- Topics: opportunity cost, marginal analysis, and productions possibilities frontier/ comparative advantage.
- Supplemental notes if you want additional notes to clarify concepts from class.
- Topics: Supply and demand curves
- Recitation 2 – Mini-Test Key
- Indifference curves - Online Lecture from Khan academy: https://www.youtube.com/watch?v=kJ43GdU5Uzc
- Elasticity of Demand – Online Lecture from Khan academy: https://www.youtube.com/watch?v=slP8XZ6Nq40
Recitation 3 – Lecture Outline Online lectures from Khanacademy (If the URLs don’t work, copy and paste into browser):
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
- ECON 101 – Midterm1 - Includes explanations from Uyen
- Topics: Monopolies and Market power
- Check out the Khan Academy lecture: https://www.youtube.com/watch?v=jJip-WyQtpk
- Recitation 8 Practice Quiz
- Another video on the Coase theorem: http://www.youtube.com/watch?v=RIugTo0ivWI
- Game theory by Khan: https://www.khanacademy.org/economics-finance-domain/microeconomics/nash-equilibrium-tutorial
- Hilarious guy teaching kinked demand curve: https://www.youtube.com/watch?v=HT9t-zjYi_A
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):
- Multiplier effect big picture: https://www.youtube.com/watch?v=H3nyc8XHrQc
- If you like Khan Academy – link the the macro videos: https://www.khanacademy.org/economics-finance-domain/macroeconomics
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.
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.
Practice Test Questions 28 – 30 - (EDITED) Thank Jared for helping me find a clearer explanation
Study Buddies - I 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):
- Monopoly Questions: http://courses.umass.edu/econ103h/s12_103_final_mc_review.pdf
- Other 101 type questions: www2.palomar.edu/users/llee/101oldfinal.doc