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Microeconomics Assignment 2

Unit 1 - An Introduction to Economics, Efficiency, and the Market System

Chapter 1 - Limits, Alternatives, and Choices: What Is Economics and What Are the 5Es?

  • Reading Assignments:
    • Chapter 1 Appendix on Graphing: ALL
    • Chapter 1: ALL
    • Online Lecture: The online lecture is VERY IMPORTANT!
      http://www.harpercollege.edu/mhealy/eco211/lectures/microch1-17.htm
    • Ch. 3: "Efficient Allocation" pp. 58-59
    • Ch. 3 and 6: "Diminishing Marginal Utility" pp. 49 and 117
    • The Necessity of Choice -- HOW? -- Benefit Cost Analysis
      • Ch. 1: p. 5, "Marginal Analysis: Benefits and Costs"
      • Ch. 1: pp. 13-14, "Optimal Allocation" (especially Fig 1.3),
      • Ch 1: p. 14, "The Economics of War" (box)
      • Ch. 7: p. 158-159, “Last Word: Don't Cry over Sunk Costs - Sunk costs are irrelevant in decision making”
      • Ch. 5: pp. 108-109, "Society's Optimal Amount of Externality Reduction"
      • Ch. 22: p. 467, "Optimal Immigration"
  • Study Guide
    • Chapter 1
      • Multiple Choice: # 1-4, 6, 7, 10-12, 14-24
      • Problems: # 4, 5
    • Chapter 1 Appendix:
      • Multiple Choice: # 1, 2, 6, 11, 12 15, 16, 17
      • Problems: # 1a, 1b, 2a, 4
    • Chapter 5:
      • Multiple Choice: # 16, 23, 24, 25
      • Problem: # 5
  • Worked Problems: 1.1 and 1.2 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter1/worked_problems.html
  • Web Quizzes
  • End-of-Chapter Questions and Problems:
    • Chapter 1: Question 1, 2, 5, 7-11; Problems 1, 3, 4, 5, 6, 7, 8;
    • Chapter 1 Appendix: Problems # 1, 2, 7, 8
    • Chapter 7: Question # 11
    • Chapter 5: Question # 11

 

Chapter 2 - The Market System and the 5 Es

  • Reading Assignments:
  • Study Guide: Chapter 2
    • Multiple Choice: # 1, 2, 3, 6, 7, 9, 11, 12, 13, 19-25
    • Problems: # 1, 4
  • Web Quiz: Chapter 2 # 1-9 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter2/quiz.html
  • End-of-Chapter Questions and Problems:
    • Chapter 2: Questions #1, 3, 5, 9, 10, 11, 13

 

Chapter 3 - Demand, Supply, and Market Equilibrium -- and the 5Es

  • Reading Assignments:
  • Study Guide
    • Chapter 3
      • Multiple Choice: # 1-28
      • Problems: # 2-6, 8
    • Chapter 3 Appendix
      • Multiple Choice: #1-8, 11-15
      • Problems: # 1, 2
    • Chapter 5
      • Multiple Choice: # 1-6
      • Problems: # 1, 2, 3, 4
  • Worked Problem 5.1 and 5.2 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter5/worked_problems.html
  • Web Quizzes
  • End-of-Chapter Questions and Problems:
    • Chapter 3: Questions # 1-9; Problem # 2, 3, 4
    • Chapter 3 Appendix: Questions # 1, 4-7; Problem: # 3
    • Chapter 5 Questions #2, 3; Problems # 1, 2

Chapter 5 - The Public Sector (Government)

  • Reading Assignments:
    • Chapter 3: pp 61-64, "Application: Government Set Prices"
    • Chapter 3: pp 62-63, "Last Word: A Legal Market for Human Organs?"
    • Chapter 5: pp 99-110, "Public Goods", "Externalities" and “Government’s Role in the Economy”
  • Study Guide
    • Chapter 3
      • Multiple Choice: # 29, 30
      • Problems: # 1, 7
    • Chapter 3 Appendix
    • Chapter 5
      • Multiple Choice: #7-12, 17-25
      • Problems: # 5-7
  • Worked Problems 5.1 and 5.2 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter5/worked_problems.html
  • Web Quiz Chapter 5:  # 1, 2, 4, 5, 6, 7 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter5/quiz.html
  • End-of-Chapter Questions and Problems
    • Chapter 3: Questions 11, 12; Problems # 7
    • Chapter 5: Questions 1, 4, 5, 7-10, 12, 13

Unit 2 - Elasticity, Consumer Decisions, and Costs of Production 

Chapter 4 - Elasticity

  • Reading Assignments:
    • Chapter 4: pp. 75-89, Elasticity
    • Chapter 4: pp 86-87, Last Word
    • Chapter 16: pp 347-354, "Tax Incidence and Efficiency Loss”
  • Study Guide
    • Chapter 4
      • Multiple Choice: # 1-17, 19-25
      • Problems: # 1-4, 6
    • Chapter 16
      • Multiple Choice: #14-24
      • Problems: # 3, 4
  • Worked Problems 4.1 and 4.2 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter4/worked_problems.html
  • Web Quizzes
  • End-of-Chapter Questions and Problems:
    • Chapter 4: Questions #ALL; Problem 1, 3, 4, 5, 7
    • Chapter 16: Questions # 6, 7

 

Chapter 6 - Consumer Behavior

 

Chapter 7 – Businesses and the Costs of Production

Unit 3 - Product Markets: Decision Making and Efficiency

Chapters 8 and 9 - Pure Competition in the Short Run and the Long Run

  • Reading Assignments
    • Chapters 8: ALL
    • Chapter 9: 181-184, 186-192
  • Study Guide – Chapter 8
    • Multiple Choice: # 1-7, 9-20, 22-25.
    • Problems: # 1-3, 4 a & c
  • Study Guide – Chapter 9
    • Multiple Choice: # ALL
    • Problems: # 1 (ignore teh "quantity supplied column in the table), 2
  • Worked Problems 8.1, 8.2, 8.3 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter8/worked_problems.html
  • Web Quizzes:
  • End-of-Chapter Questions and Problems:
    • Chapter 8: Questions # 1-7; Problem # 4
    • Chapter 9: Questions # 1, 3, 5, 6, 7, 9; Problems # 2 (skip the last question)

Chapter 10 AND 18 - Pure Monopoly and Regulation

  • Reading Assignments:
    • Chapter 10: ALL
    • Chapter 18: pp. ALL
  • Study Guide
    • Chapter 10
      • Multiple Choice: # 1-4, 6-16, 18-24
      • Problems: # 1, 2, 3, 4
    • Chapter 18
      • Multiple Choice: # 1, 7, 9, 10, 11, 14, 16, 18, 19
      • Problems: # 3
  • Worked Problems # 10.1 and 10.2 at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter10/worked_problems.html
  • Web Quizzes at http://highered.mcgraw-hill.com/sites/0077337735/student_view0/chapter10/quiz.html
    • Chapter 10: ALL
    • Chapter 18: # 4, 5, 8 , 9, 10 [What is wrong with question #8?]
  • End-of-Chapter Questions and Problems:
    • Chapter 10: Questions 2-9; Problems 1, 2
    • Chapter 18: Questions # 1, 5, 10, 12, 13; Problems # 2

Chapter 11 - Monopolistic Competition and Oligopoly

Unit 4 - Resource Markets: Decision Making, Efficiency, and Equity

Chapter 12 - The Demand for Resources

 Chapter 13 - Wage Determination (Appendix: Labor Unions)

Chapter 20 - Income Inequality, Poverty, and Discrimination

Chapter 22 - Immigration

A total of 10 graded problem sets were assigned during the semester. Each one covered approximately one week's worth of new material. The best 9 scores out of 10 were used to calculate the term grade.

ASSIGNMENTSTOPICS
Problem set 1 (PDF)Supply and demand diagrams
Problem set 2 (PDF)

Price elasticities

Indifference curves

Marginal rate of substitution (MRS)

Utility functions

Problem set 3 (PDF)

Inferior goods

Marginal rate of substitution (MRS)

Indifference curves

Engle curves

Income and substitution effects

Price elasticities

Market demand

Problem set 4 (PDF)Insurance and risk
Problem set 5 (PDF)

Cost functions

Production functions

Marginal rate of technical substitution (MRTS)

Isoquant curves

Expansion paths

Problem set 6 (PDF)

Production functions

Long run and short run comparisons

Economies of scale

Returns to scale

Cost functions

Government policy and market efficiency

Problem set 7 (PDF)

Government policy and market efficiency

Edgeworth boxes

Tariffs

General equilibrium

Problem set 8 (PDF)

Monopoly

Monopoly and market efficiency

Monopsony

Problem set 9 (PDF)

Pricing power

Price discrimination

Monopoly

Cournot game

Problem set 10 (PDF)

Monopolisitic competition

Inflation

Nash equilibrium

Oligopoly

Prisoner's dilemma

Marginal revenue product of labor

Unemployment

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