Parkes' Economics for Business II Assignments, Spring 2012


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       Tentative Schedule and Course Assignments:


                           Week 9

          May 22, 2012       Continue AD/SRAS/LRAS and Chapter 33: Inflation, Disinflation, and Deflation


          • Chapter 33: Inflation, Disinflation, and Deflation
            • Money and Inflation
              • Money and Prices Revisited
              • Classical Model of the Price Level
            • Inflation Tax
              • seigniorage
              • Cost, real inflation tax
            • Hyperinflation - One Cause: seignoirage
              • The Logic of Hyperinflation
              • Brazil
              • Yugoslavia
              • Zimbabwe
            • Effects of Inflation
              • Winners and Losers from Unexpected Inflation
              • Real versus nominal interest rate - The Fisher Effect
              • Costs of Inflation
            • Moderate Inflation and Disinflation - Definitions and Causes
              • The Great Disinflation of the 1980s
            • DEFLATION - Today's Issue
              • Effects of Unexpected Deflation
              • Effects if Expected Deflation
              • Examples: Japan, Europe today maybe?

          • Krugman's Chapter 32 PPT - Second Edition (Old book Chapter 33)
          • Day 17 PPT - Hyperinflation

          May 24, 2012      Chapter 35: Open Economy Macroeconomics

          • Chapter 33: Inflation, Disinflation, and Deflation
            • Effects of Inflation
              • Winners and Losers from Unexpected Inflation
              • Real versus nominal interest rate - The Fisher Effect
              • Costs of Inflation
            • Moderate Inflation and Disinflation - Definitions and Causes
              • The Great Disinflation of the 1980s
            • DEFLATION - Today's Issue

              • Chapter 35: Open Economy Macroeconomics
                • The Role of Exchange Rates
                  • Understanding Exchange Rates
                  • The Equilibrium Exchange Rate
                  • Shifts in Demand

            • Krugman's Chapter 34 PPT - Second Edition (Like our Chapter 35)
            • Day 18 PPT - Hyperinflation Definition


                             Week 10

            May 29, 2012       Continue Chapter 35: Open Economy Macroeconomics


            May 31, 2012      REVIEW TODAY!


              Final Exam: Chapters 23 - 25, 26, 32, 33 & 35, on Tuesday, June 5, 2012
                      From 14:15 to 16:15: Rooms: Class 1 - Room 2112; Class 2 - 2212
                                 Do not forget the Solow Growth Model and the ISLM Model!!!





        PAST ASSIGNMENTS:

                                  Week 8

                  May 15, 2012      Review the ISLM and AD/SRAS/LRAS


                  May 17, 2012       Review Chapter 25: Long-run Economic Growth/Solow Growth Model Continued
                  April 24, 2012      Chapter 23: The Big Picture
                       Chapter 24: Tracking the Economy


                  April 26, 2012 and May 3, 2012       Chapter 25: Long-Run Economic Growth/Solow Growth Model

                        Midterm Exam will be on May 4, 2012: From 13:30 to 15:00;
                                 Class 1: Room 2112;         Class2: Room 2212
                                    Chapters 14 - 17, 19 and 20: As Covered in class.

                                   Week 4

                  April 17, 2012       Chapter 19: Externalities


                  April 19, 2012     Chapter 20: Public Goods and Common Resources

                                   Week 3

                  April 10, 2012       Chapter 16: Monopolistic Competition and Chapter 8: International Trade


                  • Chapter 15: Oligopoly continued
                    • Oligopoly in Practice
                    • Anti-trust Policies
                    • Product Differentiation
                    • Price Leadership

                  • Read Chapter 16: Monopolistic Competition
                    • Definition
                      • Large number of producers
                      • Differentiated Products
                      • Free Entry and Exit
                    • Product Differentiation
                      • Differentiation by Style or Type
                      • Differentiation by Location
                      • Differentiation by Quality
                    • Monopolistic Competition in the Short-Run
                  • Review of the 4 types of market structure:
                    • Perfect Competition
                    • Monopolistic Competition
                    • Oligopoly
                    • Monopoly
                  • Inefficient or Efficient?
                  • Advertising
                  • Brand Names
                  • Krugman's Chapter 16 PPT - Monopolistic Competition


                  • Chapter 8: International Trade
                    • Comparative Advantage and International Trade
                      • Ricardian Model of International Trade
                      • Autarky
                      • Gains from Trade
                      • Sources of Comparative Advantage
                        • Differences in Climate
                        • Differences in Resources - Factor Endowments
                        • Differences in Technology
                      • Increasing Returns and International Trade
                  • Day 5 PPT - U.S. - P.R.C. Trade Statistics (Shown in Class)
                  • Krugman's Chapter 8 PPT - International Trade


                  April 12, 2012     Chapter 8: International Trade continued

                  • Read Chapter 8
                  • Chapter 8: International Trade
                    • Comparative Advantage and International Trade
                      • Sources of Comparative Advantage
                        • Differences in Climate
                        • Differences in Resources - Factor Endowments
                        • Differences in Technology
                      • Increasing Returns and International Trade
                    • Supply, Demand, and International Trade
                      • Import Demand
                      • Export Supply
                    • Consumer Surplus and Producer Surplus
                      • The Effects Imports
                      • The Effects Exports
                      • The World Price
                    • 3 panel diagrams for the world price
                    • International Trade and Factor Markets

                    • The Effects of Trade Protection
                      • The Effects of a Tariff - consumer and producer surplus, tariff revenue and dead weight losses
                      • The Effects of a Quota - consumer and producer surplus, tariff revenue and dead weight losses
                    • The Political Economy of Trade Protection - Arguments for and Against
                  • Day 6 PPT - Trade Policy (Shown in Class)
                  • Krugman's Chapter 8 PPT - International Trade

                                   Week 2

                  April 1, 2012       Chapter 14 continued


                  • REVEIW: Quiz #3 - Monopoly (and PC) making a profit, loss, and shutdown
                  • Chapter 14 - continued
                    • Dealing with a Natural Monopoly - how to properly price and regulate a Natural Monopoly
                    • Elasticity of Demand and Total Revenue
                    • Price Discrimination
                      • Elasticity
                      • Perfect Price Discrimination
                      • How discrimination is possible, differing geographic areas, etc.

                  • Day 3 PPT - None provided
                  • Krugman's Chapter 15 PPT - Oligopoly


                  April 5, 2012     Chapter 15: Oligopoly

                  • Read Chapter 15 Oligopoly
                  • Imperfect Competition and the Prevalence of Oligopoly
                    • Duopoly
                    • Collusion and Competition
                    • Noncooperative Behavior
                    • Price or Quantity Competition?!
                  • Quiz #4 - #4 and #5, p. 385-6.
                  • Game Theory
                    • The Prisoners' Dilemma
                    • Payoff Matrix, Dominant Strategy, and Noncooperative Equilibrium
                    • Nash Equilibrium - John Nash of "It's a Beautiful Mind" movie
                    • Repeated Games
                  • Strategic Behavior
                    • Tit for Tat and Tacit Collusion
                    • Kinked Demand Curve
                  • Day 4 PPT - Game Theory (A Primer)

                                   Week 1

                  March 27, 2012       Chapter 9: Perfect Competition and the Supply Curve


                  March 29, 2012     Chapter 14: Monopoly

                  • 4 Types of Market Structure
                  • A definition of Monopoly - one seller with no close substitutes
                  • The Monopolist IS the Market! - shown graphically
                  • Why Monopolies exist:
                    • Control of a Resource
                    • Economies of Scale
                    • Technical Superiority
                    • Government-Created Barriers
                  • Profit Maximizing Monopolist charges a higher price and produces less than a Perfect Competitor (Fig. 14-6)
                  • Welfare Effects of a Monopoly
                  • Dealing with a Natural Monopoly
                  • Day 2 PPT - Not Available Yet
                  • Krugman & Wells Chapter 14 PPT - Second Edition


        

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    email: andrew at andrewparkes.com
    Last Update: March 26, 2012
    By Andrew L. H. Parkes, Ph. D.