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.
Posted in Microeconomics
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.
Posted in Managerial Econ
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.
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.
Posted in Managerial Econ, Microeconomics
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