| Jim Whitney | Economics 102 |
| Dates: | Feb.17-Mar.5 |
| Topic: | III. Optimization and the usefulness of marginal analysis |
| Readings: | Mankiw, Chapter 14, selected pages from Chapter 15 |
| Deadlines: | Mar.17, Problem set 3 due (Key*)
QWizPlus unit III due |
| Subtopic: | IIIA. Maximizing profits in competitive markets |
| Readings: | Mankiw, Chapter 14 |
| Day 12: | IIIA1: The competitive market environment |
| Handouts: | Demand and revenue in competitive markets |
| Day 13: | IIIA2: The total value approach to choosing output |
| Handouts: | Profit maximization: Worksheet 1 |
| Day 16: | IIIA3: The marginal value approach to choosing output |
| Handouts: | Profit maximization: Worksheet
2
Operate or shut down? |
| Day 17: | IIIA4: The geometry of profit maximization |
| Handouts: | Firm profit geometry
The geometry of reveues, costs and profits |
| Day 18: | IIIB: Maximizing profits under monopoly |
| Readings: | Mankiw, Chapter 15, pp.303-318 |
| Handouts: | Demand conditions for firms with market power |
| IIIC: Maximizing consumer utility (satisfaction) | |
| Handouts: | Maximizing consumer utility (satisfaction) |
| Day 19: | Workshop: The geometry of revenue, costs and profits |
| Handouts: | Pre-Lab Checklist: Workshop: Geometry of firm costs and profits: |