Econ 192

C.V. A.M.D.G.

Econ 370
Prerequisites: Econ 190 (was 192)
Messages:
1. Prework
2. CBOT trip info

                 Peter Alonzi, Ph.D.

                        DU at the CBOT 10/05

                        Last Revised: 11/27/06

Fall, 2006
Microeconomics
Rm.:
Time 11:30 am-12: 20 pm

Contact Information: by phone or email at: 708-524-6483 or Lpalonzi@dom.edu
Click here for: Course: [Objectives] [Outline] [Grading] [Reading Assignments]
[Homework Assignments] [Economic Naturalist Assignments]

Office Hours:

Day	Monday	Wednesday	Friday
Time	9:35-10:15 a.m. 2:35-3:15 p.m. & by appointment	9:35-10:15 a.m. 2:35-3:15 p.m. & by appointment	9:35-10:15 a.m. & by appointment
Place	Library 334	Library 334	Library 334

Text:
Frank, Robert H., Microeconomics and Behavior, 6^th edition, NY, McGraw-Hill/Irwin, 2003.

Objective: Click to Return Home
Economics is an apparatus of the mind. It is a structured way of thinking. This course in Intermediate Microeconomic Theory is THE HEART of your economics major or minor. It is THE THEORY course. You will see topics introduced in your first microeconomics course in more depth and with more breadth as well as new topics (including equations not just graphs but still mostly reliance on graphs). The emphasis is on you applying the principles of economics to the world around you. The emphasis is on you becoming an Economic Naturalist.

The successful student will become an Economic Naturalist who:

1. Can apply the principles of economics with precision and skill to the world around us.

2. Can use the model method of deduction.

3a. Can apply the indifference curve plus budget constraint tool to analyze consumer choice issues.
3b. Can use isoquant plus isocost tool to analyze firm production choices issues.

4. Can explain how price & profit signals allocate resources efficiently in a competitive market system.

5. Can explain how a market system fails to allocate scarce resources due frictions—market power, poorly defined property rights (externalities), and unenforceable property rights (public goods)to frictions.

6. Will be able to discuss economics issues and address questions confronting a citizen today.

7. Will possess a larger vocabulary and find economics essential, useful, & fascinating because it illuminates the effort humanity devotes to provisioning itself day in & day out .

Course Outline Click to Return Home

1. Overview	a. Cost Benefit Principle b. Economic Naturalism
2. How a Competitive Market Works:	a. Nine Pillars, Demand, Supply, Equilibrium b. Price Controls: Surpluses, Shortages c. Shocks and Shifts d. Algebra of Competitive Markets e. Elasticity
3. How a Competitive Market System Works	*a. Overview: Approach & Results: i. Marginal Benefit vs. Marginal Hurt* ii. MRS = Relative Price, P = MC, MU_society vs. MC_society *b. Goods Markets (Product, Output)* i. Household: Budget Constraint, Indifference Curves, Optimum @ MU_x/P_x = MU_y/P_y, Marginal Rate of Substitution = Relative Price substitution effect + income effect → law of demand ii. Firms: Production & Costs—Short Run & Long Run, Optimum @ P = MC Law of Diminishing Returns → Law of Supply iii. Role of Profits: Long Run Supply & LR Equilibrium iv. Efficiency Viewed from Goods Markets: Best Mix at Least Cost *c. Resource Markets (Raw Materials, Inputs)* i. Household: MU_leisure vs Wages), Substitution → Resource Supply ii Firms: MRP vs W, Law of Diminishing Returns → Resource Demand (resource prices: labor-wage rate, land-rental rate, capital-interest rate) d. Efficiency Is the Result: *. Efficiency: scarce resource yield least cost for the best mix of goods i. P_x = minimum LAC_x, ii. Q^d_x = Q^s_x, iii. MU_x = P_x = MC_x or MRP_x = W = MU_leisure ii. Twin theorems of welfare economics
4. How a Market System Fails to Work	Prefect Competition Absent Lose MU = MC & Lose MRS = P_x/P_y= MRT a. Market Power Present: P > MC b. Externalities: P < MC_social c. Public Goods: MC_social > P d. Imperfect (Asymmetric) Information: P ≠ MC
5. Equity in a Mkt System	*Government's Role: Public Choice & Income Distribution*.

Expectations: Click to Return Home
1. You will read proactively before coming to class. Think how many times have you seen your favorite movie. Each time you saw the movie, you understood more and more clearly. Economics is the same way. Each time you look at the material you understand more and more clearly. So read before coming to class, then in class it’s your 2^nd time through it and you notice more, and then when you study after class it is your 3^rd time through & the material jells.
2. That you will read effectively: First preview (intro & summary), Second observe outline (headings), Third read with pencil in hand, and Fourth summarize.
3. Do 2 for 1--that the student will study 2 hours for every hour in the class (i.e. reading effectively, outlining, synthesizing, reflecting on confusions, formulating questions for class, attempt most of the questions for review and the problems at the end of the chapter—skipping the * problems, meeting in small groups with your colleagues, …)
4. You will do all in-chapter exercises, answer the questions for review, and do a super majority of the odd-number end-of-chapter problems.
5. Students will recognize and identify confusion and ask trim as opposed to flabby questions.
6. Use office hours without delay when difficulty arises or when interesting questions you wish to explore arise..

Expectations: (cont.)
Economics is challenging!
1. It draws on many disparate talents. As John Maynard Keynes observed, an economist must be "mathematician, historian, statesman, philosopher, in some degree…as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician."
2. It is a structured way of thinking.
3. This course in microeconomics is cumulative within itself.
4. This course is cumulative in another sense—what you learned in Econ 190 (192) provides the foundation for Econ 370.
If you read effectively the assigned readings before coming to class, do 2 for 1, ask trim questions, and use office hours, I know you can meet the challenge!

Grading/Assignments Click to Return Home

Basis of the Grade
Your grade will be earned on the basis of a midterm exam, a final exam, 9 problem sets kept in a homework journal, and two economic naturalist essays. The weighting of these opportunities to earn your grade is:

Economic Naturalist Essay #1	Economic Naturalist Essay #2	Homework Journal: 10 homework sets	Midterm Exam	Final Exam	Participation
10%	10%	35%	20%	20%	5%

Professor Alonzi assesses the quality of your participation subjectively. The basis of his judgment includes but is not limited to attendance record, quality of contribution to discussion, journal neatness & timeliness, progress over the semester, use of office hours when needed, and subjective factors.

Grading Scale

Grade	A	A-	B+	B	B-	C+	C	C-	D	F
% Range	100-90%	90-87%	87-85%	85-77%	77-75%	75-72%	72-62%	62-60%	59-50%	Under 50%

Integrity and Conduct You are expected to live up to the highest standard of academic integrity. Failure to live up to the highest standard of academic integrity is a serious offense that evokes a severe penalty. The penalty will include but is not necessarily limited to a score of zero on the task in question. There can be other sanctions Prof. Alonzi deems appropriate including but not limited to failure of the course. See also page 35-36 of the 2004-2006 Bulletin Of the Rosary College for the Code of Student Conduct and definitions of dishonesty, cheating, plagiarism, forgery, misuses of university documents or dishonest acts.

Homework: Click to Return Home
1. There will be 10 homework problem sets. Each set is drawn from end of chapter questions & problems.
2. You are required to write and keep all your homework in a spiral notebook (100 page notebook). That is you will have a homework journal. Any other format for handing in homework IS UNACCEPTABLE..
3. Homework is due in class on the date designated in reading assignments. You will hand in your journal notebook at the end of the sessions indicated in the reading assignment schedule that follows.
4. You may work together on homework; each student should participate fully.
5. Each student must hand in his or her own assignment (written by his/herself).
Homework: Click to Return Home (cont.)
6. Late homework is unacceptable. If for dire reason you are absent on a homework day, get your homework notebook to me BEFORE class starts. (i.e. send it in with a classmate).
7. Homework exhibiting honest effort, done neatly, & received on time earns credit as follows:

# Acceptable homework sets	10 of 10	9 of 10	8 of 10	7 of 10	Less than 7
% Earned	105% A+	100% (full credit) A	85% i.e. B	60% i.e. C-	0% i.e. F

Exams
1. Exams are the work of the individual student (non-cooperative) and closed book.

2. Format. I plan to use questions and problems from the end of the chapters for the exams.

3. During an exam you may use simple calculators with the functions of addition, subtraction, multiplication, and division. Prohibited items include: calculators with alpha as well as numeric storage capabilities or with formula storage capability are prohibited. Cell phone use during exams is prohibited. Books, notes, personal digital assistants, & any and all electronic device that can convey information pertinent to the course are prohibited. Water bottles and food are prohibited.

4. You may not leave the testing room once the exam has begun. (Use bathroom before coming to class.)

5. Makeup exams are a privilege and not a right and are reserved for only the most extraordinary, dire, and extreme situations. If Prof Alonzi determines that a makeup exam is warranted it will be administered during final exam week.

Economic Naturalist Short Writing Assignments Click to Return Home

An important part of your experience in this course will be two short writing assignments designed to foster your skills as an economic naturalist. In each of these papers, your assignment is to use a principle, or principles, discussed in the course to explain some pattern of events or behavior that you personally have observed. Numerous examples are discussed in the text and many others will be discussed in class.

Your space limit is 500 words (This explanation of the Economic Naturalist assignment is 269 words). Many excellent papers are significantly shorter. Please do not lard your essay with complex terminology. Imagine yourself talking to a relative who has never had a course in economics. The best papers are ones that would be clearly intelligible to such a person, and typically these papers do not use any algebra or graphs. You need not include a bibliography.

This assignment is not a Ph.D. dissertation. You are not expected to do voluminous research in support of your argument, although a relevant fact or two might help convince yourself and others that you are on the right track. It makes no difference whether your topic is important. But try, as best you can, to choose something interesting. A really successful paper is one that begins with a really interesting question (one that makes the listener instantly curious to learn the answer) and then uses an economic principle or principles to construct a plausible answer. You'll know you have a good paper if the first thing your roommate wants to do upon reading it is to tell friends about it.

The first Economic Naturalist Writing Assignment is due October 23, the second December 4. The assignments must be typed, single spaced in10-point arial font with one-inch margins and 500 words or less. Please submit the hard copy in class & send the electronic version to me via email.

Other Materials:
1. REQUIRED for homework journal: Spiral bound notebook approved by Prof. Alonzi.
2. We will be using graphs in the course. You will find colored pencils (or pens) and a straight edge useful.

Econ 370 Planned Reading Assignments as of 11/27/06 Click to Return Home
Revised reading assignments will be posted if the need arises. Check the date in the upper left-hand corner to assure you have the most recent reading assignments.

*11/27/06*	Draft Planned Reading Assignments	Frank Textbook 6^th ed in Red 5^th ed in Black
Session/Date	Topic	Minimum Assignment
	*Course Prework for first day in course*	Econ Concepts Diagnostic
#1/Aug 30 Wed	Course Organization Tools: Slope—Graph and Economic Interpretation	Graphing Diagnostic
#2/ Sept 1 Fri	*Review: The Cost-Benefit Principle* * Marginal Benefit vs. Marginal Hurt Game * Benefits & Hurts: What Counts, What Does Not Count	* Read all Ch 1; esp pp 1-18 * Read all Ch 1; esp pp 1-21
#3/ Sept 6 Wed	Economic Naturalist: Be prepared to discuss the following three questions: 1. Why do the keypad buttons on drive-up automatic teller machines have Braille dots? 2. Why is paper money still used in 2006? 3a. Why did people turn to 4-cylinder cars in the 1970s, only to return to 6- & 8- cylinder cars in the 1990s? (3b updated version of 3a …Why did people turn to GM SUVs from 1999- 2004 only to return to Corrolla’s and Accords in 2005-06?)	* Ch 1 pp 19-26 * Ch 1 pp 22-29
#4/ Sept 8 Fri	*3 Review Questions on How A Competitive Market Works* *Review Concepts on Your Own and Be Prepared to Discuss the following three questions* * Fact: there can be a surplus of a scarce good! Question: how can there be a surplus of a scarce good? * What are the welfare properties of Equilibrium? * Why do prices of some goods go down when consumption goes up and prices of other goods go up when consumption goes up?	* Ch 2 all except p 46 * Ch 2 pp 31-48 & 54-58
#5/ Sept 11 Mon	The Algebra of Supply and Demand Tool: Model Method of Analysis—Assume & Deduce	Ch 2 p 46 Ch 2 pp 48-50
#6/ Sept 13 Wed	*Homework for Ch 1 & Ch 2*	Homework #1 Due p 23 #2; pp 24-25 #1,7,9,11 p 47 #1, 2, 5; p 48 grph 1,5, & 6 p48 eqtns 2; p49 eq & grph 10 pp 26 #5; pp27-28 # 1,7,9,11 pp 54 #1,2,5 p 56 graph 5,12,13 p 56 equation 6; p55 eq & grph
MASTERING THE MATERIAL OF CHAPTER 3 MAKES YOU AN ECONOMIST! THE CONCEPTS FORM ONE OF THE MAJOR TOOLS ECONOMISTS USE CONSTANTLY. TYPICALLY STUDENTS FIND THE MATERIAL OF CHAPTER 3 THE MOST DIFFICULT TO MASTER. IT IS A NEW LEVEL OF ABSTRACTION. IT INVOLVES RATIOS, EQUATIONS, SLOPES, & GRAPHS. THE EXTRA BENEFITS GAINED BY MASTERING BUDGET CONSTRAINTS AND INDIFFERENCE CURVES AND RELATIVE PRICE AND MARGINAL RATE OF SUBSTITUTION ARE WELL WORTH THE EFFORT IT WILL TAKE! !! !!! !!!! !!!!! MAKE SURE YOU HAVE READ PP 61-78 (59-77) BEFORE 9/18! USE OFFICE HOURS IF THE LEAST BIT FUZZY!
#7 Sept 15 Fri	*How a Market Works: Behind Demand Curve is Consumer Choice*** *Budget Constraints	Ch 3 all pp 61-70 or pp 59-70
#8/ Sept 18 Mon	*How a Market Works:* *Behind Demand Curve is Consumer Choice* * Consumer Preferences: Indifference curves are a contour map http://academic.brooklyn.cuny.edu/geology/leveson/core/linksa/elevation.html Click to Return Home	Ch 3 pp 71-77 Ch 3 appendix pp 96-98 esp graphs on page 97 Ch 3 pp 70-77 Ch 3 appendix pp 95-97 esp graph on page 96
#9/ Sept 20 Wed	*How a Market Works:* *Behind Demand Curve is Consumer Choice* *Optimal Bundle	Ch 3 pp 78-86 summary Ch 3 pp 77- 85 summary
#10/Sept 22 Fri	*Homework for Ch 3: THIS HOMEWORK SET IS LONG & COUNTS AS TWO—Sets #2 & #3!*	Hmwk #2 & #3 Due p 86 QrF 2,5,6, p 86-88 Prob budget constraints 1, 4, 5a, 6a, Indif curve: 3, 11,12, 15, 8, 21 optimal bundle: 10, 14 p 85 QrF 2,5,6, p 86-88 Prob budget constraints 1, 4, 5a, 6a, indif curve: 3, 11,12, 15, 8, 21 optimal bundle: 10, 14
#11/Sept 25Mon	*Homework for Ch 3 (cont.)* Click for a CBOT Short History Also see CBOT website url below for a CBOT time line http://www.cbot.com/cbot/pub/page/0,3181,942,00.html *CBOT Field Trip Information*	Cont.
#12/Sept 27 Wed	VISIT TO CBOT: bus leaves from Lewis Hall at 11:45 a.m.	Optional
#13/Sept 29 Fri	Behind the Demand Curve: Calculus of Utility Maximization * Set up * Demonstrate with a Problem # 1 (maybe 2) *Let Prof Alonzi know Monday 10/2 whether you need the Algebra of Market Demand to be covered in class on 10/6 or you can do it on your own! !! !!!*	Ch 3 Appendix pp Ch 3, pp 92-103 esp 99-102 pp 91-102 esp 97-100
#14/ Oct 2 Mon	*Homework for Chapter 3 Appendix* *Do you need the Algebra of Market Demand to be covered in class on 10/6 or you can do it on your own? ?*	Homework #4 Due p 103 #1 & 4 (for #4 draw graph as well as use algebra of A.3.5 on page 95) p 102 #1 & 4 (for #4 draw graph as well as
#15/ Oct 4 Wed	*More In Depth Behind the Demand Curve:* * ΔP_x Causes ΔQ^d_x (ie Change P_x Causes Change Qty Demanded X) * Quantity Demanded Change Has Two Parts: Substitution Effect & Income Effect	Ch 4 pp 105-120 esp 111-13 Ch 4 pp.103-118 esp 109-11
~~#12/Sept 27 Wed~~	Behind the Demand Curve: Calculus of Utility Maximization * Set up * Demonstrate with a Problem # 1 (maybe 2)	~~Ch 3 Appendix pp Ch 3,~~ ~~pp 92-103 esp 99-102~~ ~~pp 91-102 esp 97-100~~
~~#13/Sept 29 Fri~~	Homework for Chapter 3 Appendix Click for a CBOT Short History Also see CBOT website url below for a CBOT time line http://www.cbot.com/cbot/pub/page/0,3181,942,00.html *CBOT Field Trip Information* *~~Let Prof Alonzi know Monday 10/2 whether you need the Algebra of Market Demand to be covered in class on 10/6 or you can do it on your own! !! !!!~~*	~~Homework #4 Due~~ p 103 #1 & 4 (for #4 draw graph as well as use algebra of A.3.5 on page 95) p 102 #1 & 4 (for #4 draw graph as well as use algebra of A.3.5 on page 93) Read CBOT History
~~#14/ Oct 2 Mon~~	*~~More In Depth Behind the Demand Curve:~~* * ΔP_x Causes ΔQ^d_x ~~(ie Change P_x Causes Change Qty Demanded X)~~ * Quantity Demanded Change Has Two Parts: Substitution Effect & Income Effect	~~Ch 4 pp 105-120 esp 111-13~~ ~~Ch 4 pp.103-118 esp 109-11~~
~~#15/ Oct 4 Wed~~	~~VISIT TO CBOT: bus leaves from Lewis Hall at 11:45 a.m.~~	~~Optional~~
16/ Oct 6 Fri	*From Individual’s to Market Demand: The Algebra* *In Class Practice Problem:* 6^th ed p 143 Prob 9 or 5^th ed p 139 #9 Note if this algebra is doable on your own then we can change this session’s topic to elasticity & thus spend two sessions on elasticity!	Ch 4 pp 121-123 Ch 4 p 119-121
#17/Oct 9 Mon Columbus Day	*How a Market Works:* * Elasticity and Total Revenue * Cross Price Elasticity: Opportunities and Threats	Ch 4, pp. 124-142 Ch 4 pp 121-138
#18/ Oct 11 Wed	*Homework for Chapter 4* Click to Return Home	Homework #5 Due pp 1-5, 7, 14, 16 pp 1-5, 7, 14, 16
#19/ Oct 13 Fri	*How a Competitive Market System Works* * Exchange Economy’s Edgeworth Box	Ch 16 pp 587-96 Ch 16 pp 593-602
#20/ Oct 16 Mon	*Homework for Ch 16 (Exchange Only):* Edgeworth Box	Homework #6 Due Ch 16 pp 587-96 p 609 # 1, 2, 6, 4 Ch 16 pp 591-603 p 615 # 1, 2, 6, 4
#21/ Oct 18 Wed	Midterm Exam	Drawn from end of Chapter problems & question
Oct 20 Fri	Fall Long Week End Break
#22/Oct 23 Mon	*Review of Exam* *Economic Naturalist Writing Assignment #1 Due*	*Economic Naturalist #1* *Writing Assignment Due* *CBOT Extra Credit paper due*
#23/Oct 25 Wed	Behind the Supply Curve: Theory of the Firm’s Production * Production in the Short Run—Law of Diminishing Returns	Ch 9 pp 285-300 Ch 9, pp 293-308^-
#24/Oct 27 Fri	Behind the Supply Curve: Theory of the Firm’s Production * Production in the Long Run—Economies of Scale	Ch 9 pp 301-308 Ch 9, pp 308-316
#25/ Oct 30 Mon	*Homework for Ch 9* Click to Return Home	Homework #7 Due p 309 Q 3, 5, 6; pp 309-311 all Prob 1-11 p 316 Q 3, 5, 6, pp 316-318 all Prob 1-11
#26/Nov 1 Wed	*Behind the Supply Curve: Costs in Short Run* * Marginal cost is upward sloping	Ch 10 pp 323-337 Ch 10, pp 331-346
#27/Nov 3 Fri	*Behind the Supply Curve: Cost in the Long Run* * Optimal Resource Combinations: Isoquants & Isocost Kissing	Ch 10 338-351, extra p 356 graph & p359 calculus Ch 10, pp 346-359 p 364 graph & p 367 calculus
#28/Nov 6 Mon	*Homework for Ch 10*	Homework #8 Due p 351 Q 2, 4 pp 352-353 Prob 1,2,3,5,7,9,10 p 359 Q 2, 4 pp 359-361 Prob 1,2,3,,5,7,9,10
#29/Nov 8 Wed	*How a Competitive Market System Works:* * Review (on your own)Perfect Competition Profit Max: q_x so P_x=MC_x* * Shutdown * Short Run Equilibrium SRE * Producer Surplus (on your own)	Ch 11 pp 363-382 369-388 Review pp 364-372 370-378 Shutdown pp 373-373 379-380 SRE pp 374-378 380-384 Prod Surplus pp 379-382 385-388
#30/Nov 10 Fri	*How a Competitive Market System Works:* * Adjustments in the Long Run * Long-Run Competitive Supply	Ch 11 pp 383-400 Ch 11 pp 388-406
#31/Nov 13 Mon	*Homework for Ch 11* Click to Return Home	Homework #9 Due p 402 Q 4, 6, 7, 8 pp 402-403 Prob 1,2,3,4,6 p 406 Q 4, 6, 7, 8 pp 407-408 #s Prob 1,2,3,4,6
#32/Nov 15 Wed	*How a Competitive Market System Works* * Production, Isoquants, Efficiency Intro How a Market System Fails to Work ---------------- >>>	Ch 16 pp 597-606 Ch 16, pp 602-612 Ch 16 pp 606-608 pp 612-614
#33/Nov 17 Fri SFA???	*How a Market System Fails (i.e. Coordinate):* Market Power * Review of Monopoly (on your own) Sources, Marginal Revenue,Profit Maximizing Q* *and P** * Price Discriminating Monopolist	Ch 12 Review: pp 408-426 412-430 Price Discrim pp 427-34 431-38
#34/Nov 20 Mon	How a Market System Fails to Work (i.e. Coordinate) * Market Power: Monopoly Price Discrimination * Market Power: Monopoly and Public Policy	Policy Ch 12 pp 435-448 Policy Ch 12, pp 439-451
Nov 22-26 W-Sun	THANKSGIVING BREAK Click to Return Home
#35/Nov 27 Mon	*How a Market System Fails (i.e. Coordinate):* Market Power * Review of Monopoly (on your own) Sources, Marginal Revenue,Profit Maximizing Q* *and P** * Price Discriminating Monopolist	Ch 12 Review: pp 408-426 412-430 Price Discrim pp 427-34 431-38
#36/ Nov 29 Wed	How a Market System Fails to Work (i.e. Coordinate) * Market Power: Monopoly Price Discrimination * Market Power: Monopoly and Public Policy	Policy Ch 12 pp 435-448 Policy Ch 12, pp 439-451
#37/ Dec 1 Fri	*Homework for Ch 12*	Homework #10 Due pp 448-9 Q 1,3,5,6,7,8,9 pp 449-50 Prob 1, 2, 5, 7 p 451 Q 1, 3, 5, 6, 7, 8, 9 pp 451-453 Prob 1, 2, 5, 7
~~#35/Nov 27 Mon~~	*~~Homework for Ch 12~~*	~~Homework #10 Due~~ pp 448-9 Q 1,3,5,6,7,8,9 pp 449-50 Prob 1, 2, 5, 7 p 451 Q 1, 3, 5, 6, 7, 8, 9 pp 451-453 Prob 1, 2, 5, 7
~~#36/ Nov 29 Wed~~	How a Market System Fails to Work (i.e. Coordinate) * ~~Interdependence Perceived: Game Theory~~	~~Ch 13 pp 453-66 & 475-478~~ ~~Ch 13,~~ ~~pp 455-66 & 475-76 495-97~~
~~#37/ Dec 1 Fri~~	How a Market System Fails to Work (i.e. Coordinate) * ~~Interdependence Perceived: Game Theory~~	~~Ch 13 pp 453-66 & 475-478~~ ~~Ch 13,~~ ~~pp 455-66 & 475-76 495-97~~
#38/ Dec 4 Mon	*Economic Naturalist Writing Assignment #2 Due*	*Economic Naturalist #2 Writing Assignment Due*
#39/ Dec 6 Wed	How a Market System Fails to Work (i.e. Coordinate) * Property Rights Un- or Poorly Defined: Coase’s Insight Read and we will do problems in class.	Ch 17 all p 639 Q1, 2; p 640 Q6, Prob 1 Ch 17 all p 645 Q1, 2, p 645-46 Prob 1,
#40/ Dec 8 Fri	How a Market System Fails to Work (i.e. Coordinate) * Public Goods, Social Choice (Voting), Income Distribution Read and we will do problems in class as a group.	Ch 18 all p 675 Q1 & 7 Ch 18 all p 681 Q1 & 7
Date TBA	Final Exam: Time and Place TBA	*Source: End of Ch Probs & Questions*
	The scarcity of time forced us to choose among essential, vital topics…so for future reading: Ch 5: Apps of Consumer Choice: School Vouchers, Intertemporal Choice Ch 6 Econ of Information and Uncertainty (includes Insurance) Ch 7 Altruism & Nonegoistic Behavior Ch 8 Cognitive Limitations & Consumer Behavior Ch 13 Specific Oligopoly Models & Chamberlin Monopolistic Comp. Ch 14 Labor, Ch 15 Capital, Interest Rate Determination, Stocks & Bonds Ch 18 Social Choice	Click to Return Home *Homework for Ch 13* Homework #11 Due p 500-01 #6, 7, 8 p 492 #6, 7, 8