Current Events:
Patrick Byrne on FNC 11.27.2009 who discusses Black Friday and the current economic situation.
Enjoy "Black Friday," Steely Dan, from Katy Lied (1975), featuring photos of Wall Street's notables.
An illustration, entitled "The World's Leading Banks, before and after the crisis," and an article: "Capturing the Asia Opportunity," from strategy & business magazine dramatically illustrate the global banking and financial picture.
Be sure to note on our class calendar, a Test is scheduled for Thursday, Ch. 5 Elasticity, 50 Questions, multiple choice.
Chapter 5 Elasticity
The concept of elasticity is thoroughly covered in this chapter, from the definition, to the calculation, and finally to the application. Price elasticity of demand is covered first, followed by income and price elasticities. The price elasticity of supply is covered, and the chapter concludes with an analysis of tax burdens based on differences in the price elasticities of demand and supply.
We can re-assemble in our small groups to discuss and answer.
If you join Dabbleboard (Cf. http://www.dabbleboard.com/); you can draw your graphs online instead of on the board. You can share graphs and chat online as well as use Dabbleboard for your Small Group collaborations.
Post any questions on the content now that we reviewed the material:
We were on #2 on the Ch. 5 Short Answer Review questions.
Ch. 5 Objective Review
We are working towards the Test, Ch. 5 Multiple choice; and, we can begin Chapter 6.
Chapter 6 Overview Consumer Choice and Demand
The analysis of consumer choice in this chapter begins with the consideration of the
budget line. Total and marginal utility are then introduced and discussed, and an
incremental process is detailed through which a hypothetical consumer (and the
students) can see the utility-maximizing combination of two goods. The derivation
of the demand curve is then presented and the chapter concludes with a discussion
of consumer surplus. For instructors who wish to use indifference curves in the
analysis of consumer optimization, a detailed appendix is provided.
Ch. 6, Consumer Choice and Demand, PowerPoint presentation.
HW: gmsmith@shanahan.org
1. Study for what is noted on our class calendar, a Test is scheduled for Thursday, Ch. 5 Elasticity, 50 Questions, multiple choice.
2. Read Chapter 6.
