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China WeChat Fact of the Day

January 7, 2017 Leave a comment

Marginal Revolution is always interesting, but when the title of the post is China WeChat Fact of the Day, I just have to point my students this way.

You could do worse things with your holiday than read Marginal RevolutionBaulding’s WorldCafe HayekGreg Mankiw’s blogJohan Norberg or The Economist.

Better yet, read a book!

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Monopoly Market Structure Video

December 26, 2016 Leave a comment

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Good Advice on Dealing with Midterm Anxiety

November 14, 2016 Leave a comment

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November 14, 2016 Leave a comment

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Midterm Instructions

November 14, 2016 Leave a comment
  1. The midterm will take place on November 18 from 10:45-11:15. After the midterm, we will begin Chapter 10.
  2. If you are late for the midterm, you will not receive extra time.
  3. No one absent from the midterm will be allowed to take a make-up exam.
  4. If you are absent from the midterm without excuse, you will receive a 0.
  5. If you are absent from the midterm with an approved excuse, you will receive a mathematically-estimated grade based on your performance in the class so far, relative to your classmates. For example, if your classmates so far have a median raw score of 160, and your median raw score so far is 80, then you are performing at 50% of class median. If the class median score on the midterm is 80, you will receive a 40 as the best estimate of how you would otherwise have performed had you taken the midterm. This only applies in the case of excused absences.
  6. If you don’t understand (4) above, show up for the midterm and it won’t apply. 🙂
  7. You can use your notebooks. If I see any loose papers in your notebook (i.e. not hole-punched into binders or glued or stapled very securely into the cheaper paper-only notebooks) you will not be allowed to use any notebook of any kind. Remove all loose papers from your notebook before you come to class.
  8. You may only use one notebook. You cannot use one notebook containing old quizzes and one containing your handwritten notes, for example. Take the time to make one professionally-organized notebook out of all your notes and papers.
  9. No calculators or phones are allowed for any reason, including translation. Feel free to put the translations for terms you have trouble understanding in English into your notebook.
  10. There will be only 30 questions, some easy, some hard. If you are not well prepared, you probably will not be able to finish all 30 questions. Excellent organization and preparation will help you complete the midterm within 30 minutes.
  11. Be prepared to answer questions on all 9 chapters we have covered so far. Any topic you have seen on a quiz or homework or active learning exercise is possible on the midterm. If you haven’t seen a particular topic on a quiz or homework assignment or in an active learning exercise, it won’t be on the midterm, even if it’s in the textbook.
  12. I will also include some very basic questions from these videos:

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True or False?

October 29, 2016 Leave a comment

I’ll give the answers in class on Wednesday. This is a good thing to put into your notebook!

  1. A government-imposed tax on a market reduces the size of the market.
  2. The incidence of a tax depends on whether the tax is imposed on buyers or sellers.
  3. Economic policies, like price controls, and taxes, often have effects that the people who created them did not expect them to have.
  4. A price ceiling is a legal minimum on the price of a good or service.
  5. If a price ceiling of RMB10 per litre is imposed on petrol, and the market equilibrium price is RMB7, the price ceiling is a binding constraint on the market.
  6. If a price ceiling is below equilibrium price, the quantity supplied will exceed the quantity demanded.
  7. Binding price ceilings benefit consumers because they allow consumers to buy all the goods they demand at a lower price.
  8. Prices are an efficient and impersonal way to decide who gets what.
  9. Because both the supply of housing and the demand for housing are more elastic in the long run, housing shortages caused by rent controls grow larger in the long run than in the short run.
  10. Rent control may lead to lower rents for those who get housing, but the quality of the housing may also be worse.
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Price Elasticity of Demand Practice Quiz Answers

October 28, 2016 Leave a comment

For my students: 1) 1;  2) 2; 3) 0.5; 4) 0.17; 5) 4.95% increase; 6) 12.6% increase; 7) 2.1% increase; 8) 0.3% increase; 9) 0.67; 10) 1.81; 11) 0.31; 12) 1.47.

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