Here’s the rundown on my plan for week 3. We’ll start by working a couple of problems from the end of chapter 2 just to make sure we understand this stuff about comparative advantage. Then we will proceed into chapter 3 on supply and demand, probably the last half of the class on Monday. I am going to plunge right in and talk about the graphs and forms rather than the long slow buildup in the chapter. this model of behavior is one of the most important and forms a basic knowledge set for economics.
We will also see how to derive a demand curve in practice, probably on Wednesday, by conducting an experiment in class. Bring money.
We will continue with Ch 3 on Wednesday, with a lot of emphasis on interpreting graphs of supply and demand, and what it means for demand to increase or decrease, supply to increase or decrease. We will try some problems also.
We will spend a few minutes Friday reviewing for the exam, which will cover Chapters 1, 2, and 3. It will be Monday the 25th, part multiple choice and part writing things out. There will be problem solving.
See you in class.
Supply Chain and Logistics 