Lecture 1: Introduction and What is GDP? Siwei Kwok September 26‚ 2013 Kwok Econ 2 September 26‚ 2013 1 / 31 Motivation In Econ 1‚ you studied: Consumer and rm decisions → supply/demand curves → market equilibrium under perfect competition Government action: price ceiling‚ price oors Positive and negative externalities Imperfect competition: monopolies‚ oligopolies‚ cartels Note that all of the above considered‚ at most‚ a couple markets at the same time
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1. 1.Economic fluctuations are irregular and unpredictable 2. Most macroeconomic quantities fluctuate together 3. As output falls‚ unemployment rises. 2. Most economists use the model of aggregate demand and aggregate supply to study fluctuations. 3. Classical economics relates to Classical Dichotomy which is the separation of variables into two groups. The two groups are real which correlate to quantities‚ relative prices and nominal which is measured in terms of money
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linear regression results in the cans case above‚ we know that: a. Price is insignificant b. Income is significant c. Temp is significant d. As price rises for soda‚ people tend to drink less of it e. All of the coefficients are significant 3. A study of expenditures on food in cities resulting in the following equation: Log E = 0.693 Log Y + 0.224 Log N where E is Food Expenditures; Y is total expenditures on goods and services; and N is the size of the family. This evidence implies:
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t No longer is the term ‘Corporate Social Responsibility’ a novel idea amongst businesses. A 2011 sustainability study by MIT showed that sustainability‚ in the US at least‚ now plays a permanent part in 70% of corporate agendas. Organisations such as Unilever haven’t simply been championing sustainable business as a form of corporate philanthropy. Since implementing their Sustainable Living Plan‚ they have increased growth and profits. Quite simply‚ doing good is good for business. How have Unilever
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ECN101 Homework 3 Figure 3-1 The following diagram shows two budget lines: A and B. 1. Which of the following could explain the change in the budget line from A to B? a. a decrease in the price of X b. an increase in the price of Y c. a decrease in the price of Y d. More than one of the above could explain this change. Scenario 3-1 Suppose the price of hot wings is $10‚ the price of beer is $1‚ and the consumer’s income is $50. In addition‚ suppose the consumer’s budget constraint
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Answers of Managerial Economics Homework #2 Chapter 5~Chapter 9 1.Using figure 5.3 as a basis‚ construct a series of four figures to show the effect of an increase in the demand for tanker service on the market price when (a) demand is extremely inelastic‚ (b) demand is extremely elastic‚ (c) supply is extremely inelastic‚ and (d) supply is extremely elastic. Answer: [pic] [pic] [pic] [pic] 2.Industry researchers R.S. Platou predicted
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textbooks: Required Text: Bodie‚ Kane and Marcus‚ 2011‚ “Investments”‚ 9th edition‚ McGraw-Hill‚ ISBN13: 978-0-07-353070-3. Recommended Readings: 1. Campbell‚ John Y.‚ and Tuomo Vuolteenaho‚ 2004‚ Bad beta‚ good beta‚ American Economic Review 94‚ 1249-1275. 2. Fama‚ Eugene F.‚ and Kenneth R. French‚ 1996‚ Multifactor explanations of asset pricing anomalies‚ Journal of Finance 51‚ 55-84. 3. Fama‚ Eugene F.‚ and Kenneth R. French‚ 2008‚ Dissecting anomalies‚ Journal of Finance 63‚ 1653-1678. 4. Jegadeesh
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five heading levels in APA. Usually only Level 1 and 2 headings are necessary for the length of essays in this course. You may occasionally need Level 3 heading but rarely beyond that. Centered‚ Boldface‚ Uppercase and Lowercase (Level 1) Left-aligned‚ Boldface‚ Uppercase and Lowercase (Level 2) Indented‚ boldface‚ lowercase with period. (Level 3) Indented‚ boldface‚ italicized‚ lowercase with period. (level 4) Indented‚ italicized‚ lowercase with period. (level 5) In-Text Citations When using
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Monopolies Because the pure monopolist is the industry‚ the demand curve is the market demand curve. Demand curve is downward sloping: as price decreases‚ quantity demanded increases. Monopoly’s Demand Curve: Marginal Revenue is Less Than Price – the firm can only increase its sales by charging a lower price thus causing marginal revenue to be less than price The lower price applies not only to the extra output sold but also to all prior units of output. Each additional unit of output sold increases
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GCSE Set Text – Aeneid II (268-280‚ 298-317‚ 624-654‚ 671-716‚ 768-795) 268 - 280 tempus erat‚ quo prima quies mortalibus aegris It was the time at which the first rest begins for weary incipit et dono divum gratissima serpit. mortals and creeps most welcome by the gift of the gods. in somnis‚ ecce‚ ante oculos maestissimus Hector 270 In my dreams‚ look‚ in front of my eyes Hector most gloomy seemed to stand visus adesse mihi largosque effundere fletus‚ before
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