Category Archives: Microeconomics

Micro posts and comments

Micro – Week 5

Posted on February 3, 2007 by | Leave a comment

This is exam week! Friday 2-9-07 we will have our first exam.  I will write an exam prospectus next week to help you study.  The exam will cover chapters 1 thru 5.  I think this is all right because chapter 5 is really just applications of earlier chapters.

You should be working problems from the first 5 chapters to prepare for the exam.  Your homework is supposed to be due Monday. That is a good target date for you, but I will accept it up to the day of the exam.  Use the problem list for assignment 1 and assignment 2 on WebCT.

On Monday we will complete chapter 5.  There might be time for a question or two.

WEDNESDAY I WILL NOT BE IN CLASS. Use the time to study for the exam and to work problems.  It would be a good time for a group work session if you have a study group.

See you next week!

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Posted in Microeconomics

Micro – Week 3

Posted on January 21, 2007 by | Leave a comment

This week we will be completing chapter 3 and the appendix.  Some of the material is hard, and you should be looking at problems to enlighten yourself.  Elasticity is very important.

We will not get a start on chapter 4 this week, but will for sure the following week, so that the week after that is not so rushed– there is an exam on Friday Feb 9.  Remember, problems are the essence.

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Posted in Microeconomics

Some Price Elasticities of Demand

Posted on January 21, 2007 by | 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