity demanded and changes in quantity demanded Supply (the law of, curve, and schedule) and the determinants of supply (= supply shifters) Quantity supplied and changes in quantity supplied Equilibrium Where does the equilibrium price (P*) come from? Shortages and Surpluses How changes in one market can affect another market? Using individual demand curves to construct the market demand curve. Normal vs. inferior goods Price floors Price ceilings Unit 4: Understanding changes in prices and quantities: Elasticity The price elasticity of demand elastic vs. inelastic D determinants of elasticity changes in elasticity along D curve measuring elasticity between 2 points on a D curve (midpoint formula) changes in revenue from price changes The income elasticity of demand The cross-price elasticity of demand The elasticity of supply Unit 5: Consumer Theory Preferences and the budget line revisited utility (marginal vs. total ) law of diminishing marginal U the uti...
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