PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
Monday, September 12th, 2016
Today we returned to the numerical example with 8 potential buyers of sweaters and graphed the
resulting demand curve.
We went throug
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
Wednesday, September 14th, 2016
The purpose of todays class is to:
Show that the market supply curve is the horizontal sum of the individual suppliers supply curv
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 6 Wednesday, September 7th
1. We had a short final discussion of free trade. This was a follow-on from using the PPF model to illustrate the
e
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
Friday, September 16th, 2016
(1) The Market for Pizza
Quantity
Price $ Per Pizza Demanded Per
Month
Quantity
Supplied Per
Month
10
1
25
8
6
17
6
11
11
4
16
7
2
21
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 7 Friday, September 9th
Buyer & Seller Market Decisions
Lets consider the market for sweaters.
To carry out this analysis we need to categori
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 1 Wednesday, August 24th, 2016
The topic of this class session was opportunity costs.
We defined them, talked about how we use these to make r
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 4 Wednesday, August 31st, 2016
Today we covered 2 questions:
Question 1: The island 1 and island 2 example illustrated that 2 economies with d
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 3 Monday, August 29th, 2016
We continued using diagrams of PPFs (Production Possibilities Frontiers) to illustrate that:
The absolute value of
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 5 Friday, September 2nd, 2016
Question 1.
Consider the 2 economies, Island 1 and Island 2, whose daily production possibilities (PPFs) are ill
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 2 Friday, August 26th, 2016
The topic of this class session was an introduction to our first formal economic model: the production
possibiliti
PROGRAMS AND COURSES
PROGRAMS AND COURSES
Programs and Courses
UNDERGRADUATE COURSES
Lower Division Courses
These courses, numbered 199, are open to all students for lower
division credit, but are designed primarily for freshmen and sophomores.
Upper Divi
Dr. Shishkin
ECON 2106
Assignment #10
Fall 2010
Your name:_
The figure above illustrates the current market for apartments in Washington, D.C.
Refer to this figure to answer questions 1-8. Please show your calculations.
1. If the local government imposes
Quadratic Equations
I.
Quadratic Equations
a. Definition: A quadratic equation with one unknown variable is an
equation in which there appears an exponent of 2 on the unknown
(and sometimes an exponent of 1 as well).
For instance:
x 2 + 4 = 0 is quadrati
Factoring
I.
Common Factoring
A. Definition: Greatest Common Factor (GCF) or common factor is a number or
algebraic expression that appears in every term of the expression.
B. Examples:
i. 3 x 2 + 6 x + 12
a. Common Factor = 3
b. Factored Form: 3( x 2 + 2
Chapter
7
Key Concepts
UTILITY AND
DEMAND
FIGURE 7.1
A Budget Line
Soda (six-packs per month)
Household Consumption Choices
Consumption choices are determined by the interaction
of the households consumption possibilities and its
preferences.
Consumption
C h a p t e r
6
4)
MARKETS IN ACTION
Housing Markets and Rent Ceilings
Topic: Market Response to a Decrease in Supply Skill: Analytical
Topic: Long-Run Adjustments to a Decrease in Supply Skill: Analytical
1) A) B) C) D)
The short-run impact of the San Fr
C h a p t e r
3
4) A) B) C) D)
DEMAND AND SUPPLY
Markets and Prices
Topic: Price and Opportunity Cost Skill: Conceptual
Topic: Price and Opportunity Cost Skill: Analytical
1) A) B) C) D)
A relative price is the slope of the demand curve. the difference be
C h a p t e r
4
4) A) B) C) D)
ELASTICITY
Price Elasticity of Demand
Topic: The Price Elasticity of Demand Skill: Conceptual
Topic: Calculating Elasticity Skill: Conceptual
1) The slope of a demand curve depends on A) the units used to measure price and t
Practice Exam
Name U i giGQ
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) If there is a positive relationship between two variables, 1)
A) the graph of the relationship will be downward sloping
ECON 101 MIDTERM EXAM 1
GROUP A
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Suppose Jeep Cherokees are a normal good. Then if household income increases, the direct result
will be
A) a de
Increase/Decrease in Quantity
Demand
Increase in Demand
Decrease in Demand
P
P
P
A
P1
B
D2
P2
Demand
Q
Q1 Q2
Movement Up/Down the Demand
Curve
Change in Price
1. Increase in Price causes a
decrease in quantity
demand.
2. Decrease in Price causes an
increa
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the
question.
1) Utility is best defined as
1)
A) the price of a good.
B) the practical usefulness of a good.
C) the satisfaction from consuming a good.
D) the amount
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) All economic questions arise from the fact that
A) inflation is inevitable.
B) both wants and resources are unlimited.
C) unemployment is inevitable.
Survey of Microeconomics, Quiz #1
Fall 2006
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A relative price is
A) the number of dollars that must be given up in exchange for the good.
B) the
DHMMEC Microeconomics
Demand
Date: _
Instructions: Answer all questions. Indicate your answer by writing the letter neatly next to the
question.
1) The "law of demand" states that, other things remaining the same, the quantity demanded of
any good is
A) i
Chapter 6 - Markets in Action - Sample Questions
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The short-run impact of the San Francisco earthquake on the housing market was to shift the
1)
A) lo