ECON 1101 Section 40
Administrative Material
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Meeting Times: Lecture: Section 40, Hanson Hall 1-107 Tu 5:15 - 7:45 PM Recitation (TA)
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Office Hours: Tuesdays 3:00- 5:00 PM in Hanson Hall 3-161 You can contact me by email: [email protected] (I'll try to respond within 24 hours) Include in the subject "ECON1101" TA Office Hours:
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Course Syllabus: link
Moodle Website: https://ay13.moodle.umn.edu/course/view.php?id=2630
Information about Aplia and Homework
- Homeworks must be turned in using APLIA, the access code can be purchased with the hard copy at the bookstore
- To register in Aplia
Class Material
Week 1 (Tuesday Sept 3rd )
We covered:
We covered:
- Highlights from the Syllabus, What is Economics?, Textbook Economics, Economic Models
- Demand and Supply in Auctions, International Application: Auction Markets for Electricity in the United Kingdom
Week 2 (Tuesday Sept 10 )
We covered:
- Recap of Auctions, bidding strategies, intro to demand and supply
- Demand and Supply and Shifts in Demand and Supply, Auction Experiment
Week 3 (Tuesday Sept 17 )
We covered: (i) Elasticity; (ii) International Application: Fuel Consumption in Europe and the U.S.; (iii) Widget Industry in Econland, Producer, Consumer, and Total Surplus
Assignments:
Handouts
We covered: (i) Elasticity; (ii) International Application: Fuel Consumption in Europe and the U.S.; (iii) Widget Industry in Econland, Producer, Consumer, and Total Surplus
Assignments:
- For review of determinants and shifts in supply and demand: read last part of slides of lecture 2.2 (above)
- For elasticity: Read chapter 5 of Mankiw
- For long run elasticity: Read the outside reading Fuel Consumption in Europe and the U.S.
- For efficiency: Read chapter 7 of Mankiw
Handouts
Week 4 (Tuesday Sept 24)
We covered: Pareto efficiency and market allocation, taxes, subsidies and price ceilings
Assignments:
We covered: Pareto efficiency and market allocation, taxes, subsidies and price ceilings
Assignments:
- For efficiency: Read chapter 7 of Mankiw
- For taxes and subsidies read chapters 6 and 8 of Mankiw
Week 5 (Tuesday Oct 1st )
We covered: Price ceilings, price floors and supply management (quotas)
Assignments and announcements:
Handouts
We covered: Price ceilings, price floors and supply management (quotas)
Assignments and announcements:
- For quotas: Read the outside reading 3 Supply Management of the Dairy Industry in Canada
- Midterm covers through lecture 5.2
- Preparation for midterm (practice midterms spring 2013 and fall 2012 and solutions guide in available in moodle)
Handouts
Week 6 (Tuesday Oct 8)
We covered: Externalities and policies to achieve social efficient quantity (piguivan tax, command and control, cap and trade)
Textbook reading: Chapter 10
We covered: Externalities and policies to achieve social efficient quantity (piguivan tax, command and control, cap and trade)
Textbook reading: Chapter 10
- Lecture 6.1 (externalities and piguvian tax) slides
- Lecture 6.2 (command & control, cap & trade, climate change ) slides
- External Reading 4 Global Externalities and “Cap and Trade
- Additional note on externalites note
Week 7 (Tuesday oct 15)
We covered: (i) Global Issue 2: International Trade and its impacts: (ii)The Production possibility Frontier, Comparative Advantage and International Specialization
Textbook reading Ch 3,9
Assignments: For next class reading 5
Handouts:
We covered: (i) Global Issue 2: International Trade and its impacts: (ii)The Production possibility Frontier, Comparative Advantage and International Specialization
Textbook reading Ch 3,9
Assignments: For next class reading 5
Handouts:
Week 8 (Tuesday oct 22)
We covered: (i) Trade Policy and China, Public Goods and the Commons Problem; (ii) Consumer Theory: Budget Set and Preferences; (iii) Consumer Theory: Choice.
Textbook reading Ch 11,21
Assignments:
Handouts:
We covered: (i) Trade Policy and China, Public Goods and the Commons Problem; (ii) Consumer Theory: Budget Set and Preferences; (iii) Consumer Theory: Choice.
Textbook reading Ch 11,21
Assignments:
- Reading 5 Trade Policy and China
Handouts:
Week 9 (Tuesday oct 29)
We covered: (i) Income and Substitution Effects (ii)Costs; (iii) Short-Run Supply of Firm, Long-Run Supply of Firm; (iv) Short-run Supply of Industry, Long-run Supply of Industry. Textbook reading Ch 13 and 14
Handouts:
We covered: (i) Income and Substitution Effects (ii)Costs; (iii) Short-Run Supply of Firm, Long-Run Supply of Firm; (iv) Short-run Supply of Industry, Long-run Supply of Industry. Textbook reading Ch 13 and 14
Handouts:
Week 10 (Tuesday nov 5)
We covered: (i) recap of supply of industry and International Application: Imports from China and Plant Exit in the United States; (ii) Broad Social Science Applications of the Theory of Consumer Choice
Assignments:
Handouts:
We covered: (i) recap of supply of industry and International Application: Imports from China and Plant Exit in the United States; (ii) Broad Social Science Applications of the Theory of Consumer Choice
Assignments:
- Reading 6: Imports from China and Plant Exit in the United States
- NY times article: http://www.nytimes.com/2013/09/30/business/a-wave-of-sewing-jobs-as-orders-pile-up-at-us-factories.html?_r=0
Handouts:
Week 11 (Tuesday nov 12)
We covered: (i) Monopoly, (ii) Natural Monopoly, Price discrimination. Textbook Reading Ch 15
Handouts:
We covered: (i) Monopoly, (ii) Natural Monopoly, Price discrimination. Textbook Reading Ch 15
Handouts:
Week 12 (Tuesday nov 19)
We will cover: : (i) Global Issue 3: Intellectual Property Protection and the Global Economy
Assignments
Handouts:
Announcements
We will cover: : (i) Global Issue 3: Intellectual Property Protection and the Global Economy
Assignments
- External reading: Reading 7: Intellectual Property Protection and the Global Pharmaceutical Industry
- Textbook Reading Ch 17 for Oligopoly
Handouts:
- Lec 12.1: intro to intelectual property protection and modeling patents slides
- Lec 12.2: changes in policies slides
- Additional Notes for oligopoly (additional source for homework) notes
Announcements
- There is no recitation next week but we have lecture at the usual time (5:15)
- Results of second midterm are posted in moodle (gradebook) the average was 80.4
Week 13 (Tuesday nov 26)
We covered: (i) Game Theory and Oligopoly (ii) Application of Game Theory to Broad Social Science Issues.
Textbook reading Ch 17
Handouts
We covered: (i) Game Theory and Oligopoly (ii) Application of Game Theory to Broad Social Science Issues.
Textbook reading Ch 17
Handouts
- Lec 13.1: Intro to game theory and oligopoly
- Lec 13.2: More on oligopoly and application to social sciences slides
Week 14 (Tuesday dec 3rd)
We coved: (i) Labor Demand and Supply; (ii) Productivity; (iii) Inequality
Assignments:
Handouts
Note: Lec 14.1 corresponds to 14(i) and 14(ii) of moodle. Lec 14.2 to 14(iii) of moodle. Slides are not self contained as we also worked on the whiteboard
We coved: (i) Labor Demand and Supply; (ii) Productivity; (iii) Inequality
Assignments:
- Textbook Reading: Ch 18 (Parts 1,2,3, which can be found on pages 375-389),
- Textbook Reading: Ch 19 and Ch 20
Handouts
Note: Lec 14.1 corresponds to 14(i) and 14(ii) of moodle. Lec 14.2 to 14(iii) of moodle. Slides are not self contained as we also worked on the whiteboard
Week 15 (Tuesday dec 10)
We covered: (i) Moral Hazard and Adverse Selection; (ii) International Application: Moral Hazard in the Euro Zone.
Textbook Reading: Ch 22 (Part 1: Asymmetric Information, pages 468-473)
Handouts: slides
We covered: (i) Moral Hazard and Adverse Selection; (ii) International Application: Moral Hazard in the Euro Zone.
Textbook Reading: Ch 22 (Part 1: Asymmetric Information, pages 468-473)
Handouts: slides
