Assignments for PARKES' Principles of Microeconomics class, Section 9, Fall 2017


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                      Week 14

            November 28, 2017      Review the Exam and Begin Oligopoly discussion
            November 30, 2017       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

            November 21, 2017      EXAM 3: Chapters 21 and 13 - 16



            November 23, 2017      HAPPY THANKSGIVING!!!

            • NO CLASS


                      Week 12

            November 14, 2017      Chapter 16: Monopolistic Competition

            • Finish Chapter 15: Monopoly
              • How Monopolies Make Production and Pricing Decisions
                • Monopoly versus Competition
                • A Monopoly's Revenue
                • Profit Maximization
                • A Monopoly's Profit/Loss
              • Price Discrimination
              • Profit and Loss in Monopoly
            • PowerPoint for Chapter 15: Monopoly

            • 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
              • Excess Capacity and Markup over Marginal Cost
            • Advertising: Quality and Brand Names
            • PowerPoint for Chapter 16: Monopolistic Competition

            November 16, 2017      Chapter 16: Monopolistic Competition

            • REVIEW for EXAM 3


            • Finish 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
              • Excess Capacity and Markup over Marginal Cost
            • Advertising: Quality and Brand Names
            • PowerPoint for Chapter 16: Monopolistic Competition


                      Week 11

            November 7, 2017      Chapter 14: Firms in Competitive Markets continued
            November 9, 2017       Chapter 15: Monopoly

            • Chapter 15: Monopoly
              • Why Monopolies Arise
                • Monopoly Resources - DeBeers
                • Government Created Monopolies
                • Natural Monopolies
              • Profit and Loss in Monopoly
              • PowerPoint for Chapter 15: Monopoly

                      Week 10

            October 31, 2017      Chapter 13: The Costs of Production continued

            • 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

            November 2, 2017       Finish Chapter 13 and 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


                      Week 9

            October 24, 2017      Chapter 13: The Costs of Production
            October 26, 2017      In Kansas City at an Economics Conference

            • No Class! (time to work on Paper #2)


                      Week 8

            October 17, 2017      Review for the Exam
            October 19, 2017      EXAM 2: Chapters 7 - 11 and 21 (in part)



                      Week 7

            October 10, 2017      Chapter 10: Externalities

            • Chapter 10: Externalities
              • Externalities and Market Inefficiency
                • Welfare Economics: A Recap
                • Negative Externalities
                • Positive Externalities
                • 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
            • PowerPoint for Chapter 11: Public Goods and Common Resources


            October 12, 2017       Chapter 11 continued and Chapter 21: The Theory of Consumer Choice

            • 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
              • Common Resources
                • The Tragedy of the Commons
                • Some Important Common Resources
            • PowerPoint for Chapter 11: Public Goods and Common Resources

            • Chapter 21: The Theory of Consumer Choice
              • The Budget Contraint: What the Consumer Can Afford
              • Preferences: What the Consumer Wants
                • Indifference Curves - how to draw them
                • MRS: the Marginal Rate of Substitution
                • Four Properties of Indifference Curves
                • Two extremes: Perfect Substitutes and Perfect Complements
              • Optimization: What the Consumer Chooses
                • The Consumer's Optimal Choices
                • FYI: Utility: An Alternative Way to Describe Preferences
                • Income and Price Changes
            • PowerPoint for Chapter 21: The Theory of Consumer Choice



                      Week 6

            October 3, 2017      Chapter 9: Application: International Trade

            • Paper #1 Due in Bb Learn: Minimum Wage Revised at 11:59 pm
            • 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


            October 5, 2017      Continue Chapter 9: Application: International Trade and Chapter 10: Externalities September 26, 2017      Review the Exam and Introduce Chapter 7: Consumers, Producers, and the Efficiency of Markets
            September 28, 2017      Chapter 7: Consumers, Producers, and the Efficiency of Markets

            • Introduction to Chapter 8: Application: The Costs of Taxation
              • The Deadweight Loss of Taxation
                • How a Tax Affects 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
              • Quiz #7: Applying the ideas of CS and PS to the Incidence of a Tax
              • Quiz #7 Answers from Chapter 7
              • The Laffer Curve
            • PowerPoint for Chapter 8: Application: The Costs of Taxation


                      Week 4

            September 19, 2017      Chapter 6: Supply, Demand, and Government Policy
            September 21, 2017      EXAM 1: Chapters 1 - 6


                      Week 3

            September 12, 2017      Chapter 4: The Market Forces of Supply and Demand (continued)
            September 14, 2017      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
            • PowerPoint for Ch 5: Elasticity and Its Application

            • Chapter 6: Supply, Demand, and Government Policy

                      Week 2

            September 5, 2007:  Chapter 3: Interdependence and Gains from Trade


            September 7, 2017      Chapter 4: The Market Forces of Supply and Demand

            • Chapter 4: The Market Forces of Supply and Demand
              • What is a Market? A competitive Market?
              • Demand Side
                • The price of the good, movement along the curve
                • Shifts: P-P-P-INT
              • Supply Side
                • The price of the good, movement along the curve
                • Shifts: P-P-EST
              • Equilibrium: Qd=Qs
              • Surplus
              • Shortage
              • 3 Steps to Changes in Equilibrium
              • Note what Ambiguous means
            • PowerPoint for Chapter 4: The Market Forces of Supply and Demand


                  Week 1
            August 29, 2007:  FIRST DAY - Syllabus and Introduction, Chapter 1: Ten Principles of Economics
            August 31, 2007:  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
              • Model 2: The Production Possibilities Frontier (PPF)
              • Positive versus Normative Economics
              • Why Economists Disagree
            • Quiz #2: Production Possibilities Frontier - BASICS
            • PowerPoint for Chapter 2: Thinking Like An Economist



    

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email: Andrew.Parkes(at)nau.edu or andrew(at)andrewparkes.com
Last Update: December 2, 2017
By Andrew L. H. Parkes, Ph. D.