Materials from Class
Topics covered each day plus copies of handouts.
Demand, Supply and Markets
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Tue Aug 26
- Course mechanics; market for lemons; signalling.
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Thu Aug 28
- Willingness to pay (W2P); individual demand; marginal benefits (MB); consumer surplus (CS); market demand; willingness to accept (W2A); individual supply; producer surplus (PS); market supply; market equilibrium; social surplus (SS); gains from trade.
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Tue Sep 2
- Gains from trade; transfers; pareto efficiency; linear approximations to W2P and W2A; deriving demand from W2P; deriving supply from W2A.
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Thu Sep 4
- Solving for market equilibrium; calculating CS, PS and SS; Pareto efficiency and equilibrium Q.
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Tue Sep 9
- Effect of a tax; calculating changes in surplus and deadweight loss; showing changes in surplus as a series of areas; demand elasticity.
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Thu Sep 11
- Supply elasticities; cigarette taxes; externalities; subsidies; education.
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Tue Sep 16
- Subsidies for education; tariffs.
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Thu Sep 18
- Price controls; minimum wage; rent controls.
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Tue Sep 23
- Cross subsidies.
Household Choice and Cost Benefit Analysis
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Thu Sep 25
- Consumption bundles; preferences; completeness; transitivity; rationality; indifference curves; marginal rate of substitution (MRS); perfect substitutes; perfect complements.
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Tue Sep 30
- No class.
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Thu Oct 2
- Exam 1.
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Tue Oct 7
- Nonsatiation; convexity; budget constraints; feasible sets; non-linear constraints.
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Thu Oct 9
- No class.
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Tue Oct 14
- In-kind transfers; consumer equilibrium.
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Thu Oct 16
- Utility functions; deriving demand curves.
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Tue Oct 21
- Using data to deduce utility functions; Engel curves; income elasticity; normal and inferior goods; compensating variation.
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Thu Oct 23
- No class.
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Tue Oct 28
- Expenditure function, computing compensating variation, income and substitution effects, intertemporal choice.
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Thu Oct 30
- Life-cycle model; saving and borrowing; present value.
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Tue Nov 4
- Human capital, net present value.
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Thu Nov 6
- Exam 2
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Tue Nov 11
- PV over multiple periods, PV of an infinite stream, applications of present value.
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Thu Nov 13
- Applications of PV; choice under uncertainty; states of the world; contingent commodities.
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Tue Nov 18
- Expected value; actuarially fair gambles; preferences over contingent commodities; risk neutrality; decision trees.
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Thu Nov 20
- Value of information; imperfect tests; conditional probability.
Producer Behavior
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Tue Nov 25
- Risk aversion; insurance; production functions; isoquants.
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Tue Dec 2
- Isocosts; cost minimization; total cost; average cost; marginal cost; fixed cost; diminishing, constant and increasing returns.
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Thu Dec 4
- Price-taking, monopoly, output maximization, profit maximization.
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Peter J Wilcoxen, The Maxwell School, Syracuse University
Revised 12/04/2008
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