Economic concepts for Master program

Agenda

Session 2 -ECNM 592 (Economic Concepts)

Pre-class Work Readings (pages are for version 8e):

Chapter 2 (19-35)

Chapter 3 (59-64) and

Chapter 7 (214-219, 225-234).

Fill in the “Follow the Data” table of data and complete the curves, functions and decision calculations.

Bring in solutions for practice problems. Practice problems are:

Chapter 1 #4, Chapter 2 # 4, 6 and Chapter 11 #2.

Also bring in solution to Kindle Check Station (p.

51-52) parts b and c.

CLASS SESSION

Review the reasons for taking ECNM 592 responses

Problem Solutions Discussion Leaders (to show problem solutions):

ECNM 592.01 ECNM 592.11

Kindle C.S. Omar Kathie

Ch. 1 # 4g Carrington Matt

Ch. 2 # 4 Brian Humoud

Ch. 2 # 6 Mia Bella (Hong)

C.S. 11 # 2 Lois Hayley

Content Topics Discuss content and review slides

Marginal Analysis – Follow the Data

Model of the Firm (revenue, cost, profit functions, marginal Profit zero)

Demand function and curve

Substitutes and complements

Market balancing – role of price

Movements (shifting of supply and demand)

Perfect Competition

Efficiency

Knowledge Assessment 1 You will receive a sheet of paper about an analysis for an executive. She needs your ideas/notes on 4 topics. She will pick two of the ideas and return in 20 minutes for your answers. Put your responses on the sheet along with your name. This is a scored exercise (10 points max). Papers will be returned next session.

Open Discussion Public Project Case: California High Speed Rail

(Economic concepts and predicting the consequences)

Discussions will center on the views of different affected “interest” groups for the CHSR.

Discussions will focus on the CHSR Website and these exhibits:

Exhibit 3-1 (pdf p 82, report page 3-p2)

Exhibit 3-3 (p 88, 3-p8)

Exhibits 5-14, 5-15 (page 127, 5-p19)

Exhibit 7-7 (pages 149-153), 7-p7 to 7-p11)

Topics in the News (Topics that you read about and want to talk about)

(Time permitting)

Preparations for Session 3 Chapter readings

Chapter 3 (pp. 64-75)

Chapter 5 (pp.146-160)

Chapter 6 (pp. 175-211)

(Note: Knowledge Assessment 2 will be given in this session.)

Practice Problems: Chapter 2: #5, 10

Chapter 3: Check Station 1

Chapter 7: #2, Check Station 5