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The document outlines a class schedule and topics for an economics course. It includes: 1) A final exam scheduled for Friday and a review session on Thursday evening to prepare. 2) Topics to be covered include the Edgeworth box, two-part tariff pricing, and general equilibrium. 3) An example of a two-part tariff pricing model and calculating the access fee. 4) A description of general equilibrium and how it accounts for interactions between markets. 5) An example general equilibrium model setting supply and demand quantities equal to solve for prices.
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https://sites.google.com/site/yosukeyasuda2/home/lecture/mof15micro
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本講義の音声配信（無料です）を始めました。ご関心のある方はこちらをご覧ください：
https://note.com/yagena/n/nab05d7a24681
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Okay, let me solve this step-by-step:
1) Original demand and supply functions:
Demand: pd1 = -90 + 0.7qd
Supply: ps1 = 30 + 0.5qs
2) Equating demand and supply to find original equilibrium:
-90 + 0.7qd = 30 + 0.5qs
0.7qd - 0.5qs = -120
qd/qs = 120/35 = 3.43
qd1 = 121, qs1 = 35
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aug1
The document outlines key topics to review for an economics class on Friday, August 1 including a quiz on Monday and reviewing cost curves, profit maximization, cost minimization, fixed proportions, perfect substitutes, and Cobb-Douglas production functions. It emphasizes finding the cost function C(q,w,r) by solving for optimal inputs L* and K* as functions of output q.
july31
The document outlines a plan for Thursday, July 31st. It reminds the reader that homework is due tomorrow, there is a quiz on Monday, and they should start Chapter 8. On Wednesday they will review cost functions, long run costs, profit maximization, and cost minimization. The CEO chooses the output level and they must determine the optimal inputs of labor (L) and capital (K) to minimize costs of producing that output level given prices of inputs. Combinations of inputs in the shaded blue areas would waste money, and the optimal solution occurs where the marginal costs of the inputs are equal.
july30
The document outlines the schedule and material for an economics class this week. On Wednesday, the class will review costs and cost minimization, including short-run and long-run costs, by working through problems in chapters 7.1 and 7.3. On Thursday, the class will cover the differences between long-run and short-run cost minimization by analyzing graphs from chapters 7.2 and 7.4. On Friday, the class will discuss profit maximization and how supply curves are derived by reviewing chapters 8.1 through 8.4.
July28
The document outlines a review session for a midterm exam on Monday and homework questions. It also previews the topics of technology and costs that will be reviewed on Friday. Specifically, it discusses how firms maximize profits by producing the quantity (q) that balances revenue (R) from sales at price (p) and costs (C) of inputs like capital (K) rented at price (r) and labor (L) paid at wage (w), depending on the firm's production technology represented by the function q = f(L, K).
July23
The document outlines topics to review for an economics midterm on Monday, including homework due Friday, income and substitution effects, production and price-consumption curves, and how the price-consumption curve changes depending on whether goods are necessities, substitutes, or complements. It also notes that for perfect complements, the price-consumption curve does not depend on income or the price of the other good, and provides an example graph.
July25
This document outlines topics to review for an upcoming midterm exam, including homework due Monday, a midterm review session on Monday at 4:30pm in room 105, and the midterm taking place on Tuesday. It also lists economics production concepts to review like returns to scale, productivity, and different production technologies including Cobb-Douglas, fixed-proportions, and perfect-substitution. How inputs of labor and capital combine with technology to produce output is addressed.
July24
The document outlines plans for Thursday, July 24th which includes homework being due on Friday and a midterm on Monday. It also discusses the Slutsky equation for calculating elasticity of demand and how the total effect of a price change on quantity demanded is the sum of the substitution and income effects.
July22
The document outlines the schedule and topics for an economics class on Tuesday, July 22nd. It lists that homework is due on Friday, a midterm will be on Monday, and students should read sections 6.2 through 6.4 for the next class. The class will include a quiz, a review of the previous class, and discussions of PCC and ICC curves, the income and substitution effects, Cobb-Douglas functions, and how a constant share of income is allocated to each good. The class ends at 11:35 and students should raise their hand if they have any questions.
July21
There is a quiz tomorrow on the homework that is due Friday. The class will review finding the optimum amounts of two goods using indifference curves and budget constraints, which requires solving two equations simultaneously since there are two unknowns. They will also cover interpreting indifference curve shapes for Cobb-Douglas, independent, and perfect substitute and complement goods, and conditions that produce corner solutions versus interior solutions.
July18
The new schedule outlines homework and assessments for the week, including homework 3 due on Monday, quiz 2 on Tuesday covering this week's material, and homework 4 to be posted by Monday for the following week. The midterm will be the following Monday. Going forward, homework will be due on Fridays, quizzes on Mondays, and the final exam remains on Friday, with extra office hours on Monday and Friday mornings.
July16
The document outlines topics to cover on July 16th including a quiz on Friday, homework due Monday, and graphing indifference curves using different utility functions. It discusses rescaling curves by raising them to a power or multiplying by a constant. Finally, it notes finding the optimum using workbooks, with the utility function U=XY^2, and mapping utility to create a 3D surface.
July15
The document outlines topics to cover in a Tuesday class, including distributing new documents, recapping the previous class, and discussing indifference maps, budget constraints, and the marginal rate of substitution. Indifference maps show bundles a consumer is indifferent between and have properties like indifference curves that do not cross and slope downward. The marginal rate of substitution is the slope of the indifference curve and represents the tradeoff a consumer will accept between goods, typically decreasing with higher quantities of one good.
July14
The document outlines plans for Monday to recap supply and demand concepts, add individual demand curves, graph the combined curve, and review for a quiz on Friday. It includes schedules to graph two individual demand curves and the total demand curve that results from combining them.
July11
The document outlines the schedule for a Friday class, which includes a homework due on Monday, a quiz, a review from Thursday, and a lesson on modeling consumer behavior. It discusses the elasticity of A with respect to B, how B responds to changes in A, and how responsive B is to A. It also covers calculating the percentage change in B from a 1% change in A, and how elasticity is determined from the slope of the line for small changes or the change in B over the change in A for large changes. The class ends at 11:30 and students should raise their hand if they have any questions.
July09
The document outlines topics to review for an economics class, including an upcoming quiz and homework. It lists elasticity, monopoly pricing, taxes and subsidies, using graphs to illustrate complements and substitutes, computing market equilibrium, demand and supply functions, and types of market intervention such as price floors and ceilings, quotas, bans, and taxes. The instructor notes that material should be reviewed from the previous Tuesday's class.
July08
The document outlines topics to review for an economics class on Tuesday, July 8th. It will cover pairs of markets and supply and demand functions, with an application to the music industry. Students will review how supply and demand curves are constructed by aggregating individual consumer price responses for demand, and firm responses for supply. The discussion will also cover what can shift the demand curve, such as the price of related goods, income, tastes, the number of buyers, and beliefs about the good or future prices. It will further explain how demand is affected by complements, which increase demand when cheaper, and substitutes, which increase demand when more expensive.
July07
The document outlines topics to review for an economics class on Monday, including a quiz from Friday and homework due. It will discuss where demand curves come from, what causes shifts in curves using an application of oil speculators, and how shifts in the curves change the equilibrium price and can create shortages or surpluses. The key concepts are that quantity responds to price, with many buyers and sellers setting the price, and that buyers and sellers are price-takers rather than price-makers.
July03
- The document outlines a class on supply and demand, including reviewing concepts from the previous class and previewing what will be covered and tested on.
- Key concepts covered are the demand and supply curves, how equilibrium is determined by the intersection of the curves, and how shifts in the curves impact equilibrium price and quantity.
- The assumptions of the supply and demand model are discussed, including that quantity responds to price, resources are scarce, and people act rationally.
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Digital Transformation Frameworks: Driving Digital Excellence
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
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aug13
- 1. Outline for Wednesday, August 13 Final Friday 8am-9:50 in 105, across the hallway Review session Thursday 6pm here Review Edgeworth box
- 2. Two-part tariff A type of 2nd-degree price discrimination Charge a flat per-unit price Then charge an access fee to get the rest of the consumer’s utility
- 3. Two-part tariff example A type of 2nd-degree price discrimination Charge a flat per-unit price Then charge an access fee to get the rest of the consumer’s utility Each consumer will demand QD = 300 – 3P and we are charging them a flat rate of P = MC = 20. What access fee should we charge? You don’t need to simplify your answer.
- 4. General equilibrium Calculate prices and quantities in all markets together Takes care of the positive feedback effects we have in partial equilibrium analysis