Assignments for PARKES' Principles of Microeconomics class, Section 6, Spring 2018


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                        Week 14

              April 23, 2018      Review the Exam and Begin Oligopoly discussion
              April 25, 2018      Chapter 17: Oligopoly Continued

              • Oligopoly - an introduction
                • Markets with only a few sellers
                  • A Duopoly Example
                  • Competition, Monopolies, and Cartels
                  • Nash Equilibrium
                  • How the size of an Oligopoly affects the Market Outcome
                • The Prisoner' Dilemma
                • Public Policy toward Oligopolies
              • PowerPoint for Chapter 17: Oligopoly



                        Week 13

              April 16, 2018      Finish Monopolistic Competition and Review

              • REVIEW for EXAM 3


              • Chapter 16: Monopolistic Competition
                • Between Monopoly and Perfect Competition
                  • Many Sellers, Product Differentiation, and Free Entry and Exit
                  • Competition with Differentiated Products
                • The Firm's Short-Run Decisions: Profit, Loss, and Breakeven
                • Quiz #17: Monopolistic Competition in the Long-run, Excess Capacity and Markup over Marginal Cost
              • Advertising: Quality and Brand Names
              • PowerPoint for Chapter 16: Monopolistic Competition


              April 18, 2018      EXAM 3: 13 - 16


                        Week 12

              April 9, 2018      Chapter 14: Finish Perfect Competition in the Long-run
              April 11, 2018      Chapter 15: Monopoly and Chapter 16: Monopolistic Competition

              • Chapter 15: Monopoly
                • Why Monopolies Arise
                  • Monopoly Resources - DeBeers
                  • Government Created Monopolies
                  • Natural Monopolies
                • Profit and Loss in Monopoly
                • How Monopolies Make Production and Pricing Decisions
                  • Monopoly versus Competition
                  • A Monopoly's Revenue
                  • Profit Maximization
                  • A Monopoly's Profit/Loss
                • Price Discrimination
                • Quiz #16: Profit and Loss in Monopoly
              • PowerPoint for Chapter 15: Monopoly


                        Week 11

              April 2, 2018      Chapter 14: Firms in Competitive Markets

              • Chapter 14: Firms in Competitive Markets
                • What is a Competitive Market?
                  • The Meaning of Competition
                  • The Revenue of a Competitive Firm
                  • Marginal Revenue and Average Revenue
                • Profit Maximization and the Competitive Firm's Supply Curve
                  • A Simple Example of Profit Maximization
                  • The Marginal Cost Curve and the Firm's Supply Decision
                  • The Firm's Short-Run Decision to Shut Down
              • PowerPoint for Chapter 14: Firms in Competitive Markets


              April 4, 2018      Chapter 14: Firms in Competitive Markets continued

              • Chapter 14: Firms in Competitive Markets continued
                • Profit Maximization and the Competitive Firm's Supply Curve
                  • A Simple Example of Profit Maximization
                  • The Marginal Cost Curve and the Firm's Supply Decision
                  • The Firm's Short-Run Decision to Shut Down
                  • Spilt Milk and Other Sunk Costs
                  • The Firm's Long-Run Decision to Exit or Enter a Market
                  • Measuring Profit in our Graph for the Competitive Firm
                • The Supply Curve in a Competitive Market
                  • Profit and Loss in Perfect Competition
              • PowerPoint for Chapter 14: Firms in Competitive Markets


                        Week 10

              March 26, 2018      Review the Exam and Chapter 13: The Costs of Production

              • Chapter 13: The Costs of Production
                • What are Costs?
                  • Total Revenue, Total Cost, and Profit
                  • Costs as Opportunity Costs: Implicit versus Explicit Costs
                  • The Cost of Capital as an Opportunity Cost
                  • Economic Profit Versus Accounting Profit
                • Production and Costs
                • The Production Function
                  • Marginal Product - it is diminishing as output increases
                  • From the Production to the Total-Cost Curve
                • The Various Measures of cost
              • PowerPoint for Chapter 13: The Costs of Production


              March 28, 2018      Chapter 13: The Costs of Production

              • Review Exam II - Quiz!
              • Chapter 13: The Costs of Production
                • The Various Measures of cost
                  • Typical Cost Curves - MC, AVC, AFC, AVC
                  • Efficient Scale
                  • Short-run versus Long-run
                  • Economies and Diseconomies of Scale
              • PowerPoint for Chapter 13: The Costs of Production



                  March 17 - 25, 2018      SPRING BREAK - ENJOY!!!


                        Week 9

              March 12, 2018      Class is Cancelled

              • REVIEW for Exam II with the SI Leaders!
              • I'm out of town - please attend at least one SI session
              • The Minimum Wage Paper covers today's class



              March 14, 2018      EXAM 2: Chapters 7 - 11 and 21 (in part)



                        Week 8

              March 5, 2018      Chapter 10: Externalities and Begin Chapter 11: Public Goods and Common Resources

              • Chapter 10: Externalities
                • Review: Externalities and Market Inefficiency
                  • Welfare Economics: A Recap
                  • Negative Externalities
                  • Positive Externalities
                • Private Sollutions to Externalities
                  • The Coase Theorem
                  • Why Private Solutions Do NOT always Work
                • Internalizing the Externality:
                  • Public Policies toward Externalities
                    • Command-and-Control Policies: Regulation
                    • Market-Based Policy 1: Corrective Taxes and Subsidies
                    • Market-Based Policy 2: Tradable Pollution Permits
                    • Objections to the Economic Analysis of Pollution
                • Today's PowerPoint on Pigouvian Subsidies and Taxes
              • PowerPoint for Chapter 10: Externalities

              • Chapter 11: Public Goods and Common Resources
                • 4 Different Kinds of Goods
                  • Two questions: Is the good rival? Is it excludable?
                  • Private, Public, and Club Goods, and Common Resources
                • The Free-Rider Problem
                • The Difficult Job of Cost-Benefit Analysis
              • PowerPoint for Chapter 11: Public Goods and Common Resources


              March 7, 2018       Chapter 11 continued and Chapter 21: The Theory of Consumer Choice February 26, 2018      Chapter 8: Application: The Costs of Taxation

              • Chapter 9: Application: International Trade
                • The Determinants of Trade
                  • Equilibrium without Trade
                  • The World Price and Comparative Advantage
                • Winners and Losers from Trade
                  • The Gains and Losses of an Exporting Country
                  • The Gains and Losses of an Importing Country
                  • Effects of a Tariff
                  • Lessons for Trade Policy
                  • Other Benefits of International Trade
              • PowerPoint for Chapter 9: Application: International Trade


              February 27, 2018      Minimum Wage Paper (#1)

              • Paper #1 Due in Bb Learn: "Minimum Wage Slowdown" at 11:59 pm, TUESDAY



              February 28, 2018       Chapter 9: Application: International Trade

              • Chapter 9: Application: International Trade
              • Chapter 10: Externalities
              February 19, 2018      Review the Exam and Introduce Chapter 7: Consumers, Producers, and the Efficiency of Markets
              February 21, 2018      Introduction to Chapter 8: Application: The Costs of Taxation

              • What is a Benevolent Social Planner?
              • Introduction to Chapter 8: Application: The Costs of Taxation
                • The Deadweight Loss of Taxation
                  • How does a tax affect market participants?
              • Chapter 8: Application: The Costs of Taxation
                • The Deadweight Loss of Taxation
                  • How a Tax Affects Market Participants
                  • Welfare without a tax, Welfare with a Tax, Changes in Welfare
                  • Deadweight Losses and the Gains from Trade
                • The Determinants of the Deadweight Loss
                • Deadweight Loss and Tax Revenue as Taxes Vary
                • The Laffer Curve
              • PowerPoint for Chapter 8: Application: The Costs of Taxation


                        Week 5

              February 12, 2018      Review for the Exam

              February 14, 2018      EXAM 1: Chapters 1 - 6


                        Week 4

              February 5, 2017      Finish Chapter 5: Elasticity and Its Application

              • Chapter 5: Elasticity and Its Application
                • Price Elasticity of Demand and Its Determinants
                • Computing Price Elasticity of Demand
                  • The Midpoint Method
                  • Percentage Change in Qd over Percentage Change in Price
                • Variety of Demand Curves
                • Total Revenue and Price Elasticity of Demand
                • Elasticity and TR along a Linear Demand Curve
                • Other Demand Elasticities
                • Elasticity of Supply
                • Computing Elasticity of Supply
                • 3 Applications of Supply, Demand, and Elasticity
              • Quiz 5: Elasticity Quiz and Answers
              • PowerPoint for Ch 5: Elasticity and Its Application


              February 7, 2017      Chapter 6: Supply, Demand, and Government Policy January 29, 2018      Chapter 4: The Market Forces of Supply and Demand (continued)
              January 31, 2018      Chapter 5: Elasticity and Its Application
              January 22, 2018:  Chapter 2: Thinking Like An Economist

              • Chapter 2: Thinking Like an Economist
                • The Scientific Method and the Role of Assumptions
                • The Circular Flow: The first model of Economics we will study
                • Income = Spending, BASE IDEA, So what does total income equal?
                • Four resources and four payments to those resources
                • Where do households fit in? ... Business firms?
                • Model 2: The Production Possibilities Frontier (PPF)
                • Very simple and basic - Where is an efficient economy producing?
                • Where is the U.S. economy today?
                • Positive versus Normative Economics - JUST THE FACTS!
                • Why Economists Disagree
              • Quiz #2: Production Possibilities Frontier - BASICS
              • PowerPoint for Chapter 2: Thinking Like An Economist

              January 24, 2018      Chapter 3: Interdependence and Gains from Trade

              • Chapter 3: Interdependence and Gains from Trade
                • A Parable for the Modern Economy
                  • Production Possibilities
                  • Why does Specialization and Trade allow more consumption than self-sufficiency?
                • Comparative Advantage
                  • Absolute Advanatage
                  • What is the Opportunity Cost? and Who has the Comparative Advantage
                  • Comparative Advantage and Trade
                  • What is "The Price of Trade?"
                • Applications:
                  • Quiz #2 and the answers
                  • Serena Williams, Should she mow the lawn?
                  • Should we trade with other nations?
              • Article from Bloomberg.com on Boeing discussed in class
              • NOTE: Quiz #3 is in the PowerPoint for Chapter 3 below, questions and answers
              • PowerPoint for Chapter 3: Interdependence and Gains from Trade



                    Week 1
              January 15, 2018:  Martin Luther King Day Holiday
              • Enjoy the last day of holidays


              January 17, 2018:  FIRST DAY - Syllabus and Introduction, Chapter 1: Ten Principles of Economics

    

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email: Andrew.Parkes(at)nau.edu or andrew(at)andrewparkes.com
Last Update: April 29, 2018
By Andrew L. H. Parkes, Ph. D.