| Jim Whitney | Economics 102 |
| Dates: | Jan.27-Feb.12 |
| Topic: | II. Key math techniques and their relevance |
| Readings: | Mathis and Siegel, selected pages from Chapters 4, 5
Mankiw, Chapters 13, 5 Baumol and Blinder, selected pages from Chapters 33, 9 |
| Deadlines: | Feb.17: Problem set
2 due (Key*)
Feb.23: QWizPlus unit II due Feb.24: Exam 1 (past exams online) |
| IIA. Marginal and average values | |
| Day 4: | IIA1. Marginal values (MV) |
| Readings: | Mathis and Siegel, Chapter 4, pp.88-115 |
| Handouts: | Marginal values in economics: examples |
| Day 5: | IIA2. Average values (AV) |
| Readings: | Mathis and Siegel, Chapter 5, pp.148-162 |
| Handouts: | Average value geometry
Marginal and average value geometry exercise |
| Day 6: | IIA3: The relationship between total, marginal, and average values |
| Readings: | Mathis and Siegel, Chapter 5, pp.162-166 |
| Handouts: | Deriving marginal and average values from total value curves |
| Day 7: | IIA4: Application: Firm production and costs |
| Readings: | Mankiw, Chapter 13 |
| Handouts: | Firm production and costs
Worksheet on Short-Run Production Costs: Halloween costumes Total costs and unit costs |
| Day 8: | Workshop: The geometry of total, marginal, and average values |
| Handouts: | Lab 2: Total value and marginal/average value diagrams |
| Day 9: | IIB. Percentage values |
| Readings: | Mankiw, Chapter 5 |
| Hadnouts: | Arc price elasticity of demand |
| Day 10: | IIC. Present value |
| Readings: | Baumol and Blinder, Chapter 33, pp.672-673 |
| Day 11: | IID. Geometric series |
| Readings: | Baumol and Blinder, Chapter 9, pp.160-168 |
| Day 14: | Review |
| Day 15: | Exam 1 (past exams online) |