Assignments for PARKES' Principles of Microeconomics class, Section 7, Spring 2019


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     PAST ASSIGNMENTS:



                                Week 14

                  April 22, 2019      Review the Exam and Begin Oligopoly discussion
                  April 24, 2019      Chapter 17: Oligopoly Continued April 15, 2019      Finish Monopolistic Competition and Review
                  April 17, 2019      EXAM 3: Chapters 13 - 16


                                Week 12

                  April 8, 2019      Chapter 14: Finish Perfect Competition in the Long-run

                  April 10, 2019      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 #19: Profit and Loss in Monopoly
                  • PowerPoint for Chapter 15: Monopoly


                                Week 11

                  April 1, 2019      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 3, 2019       Chapter 14: Firms in Competitive Markets March 25, 2019      Review the Exam and Chapter 13: The Costs of Production

                  • Review Exam II - Quiz!
                  • 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 27, 2019       Chapter 13: The Costs of Production

                  • Chapter 13: The Costs of Production
                    • The Production Function
                      • Marginal Product - it is diminishing as output increases
                      • From the Production to the Total-Cost Curve
                    • 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



                                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, 2019      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: May 1, 2019
By Andrew L. H. Parkes, Ph. D.