Economics 101

Recitation 1 – Lecture Outline – Class

  • Topics: opportunity cost, marginal analysis, and productions possibilities frontier/ comparative advantage.

Notes on Increasing Costs

  • Supplemental notes if you want additional notes to clarify concepts from class.

Recitation 2 – Lecture Outline 

Recitation 3 – Lecture Outline Online lectures from Khanacademy (If the URLs don’t work, copy and paste into browser):

Part 1 (marginal cost and average cost): http://www.youtube.com/watch?v=7t8gdc3YogM
Part 2 (marginal revenue and marginal cost): http://www.youtube.com/watch?v=xGkE0oHyNhk
Part 3 (marginal revenue below average total cost): http://www.youtube.com/watch?v=ni0TL4pXG5w

Key ideas from iPhone article: – Law of Demand, substitutions (remember that Apple is essentially making a cheaper substitute for their high end iPhone. Recitation 4: We did a test review

Recitation 5 – Lecture Outline

Recitation 6 – Lecture Outline

Recitation 7 – Lecture Outline

Recitation 8 – Lecture Outline

Recitation 9 – Lecture Outline 

Recitation 10: Review of the midterm

  • ECON 101 – Midterm2 – Key Fall 2013 - Includes explanations from Uyen
  • Correction to one of the answers I gave in the the Key above (Thank you, Aleah, for helping me find the calculation error – Process should still hold):
  • Correction for Price Dis Problem

Recitation 11- Lecture Outline 

Recitation Week 12

Recitation Week 13

TEST PREP MATERIAL I am not allowed to post official and complete answers to the tests, however I have chosen some of the more difficult and confusing test questions and I have provided some guidance on how to answer them below.

Practice Test Questions 5 and 6

Question 10:  This question is a little weird.  The answer that most people agree on is answer b.  However please note that it is really similar to d as well.  If it were me, I would make sure I really understood the definition of the Coase Theorem and then I would appeal this question justifying the answer that I marked.

Question 14: I missed this question the first time I looked at it because I didn’t read the last 4 words.  It is comparing the results of raising the price to lowering the price.  For further explanation you should read the end of page 247 – 248.

Questions 12 and 13

Question_18,_19,_20

Practice Test Questions 28 – 30 - (EDITED) Thank Jared for helping me find a clearer explanation

Study BuddiesI do not guarantee that these study guides contain all of the terms/concepts required for the final, but it is a great place to start as you begin reviewing.  I will post additional “Study Buddies” as the semester ends and the finals period proceeds.

Most people have mentioned that they want more practice questions  (*Disclaimer:  I have not vetted these questions, and some of them might be harder than the ones we require for this class, but they are good practice if you are looking for practice. You may notice that some of our “mini quizzes” came from these websites):