201
wk	date	day
1	3-Jan	tues	http://seattlecentral.edu/faculty/jhubert/fear.html
			well-defined objective function
			my first house
			hitler
			ghandi
			when will we run out of oil?
			impeachment
			institutional framework
			treat students as adults
	4-Jan	wed	hybrid
	5-Jan	thur	consequences rather than intentions
			jointly determined outcomes
			scarcity implies competition
			thomas quote
			keynes quote
			marshall quote
			poverty and choice
			nike and taxes????
	6-Jan	fri	need vs wants
			positive-sum game
			zero-sum game, positive-sum game, negative-sum game
			wealth defined
			factors of production
			returns
			capital defined
			profit discussed
			profits: residual claim,
			entrepreneur: assume risks, organize other factors of production
			what to produce?
			how to produce that which is produced?
			relative prices matter!
2	9-Jan	mon	how to distribute that which is produced?
			labor/capital intensive production function
			demand: willingness and ability to pay
			hispanic bank
			exploited part-time instructors
			opportunity costs defined
			all actions have costs
			actions reveal preferences
			rationality assumption
			profits reflect providing society with what society wants
	10-Jan	tues	education defined - progressive discovery of our ignorance
			will durant, historian
			positive and normative economics
			public policy steps
			fundamental assumption: expected marginal benefit/expected cost
			equation: expected mb(x) > expected mc(x); then x
			chap 1, ques. 15: preg. Women
			scarcity implies competition
			adam smith, the wealth of nations: butcher, baker
			http://seattlecentral.edu/faculty/jhubert/smith.html
	12-Jan	wed	hybrid
	13-Jan	thur	unloading truck overhead
			http://seattlecentral.edu/faculty/jhubert/tutoring.html
			ppc and opportunity costs
			normal profits def
			economic rents
	14-Jan	fri	postulates of behavior
			bad and good defined
			diminishing marginal returns, satisfaction, utility
			what is the opposite of free trade?
			ceteris paribus
			rousseau and private property, 1712 - 1778
			socialism and private property
			french revolution vis-à-vis american revolution
3	16-Jan	mon	holiday
	17-Jan	tues	snow day
	18-Jan	wed	hybrid
	19-Jan	thur	snow day
	20-Jan	fri	snow day
4	23-Jan	mon	this week: chaps 5 & 6
			supply and demand
			change in quantity demanded
			change in quantity demanded
			change in demand or supply
			qd>qs: shortage
			qs>qd: surplus
			perfectly inelastice demand curve
			perfectly elastic demand curve
			price elasticity of demand
	24-Jan	tues	sick
	25-Jan	wed	hybrid
	26-Jan	thur	mispricing
			"binding"
			minimum wage
			rent control example of a price ceiling
			usury law
			arc and point calculations
			sensitivity to price changes
			determinants:
			availability of substitutes
			time
			proportion of budget eg salt
			tr = p X q
			positive coefficient by convention
			elasticity and drugs
			Ed>1, elastic range
			Ed=1, unit or unitary elastic
			Ed<1, inelastic range
	27-Jan	fri	rent control example of a price ceiling
			usury law
			weltanschauung
			world view; philosophy of life; a framework
			through which to interpret the world.
			personal advice: marry well
			quiz: chap 5, quest 16
			cp conditions for demand
			weather
			expectations
			preferences
			y for income
5	30-Jan	mon	prices of related goods
			substitutes, complements
			http://seattlecentral.edu/faculty/jhubert/cpsupply.html
			corporate welfare!
			http://seattlecentral.edu/faculty/jhubert/pedproblem.html
	31-Jan	tues	comparative and absolute advantage
			betty the typist
			specialization and trade
			http://seattlecentral.edu/faculty/jhubert/holmes.html
			welfare economics
			http://seattlecentral.edu/faculty/jhubert/surplus.html
			consumer and producer surplus
			ts = ps + cs
			cs = value to buyers - cost to buyers
			ps = value to sellers - cost to sellers
			mankiw efficiency
			comparative advantage - david ricardo 1772 - 1823
			http://seattlecentral.edu/faculty/jhubert/efficiency.html
	1-Feb	wed	hybrid
	2-Feb	thur	http://seattlecentral.edu/faculty/jhubert/demandeffects.html
			why a "downward sloping" demand curve?
			substitution effect
			real-income effect
			ts and taxes and welfare
			elasticity and taxes and total welfare
			deadweight loss
			sunk costs
			transactions costs defined
			chap 7 - Information, Middlemen, and Speculators
			better information leads to better decisions: read the chapter
			markets facilitate trade
			public market
			markets facilitate trade by lowering transactions costs
			where did I meet my wife
	3-Feb	fri	information is a costly good
			cosmic justice discussion
			real estate agents
			markets coordinate
			short vs long posititions
			product market
			futures market
			bearish, bullish posititions
			no actual delivery
			futures price
			spot price
			farmer example
6	6-Feb	mon	speculators and hedgers
			speculation
			kellogg (supplier) example
			chap 8 - price setting and the question of monopoly
			http://seattlecentral.edu/faculty/jhubert/marketstructure.html
			theory of the firm
			defined small
			monopoly
			perfect competition
			monopolistic competition
			oligopoly
			profit max rule
			cartel
	7-Feb	tues	normal and pure profit (economic rent)
			ac = p, ac > p, ac < p
			economic rent
			ac = tc / q
			mc = chg tc / chg q
			price taking firm
			ac, mc graph
			economies of scale, diseconomies of scale
			natural monopoly
			deriving the marginal revenue curve
	8-Feb	wed	hybrid
	9-Jan	thur	mt exam review
	10-Feb	fri	mt exam