EWU – ECON 200 – Principles of Microeconomics – Briand
Week 7
REVIEW SHEET for TEST 3
OFF
Day 30
Day 31
Day 32
Week 8
Day 33
Day 34
Day 35
Day 36
Day 37
Day 38
Day 39
Week 9
Day 40
Day 41
Day 42
Day 43
Ch8
Handouts: production, short-run production & costs, long-run costs
HOLIDAY: President Day
Short-run versus long-run, variable versus fixed inputs and costs
Production worksheet
Going over production worksheet
Short-run costs worksheet
Going over short-run costs worksheet
Long-run costs worksheet
Going over long-run costs worksheet
Ch9
Handout:
competitive firm max profit decision
Work on HMK5 with Genevieve
Economic versus accounting profit, perfectly competitive market
characteristics. Worksheet π max output decision by a perfectly
competitive firm: definition of TR, AR, MR
Work on worksheet: π max output decision by a perfectly competitive firm
Going over worksheet: positive, negative π, shut-down/continue operating,
individual firm supply curve, incentive to enter/exit market by firms.
Work on HMK6 with Eric
Ch10
Handout: non-competitive firm max π decision, Ch10 practice questions
Work on worksheet: π max output decision by a non-perfectly competitive
firm
Going over worksheet: π max output decision rules same as in perfect
competition case: max TR-TC or MR=MC.
Determining level of π for non-competitive firm on graph with MC, D/MR
and ATC curves.
ATC and π for non-competitive versus competitive firms in long-run.
P* and Q*, consumer/producer surplus in monopoly versus perfect
competitive market (after monopolization of market).
Sources of Monopoly: econ of scale, government granted monopolies
(anti-trade/anti-competitive policy and natural monopolies, access to
natural resource (e.g. DeBeers).
Price discrimination. Practice Questions from Ch10
Videos on Monopoly: Economics U$A series, and Milton Friedman on
Monopoly (YouTube)
TEST 3
Monday
Tuesday
05/11
05/12
Wednesday 05/13
Thursday
05/14
Friday
02/19
Monday
Tuesday
02/22
02/23
Wednesday 02/24
Thursday
02/25
Friday
02/26
Monday
03/01
Tuesday
03/02
Wednesday 03/03
Thursday
03/04
Friday
03/05