Author Archives: just2bruce

Mgr Econ – Week 3

Posted on January 21, 2007 | Leave a comment

This week I plan to complete Chapter 3 and Chapter 4.  The key things in Chapter 4 are elasticity, and the idea of modeling demand.  I will show some example spreadsheets on how to determine demand functions.  These are good exercises with using the regression capability in excel.

We will try to work a problem or two also.

Next week on Friday I would like to have a team nominee for the lecture.  You can meet with me and select a problem to work.  It should be from Chapter 3.  If no one volunteers Monday I will simply make the selection, so we can be sure it will happen next Friday.

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Posted in Managerial Econ

Some Price Elasticities of Demand

Posted on January 21, 2007 | Leave a comment

Here are some from a report by the Mackinac Center for Public Policy. They got them from elsewhere. they modeled demand for public and private schools and were trying to show that having “charter” schools would not hurt the economics of public schools very much.

Elasticities

Source: Economics: Private and Public Choice, James D. Gwartney and Richard L. Stroup, eighth edition
1997, seventh edition 1995; primary sources: Hendrick S. Houthakker and Lester D. Taylor, Consumer
Demand in the United States, 1929-1970 (Cambridge: Harvard University Press, 1966,1970); Douglas R.
Bohi, Analyzing Demand Behavior (Baltimore: Johns Hopkins University Press, 1981); Hsaing-tai Cheng
and Oral Capps, Jr., “Demand for Fish” American Journal of Agricultural Economics, August 1988; and
U.S. Department of Agriculture.

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Posted in Managerial Econ, Microeconomics

Macro – Week 3 – Spring

Posted on January 20, 2007 | 2 comments

I hope to finish chapters 3 and 4 this week by Friday.  You should be working problems as preparation for the exam on Jan 31. While we will do some review on Monday the 29th, you can ask questions in advance.  Next Friday (or maybe Wednesday) I can give you a discussion of what the exam should cover.  Of course everything is fair game.

You should definitely try to read chapters 3 and 4 by Wednesday.

And be sure to bring problems or questions to class.  The answers  are posted, but you might still have questions about how they got to the answer.  And there could be errors, which you can get a bonus point for if you are the first to call it to my attention.

If folks want me to post the answers to the problems at the end of the chapters, I can do that.  If no one is working them, I won’t bother.  Let me know if you need them.

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Posted in Macroeconomics