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| | About 10% of the CLEP Microeconomics exam questions are on government policy, a much higher percentage than one would expect for a course about individual market-based decisions. Also, nearly 5% of the exam asks about "production possibilities," which is not a particularly important concept in Microeconomics. But we'll cover all these topics so that you will be prepared if you want to take the CLEP and earn college credit. | | About 10% of the CLEP Microeconomics exam questions are on government policy, a much higher percentage than one would expect for a course about individual market-based decisions. Also, nearly 5% of the exam asks about "production possibilities," which is not a particularly important concept in Microeconomics. But we'll cover all these topics so that you will be prepared if you want to take the CLEP and earn college credit. |
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| − | We will also spend much of the remainder of the course reviewing and learning better concepts already introduced in earlier Lectures. Several questions each week will be review questions. | + | We will also spend much of the remainder of the course reviewing and learning better concepts already introduced in earlier Lectures. Several homework questions each week will be review questions. |
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| − | You should use your midterm exam as a learning tool to make sure you understand the material for questions you answered incorrectly on that exam. Those questions are the heart of this course, and the more that you can learn from your mistakes, the better you will do on the final exam here and the CLEP. Each year I put on the final exam an identical question that was on the midterm exam. Don't answer it incorrectly again! | + | '''''You should use your midterm exam as a learning tool to make sure you understand the material in questions you answered incorrectly. Those questions are the heart of this course, and the more that you can learn from your mistakes, the better you will do on the final exam here and the CLEP'''''. Each year I put on the final exam an identical question that was on the midterm exam. Don't answer it incorrectly again! |
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| | Let's now begin to learn some of the new concepts listed above. | | Let's now begin to learn some of the new concepts listed above. |
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| | There is a Latin phrase: "nitor in adversum." It means "strive in opposition." It's a good motto. | | There is a Latin phrase: "nitor in adversum." It means "strive in opposition." It's a good motto. |
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| − | ==ASSIGNMENT== | + | ==Assignment== |
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| − | Make a list of the concepts at your level in the list at the beginning of this lecture. Divide your list into two categories: concepts you understand, and concepts you do not understand. Try to shorten the list of concepts you do not understand by reviewing the lectures. Then hand in your final (shortened) lists next week.
| + | 1. Midterm exam. |
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| | + | 2. Question about total and marginal revenue. |
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| | + | 3. Question about shortage due to price ceiling. |
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| | + | 4. Question about externalities. |
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| | + | 5. Question about public good? |
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| | + | ===Honors=== |
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| | + | 7. Question about P=30/Q. |
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| | + | 8. Review question: price discrimination? |
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| | [[Category:Economics lectures]] | | [[Category:Economics lectures]] |
| | {{DEFAULTSORT: Economics Lecture 10}} | | {{DEFAULTSORT: Economics Lecture 10}} |