Assignments for PARKES' Principles of Microeconomics class, Section 6, Spring 2019



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                              Week 9

                March 11, 2019      Review and Finish Chapter 21: The Theory of Consumer Choice

                • REVIEW for Exam II
                • Bring all of your quizzes and questions!
                • We will review all of the concepts, graphs, and questions expected on the exam!



                March 13, 2018      EXAM 2: Chapters 7 - 11 and 21 (in part)


                              Week 8

                March 4, 2019      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
                    • Quiz #12: 4 types of goods
                    • The Free-Rider Problem
                    • The Difficult Job of Cost-Benefit Analysis
                  • PowerPoint for Chapter 11: Public Goods and Common Resources


                March 6, 2019       Chapter 11 continued and Chapter 21: The Theory of Consumer Choice February 25, 2019      Chapter 9: Application: International Trade
                February 27, 2019      Minimum Wage Paper (#1)

                • Paper #1 Due in Bb Learn: "The Minimum Wage Law" at 11:59 pm, WEDNESDAY



                February 27, 2019       Finish Chapter 9: Application: International Trade begin Chapter 10: Externalities February 18, 2019      Chapter 7: Consumers, Producers, and the Efficiency of Markets February 20, 2019      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
                  • 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 11, 2019      Review for the Exam

                February 13, 2019      EXAM 1: Chapters 1 - 6




                          Week 4

                February 4, 2019      Finish Chapter 5: Elasticity and Its Application

                • China's Anuualized GDP Growth Rate
                • 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


                February 6, 2019      Chapter 6: Supply, Demand, and Government Policy January 28, 2019      Chapter 4: The Market Forces of Supply and Demand (continued)
                January 30, 2019      Chapter 5: Elasticity and Its Application
                January 21, 2019:  Martin Luther King Day Holiday

                • Enjoy the holiday


                January 23, 2019      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?"
                  • Quiz_3_S19       Quiz #3 answers
                  • Applications:
                    • Serena Williams, Should she mow the lawn?
                    • Should we trade with other nations?
                • PowerPoint for Chapter 3: Interdependence and Gains from Trade




                      Week 1


                January 14, 2019:  FIRST DAY - Syllabus and Introduction, Chapter 1: Ten Principles of Economics



                January 16, 2019:  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


    

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email: Andrew.Parkes(at)nau.edu or andrew(at)andrewparkes.com
Last Update: March 22, 2019
By Andrew L. H. Parkes, Ph. D.